77th Annual Report

77th Annual Report (2023-24) 9 SUB COMMITTEE OF INCOME TAX BAR ASSOCIATION FOR THE YEAR 2023 – 2024 REPRESENTATION COMMITTEE Name Designation Adv. (Dr.) Dhruven V. Shah Chairman CA S. K. Sadhwani Co-Chairman CA Bakul I. Shah Co-Chairman Adv. Ratilal Vaghasia Co-Chairman CA (Dr.) Vishves A. Shah Co-Chairman Adv. Ashutosh R. Thakkar Co-Chairman STUDY CIRCLE MEETING COMMITTEE Name Designation Adv. Rupesh R. Shah Chairman Adv. (Dr.) Kartikey B. Shah Co-Chairman Adv. Jignesh M. Shah Co-Chairman CA Purushottam Khandelwal Co-Chairman Adv. Varis Isani Co-Chairman RRC COMMITTEE Name Designation Adv. Ashutosh R. Thakkar Chairman Dhruvin Mehta Co-Chairman CA Rajendra Kabra Co-Chairman CA Yusuf Mansuri Co-Chairman Paras Modi Co-Chairman Adv. Kanubhai Kathiria Member Adv. Vasant Patel Member Adv. Dipak B. Shah Member I.T. MIRROR COMMITTEE Name Designation CA (Dr.) Vishves Shah Chairman CA Suvrat Shah Co-Chairman CA Nisha Tekwani Co-Chairman CA Rajesh Mewada Co-Chairman CA Jinal Shah Member CA Kaivan Parekh Member CA Pratik P. Kaneria Member LEGAL COMMITTEE Name Designation CA Bakul I. Shah Chairman Adv. (Dr.) Dhruven V. Shah Co-Chairman Adv. Praful C. Shah Co-Chairman CA Rajendra Sukhadia Co-Chairman Adv. (Dr.) Kartikey B. Shah Co-Chairman MEDIA COMMITTEE Name Designation Adv. (Dr.) Kartikey Shah Chairman Balmukund N. Shah Co-Chairman CA Parin P. Shah Co-Chairman Dhruvin Mehta Co-Chairman Chinmay Rath Co-Chairman Adv. Mrudang Vakil Co-Chairman CA Kenan Satyawadi Member Adv. Sunil Keshvani Member KARDATA JAGRUTI COMMITTEE Name Designation Adv. Haresh N. Shah Chairman Adv. Praful C. Shah Co-Chairman Adv. Bharat K. Jani Co-Chairman Adv. Rakesh Thakkar Co-Chairman Adv. Mrudang Vakil Member CA Samir Chaudhary Member Adv. Sandip M. Shah Member CA Janak V. Shah Member CULTURAL PROGRAM COMMITTEE Name Designation Adv. Jignesh A. Bhagat Chairman Adv. Mrudang Vakil Co-Chairman Adv. Apal Shah Co-Chairman Adv. Shital Shah Co-Chairman Adv. Vasant N. Patel Member Adv. Chandrakant T. Thakkar Member Adv. Manish Joshi Member Adv. Ronak Sheth Member INCOME TAX BAR ASSOCIATION

10 77th Annual Report (2023-24) SPORTS COMMITTEE Name Designation Hiren Thakkar Chairman CA Shivam Bhavsar Co-Chairman CA Jinal Shah Co-Chairman CA Meet Desai Co-Chairman Dhruvin Mehta Co-Chairman CA Devam S. Sheth Member Devang Shukla Member Yogesh Patel Member Adv. Jaymin Thakkar Member WEBSITE COMMITTEE Name Designation CA Shridhar Shah Chairman CA Shivam Bhavsar Co-Chairman Adv. Tejash Shah Co-Chairman Adv. Yash P. Modi Co-Chairman Adv. Manish Joshi Co-Chairman PHOTO MEMORIAL COMMITTEE Name Designation Umesh M. Majmudar Chairman Adv (Dr) Kartikey Shah Co-Chairman Adv. Kinjal R Shah Co-Chairman Himanshu Gajjar Member Nilesh Prajapati Member CA Dipak Shantilal Jagetiya Member MEMBERSHIP GROWTH COMMITTEE Name Designation Dhruvin Mehta Chairman Chinmay Rath Co-Chairman Madhusudan Patel Co-Chairman Indravadan Brahmbhatt Co-Chairman Adv. Amrutbhai G. Prajapati Co-Chairman Adv. Parth K. Kathiria Member CA Harilal R. Patel Member EARMARKED FUND COMMITTEE Name Designation CA Aseem Thakkar Chairman CA Priyam Shah Co-Chairman Adv. Snehal K. Thakkar Co-Chairman CA Mukesh O. Parikh Member CA Ritesh Gandhi Member Shah Sujan Sunilbhai Member CA Nikit Shah Member SUB COMMITTEE OF INCOME TAX BAR ASSOCIATION FOR THE YEAR 2023 – 2024 KARVERA SATHI COMMITTEE Name Designation CA Suvrat Shah Chairman CA Nisha Tekwani Co-Chairman Adv. (Dr.) Kartikey B. Shah Co-Chairman Adv. Samir Siddhapuria Co-Chairman CA Amish Khandhar Co-Chairman I P Brahmbhatt Member CA Shivam Bhavsar Member CS Yash Mehta Member INCOME TAX BAR ASSOCIATION PUBLICATION COMMITTEE Name Designation CA Shridhar K. Shah Chairman CA Fenil P. Shah Co-Chairman CA Shaleen S. Patni Co-Chairman CA Suvrat S. Shah Member CA Nisha A. Tekwani Member SOCIAL MEDIA COMMITTEE Name Designation CA Kenan M. Satyawadi Chairman CA Shridhar Shah Co-Chairman CA Nisha Tekwani Co-Chairman CA Fenil P. Shah Member CA Shaleen S. Patni Member

NOTICE OF ANNUAL GENERAL MEETING The 77th Annual General Meeting (AGM) of The Income Tax Bar Association, Ahmedabad will be held on 25th May 2024, Saturday at 5.30 PM at Gwalia Banquets, 1st Floor, Venus Atlantis, Opp. ICICI Bank, Prahladnagar Road, Anand Nagar, Prahlad Nagar, Ahmedabad, Gujarat 380015. 1. To approve the Minutes of the 76th Annual General Meeting held on 25th May 2023. 2. To brief about the Activities of the Managing Committee for the Activity Year 2023 – 2024. 3. To approve Audited Accounts for the year ended on 31st March 2024. 4. To unveil the Photographs of the Deceased Members. 5. To distribute prizes under P. N. Shah Memorial Fund, Priyakant C. Shah Memorial Fund, Late Shri Ishwarlal M. Shah Memorial Fund, Prize from Adv. Ashutosh R. Thakkar, Prize from Dr. Adv. Kartikey B. Shah, Prize from Dr. Adv. Dhruven V. Shah and Prize from Dr. CA Vishves A. Shah. 6. To distribute prizes under A. C. Parikh & Co. Article Award for two articles published in IT Mirror during the year. 7. To appoint Hon. Auditors for Financial Year 2024 –25. 8. To declare President, Office Bearers and Members of the Managing Committee for Activity Year 2024 – 2025. 9. To hand over charge to the incoming President and his team for Activity Year 2024 - 2025. 10. Any other business with prior Permission of Chair. Place : Ahmedabad Date : 08/05/2024 Sd/- CA Jaykishan P. Pamnani Hon. Secretary Sd/- CA Maulik B. Patel Hon. Jt. Secretary Notes: 1. Members are requested to send their queries in writing regarding the accounts of the association at the office of the Association on or before 16/05/2024. No other queries regarding accounts raised in AGM shall be entertained. 2. Members may bring copy of the Annual Report with them at the AGM. 3. Members are requested to pay their outstanding dues, if any, as early as possible at the office of the Association to attend the Annual General Meeting. 4. Annual General Meeting will be followed by dinner for the members. If members wish to bring their family members (including children above 3 years), for a charge of Rs. 500/- per person needs to be registered in advance at the office of the Association during office hours between 11.00 am to 5.00 pm up to 23/05/2024. 77th Annual Report (2023-24) 11 INCOME TAX BAR ASSOCIATION

12 77th Annual Report (2023-24) NOTICE FOR ELECTION MEETING Notice is hereby given that the Twenty-Third (23rd) Election Meeting of The Income Tax Bar Association, Ahmedabad will be held on 23rd May 2024 at 04.30 PM at the office of the Income Tax Bar Association to elect President, Vice President, Hon. Secretary, Hon. Jt. Secretary, Hon. Treasurer and Eight Members of the Managing Committee for the Activity Year 2024 – 2025. Place : Ahmedabad Date : 08/05/2024 Sd/- CA Jaykishan P. Pamnani Hon. Secretary Sd/- CA Maulik B. Patel Hon. Jt. Secretary Notes: 1. Only regular members desirous to contest for the post of office bearers and members of the managing committee. 2. All the procedure related to filing of election nomination form will be carried out through digital mode only. 3. Nomination form fees Rs. 100 to be paid online. The payment can be made by any of the following two modes. (a) Link for payment available on Online Payment section on website of the association https://payment.incometaxbar.org/ (b) Pay through any electronic mode on following bank details: Account Name : Income Tax Bar Association Bank Details : Kotak Mahindra Bank, Ashram Road Branch Account Number : 8912146618 (Savings Account) IFSC : KKBK0002562 4. On payment of Nomination form fees, receipt needs to be sent to [email protected] and the unique serial numbered digital form will be sent to the same mail ID. Instructions for filing the form will be available along with the form. 5. Prescribed fees for filing nomination is Rs. 500 for Office Bearers and Rs. 250 for the Member of the Managing Committee payable online by the same modes as mentioned in point 3 above. 6. Last date for filing nomination form along with prescribed fees is 16 th May 2024 (Thursday) by 5.00 pm. 7. Nomination form can be withdrawn up to 5.00 pm on or before 20th May 2024 (Monday). Nomination form can be withdrawn by giving notice in writing (through e-mail) to the scrutinizers on their registered e-mail ID. 8. Final list of candidates who have valid nomination forms will be placed on the notice board of the Association as well as on the Notice Board on the website of the association (www.incometaxbar.org) on 21st May 2024 (Tuesday) after 6.00 pm. 9. In case of no Election, the proceedings of the Election Meeting shall be taken at the Annual General Meeting to be held on 25th May 2024 (Saturday). 10. If any clarification is required for smooth functioning of election process, office bearers in consultation with the scrutinizers, may issue clarifications and instructions and communicate the same through members’registered e-mail ID and displaying the same on notice board at the office and on website of the association. 11. The office bearers are given powers by the committee in the Managing Committee meeting held on 7th May, 2024 for removal of difficulties to issue clarification for smooth functioning of the meeting from time to time as required. 12. The rules made for conducting the election nomination through digital mode are within the rules and regulations prescribed by the constitution of the association. 13. The e-mail IDs of the scrutinizers are provided in the nomination form. INCOME TAX BAR ASSOCIATION

77th Annual Report (2023-24) 13 NOTICE FOR PRIZE DISTRIBUTION for ACTIVITY YEAR 2023 – 2024 As per the resolutions passed by our managing committee following rules have been framed for various Memorial Funds / Prizes. 1. As per the rules of Late Pradhyuman N. Shah Memorial Fund – (i) if son or / and daughter of a member of the association gets 65% or more marks in accounts or auditing paper in Third Year B. Com.,in the exam conducted in the year 2023, in first attempt, then he/she shall be awarded with a prize. In addition, (ii) if son or / and daughter of a member of the association gets 65% or more marks in Taxation subject of Second Year LL.B.,in the exam conducted in the year 2023, in first attempt, then he/she shall be awarded with a prize. Prize will be distributed in equal proportion if in case there are more than one awardee. 2. As per the rules of Late Priyakant C. Shah Memorial Fund – if son or / and daughter of a member of the association gets highest total marks in Third Year LL.B., in the exam conducted in the year 2023, in first attempt, then he/she shall be awarded a prize. Prize will be distributed in equal proportion if in case there are more than one awardee. 3. As per the rules of Late Ishwarlal M. Shah (Palanpur) Memorial Fund – if son or / and daughter of a member of the association has passed C.A. Final examin the exam conducted in the year 2023, then he/she shall be awarded a prize. Prize will be distributed in equal proportion if in case there are more than one awardee. 4. A cash prize of Rs. 2100 to be awarded from Adv. Ashutosh R. Thakkar – if son or / and daughter of a member of the association has obtained highest total marks and passed C.A. Intermediate exam in the exam conducted in the year 2023, then he/she shall be awarded a prize. Prize will be distributed in equal proportion if in case there are more than one awardee. 5. A cash prize of Rs. 5000 to be awarded from Adv. (Dr.) Kartikey B. Shah – if son or / and daughter of a member of the association has obtained highest total marks in the last semester of LL.M. in the exam conducted in the year 2023, in first attempt, then he/she shall be awarded a prize. Prize will be distributed in equal proportion if in case there are more than one awardee. 6. A cash prize of Rs. 11111 to be awarded from Adv. (Dr.)Dhruven V. Shah – if a member or son or / and daughter of a member of the association has earned Ph. D. in Law or Commerceduring the activity year 2023-24, then he/she shall be awarded a prize. Prize will be distributed in equal proportion if in case there are more than one awardee. INCOME TAX BAR ASSOCIATION

INCOME TAX BAR ASSOCIATION 7. A cash prize of Rs. 2100 to be awarded from CA (Dr.) Vishves A. Shah – if son or / and daughter of a member of the association has obtained highest total marks and passed C.A. Foundation exam in the exam conducted in the year 2023, in first attempt, then he/she shall be awarded a prize. Prize will be distributed in equal proportion if in case there are more than one awardee. In this regard, if a member or son or / and daughter of a member has obtained marks eligible for the prize under the aforementioned categories, then they are required to send a SELF ATTESTED legible photocopy of their mark sheet at the office of the association on or before 22nd May2024 by 6:00 PM. In case of Ph. D., the notification or the certificate is required to be sent instead of photocopy of the mark sheet. Prizes mentioned above will be announced and distributed in the AGM. Thanking You, For, Income Tax Bar Association, Place : Ahmedabad Date : 08/05/2024 Sd/- CA Jaykishan P. Pamnani Hon. Secretary Sd/- CA Maulik B. Patel Hon. Jt. Secretary 14 77th Annual Report (2023-24)

Dear Esteemed Members, It is my honour to present the 77th Annual Report of this prestigious organization. As we come together to reflect on the accomplishments and milestones of the past year, I am filled with a profound sense of gratitude and pride for the dedication and commitment demonstrated by each and every member of our committee in the past year. It is with great honor and humility that I extend my heartfelt thanks to you all for entrusting us with the opportunity to serve as your representatives in this 77th Year of the Association. At the heart of our association lies a team of passionate individuals who have dedicated themselves to advancing the goals and objectives of the Income Tax Bar Association. I am immensely proud of the exceptional efforts put forth by the entire team, whose tireless dedication has been the cornerstone of our success. From the President Emeritus, Invitee Members, Office Bearers, Committee members, Chairmen & Co-Chairmen of various committees to our dedicated volunteers, each individual has played a pivotal role in advancing the goals and objectives of the Income Tax Bar Association. I extend my deepest appreciation to each and every one of you for your invaluable contributions and unwavering support. One of the highlights of the past year has been our commitment to knowledge dissemination and professional development. Through a series of insightful seminars, workshops and publications we have provided our members with the tools and resources they need to stay abreast of the latest developments in Income Tax, Goods and Service Tax, Allied Laws and Technological advancements. These have not only served as platforms for learning and networking but have also fostered a sense of camaraderie and collaboration among our members. I am particularly proud to report that we have achieved a record number of publications this year, thanks to the dedication and hard work of our committee members. These publications have covered a wide range of topics, from recent legislative changes to emerging trends and best practices in Income Tax law. I extend my heartfelt thanks to all the authors and contributors who have generously shared their knowledge and expertise with our association. Your contributions have not only enriched our community but have also helped us further our mission of promoting excellence in the field of income tax law. In addition to our educational initiatives, we have also made significant strides in advocacy and outreach. Our association has been actively engaged in representing the interests of our members and advocating for positive change in the realm of tax policy. Helen Keller has said "Alone we can do so little; together we can do so much." My year would have been so little without the contribution of my dear colleagues in the committee. It has been a blessing to always have the guidance and support of our young and dynamic President Emeritus Adv. Dhiresh MESSAGE FROM THE PRESIDENT CA ASHISH TEKWANI President INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 15

T. Shah. The invitee members Adv. Ashutosh Thakkar, Adv (Dr.) Dhruven Shah and Adv. (Dr.) Kartikey Shah have been there as friend, philosopher and guide. Adv. Dhruvin Mehta has always been available for me and the first one to call me to ask if there is any work pending. The Office Bearers CA Shridhar Shah, CA Jaykishan Pamnani, CA Shivam Bhavsarand CA Maulik Patelhave been the four pillars of my term and have been there 24 x 7 with me. The accomplishment of 12 IT Mirror would not have been possible without Chairman IT Mirror CA (Dr.) Vishves Shah and Co Chairman CA Survat Shah and CA Nisha Tekwani. The achievement of 12 IT Mirror would have been a dream without you people. CA Shridhar Shah, CA Shaleen Patni and CA Fenil Shah have been the back bone for the publications of the association. The presence of the association across various social platforms would not have been possible without the active efforts of CA Kenan Satyawadi and CA Shridhar Shah. All the committee members have been vital in playing their different roles in the association and in the Two Day Tax Conclave. Maunik Nayak and Meghna Nayak have always been available for the association and are the ones who handle the entire back end operations. My Tenure would not have been completed so smoothly and successfully without the active support and blessings of my parents CA Tulsiram Tekwani and Chanda Tekwani. I also take this opportunity to thank my wife CA Nisha Tekwani who has always believed in me. My kids Aarohi and Aanya have also contributed by making ITBA as their family for the past year. Looking ahead, I am filled with optimism and excitement for the future of our association. With your continued support and dedication, I am confident that incoming team will achieve even greater heights of success and raise the name of the association to greater height. In closing, I would like to express my deepest gratitude to each and every member of the Income Tax Bar Association. Your unwavering support, dedication, and commitment to excellence have been the driving force behind our success, and I am truly honored to serve as your President. Together, let us continue to uphold the principles of integrity, professionalism, and service that define our profession and guide us in our journey ahead. Warm regards, CA Ashish Tekwani President Income Tax Bar Association Place : Ahmedabad Date : 9th May 2024 INCOME TAX BAR ASSOCIATION 16 77th Annual Report (2023-24)

Respected Esteemed Members, I hope this message finds you happy, well and in high spirits. As we present before you our Income Tax Bar Association's 77th Annual Report, it is with great pleasure that I extend my warmest greetings to each of you. This report not only signifies a year of steadfast dedication to our profession but also serves as a testament to the exemplary achievements of our team. Under the visionary leadership of the President CA Ashish Tekwani, our Association has flourished, reaching new heights of excellence and impact within the realm of taxation practice. Through tireless dedication, strategic foresight, and unwavering commitment to our collective goals, our President has led us with distinction, inspiring us to strive for greatness and embrace innovation. Through collaborative endeavors, insightful research, and proactive advocacy, we have not only addressed the pressing issues facing our profession but also contributed significantly to the advancement of tax policies and practices. Throughout the year our team has been working towards advancing the mission of our Association. First time introduction of monthly IT Mirror journals in the history of our association stands as a groundbreaking achievement, reflecting our commitment to promoting knowledge sharing and professional development within our community. IT Mirror journals represents a transformative step forward in our efforts to provide members with timely insights, analysis, and research on critical tax issues and developments. By publishing monthly, our Association has created a dynamic platform for exchanging ideas, staying abreast of emerging trends, and enhancing our collective understanding of complex tax matters. Moreover, under the leadership of our young and visionary President, our Association has undergone a remarkable evolution, transitioning from traditional modes of operation to a fully digitized platform for all journals and association activities. This transformative initiative represents a bold step forward in embracing innovation, enhancing accessibility, and advancing the mission of our Association in the digital age. We have successfully migrated all our journals, publications, and association activities to a dynamic digital platform. This digital transformation initiative has not only streamlined our operations but has also expanded our reach, enabling us to engage with members and stakeholders across geographical boundaries and time zones. Members can have access to the digital platform of our association on https://linktr.ee/itbar. As we reflect on the accomplishments of the past year, let us also renew our commitment to uphold the highest standards of integrity, ethics, and proficiency in all our endeavors. Let us seize the opportunities that lie ahead, leveraging our expertise and ingenuity to surmount the challenges and embrace the possibilities for growth and innovation. FROM THE DESK OF HON. SECRETARY CA JAYKISHAN PAMNANI Hon. Secretary INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 17

On behalf of the entire membership, I extend my heartfelt gratitude to all the Speakers of Two Day Tax Conclave, Study Circle and Webinars; Contributors and Writers in our IT Mirror and various other Publications for their tireless efforts for taking our association to new heights. Let us embrace this momentous achievement with pride and enthusiasm, as we continue to shape the future of our Association and profession. I extend my sincere gratitude to each member for their unwavering support, dedication, and contributions to our Association's success. Together, let us continue to strive for excellence, inspire positive change, and uphold the noble principles that define our organization. Thank you for your continued partnership, commitment and support to our incoming team also. Yours sincerely, CA Jaykishan Pamnani Hon. Secretary Income Tax Bar Association Place : Ahmedabad Date : 9th May 2024 INCOME TAX BAR ASSOCIATION 18 77th Annual Report (2023-24)

ACTIVITY REPORT 2023 – 2024 It is my pleasure and honour to present the Activity Report for the year 2023 - 2024. 1. Two Day Tax Conclave 2024 th th The Fifth Edition of Two-Day Tax Conclave was organized on 15 & 16 March 2024 at J. B. Auditorium, AMA, Ahmedabad. The esteemed and learned Speakers took Technical Sessions on the most burning topics: Speaker Subject / Event Dr. (CA) Girish Ahuja Recent Contemporary Issues on Taxation of Charitable Trusts CA A. Jatin Christopher Drafting of Reply to GST SCNs / Appeals before Appellate Authorities Adv. (CA) Dhinal Shah NRI Taxation & FEMA Implications Adv. K. Vaitheeswaran Recent Issues on ITC under GST Law Sr. Adv. V. Raghuraman Current Litigations in GST Sr. Adv. Tushar Hemani Unproved Purchases and Consequential Reopening under Income Tax Act The learned Speakers enriched the participants with their knowledge on diverse topics of Direct and Indirect taxes. The two Brain Trust sessions saw engaging discussions and exchange of ideas and knowledge. The practical burning issues and various questions received from the participants were discussed in detail by the esteemed Brain Trustees. Brain Trustees of Direct Tax Brain Trustees of Indirect Tax Adv. Mehul Patel Adv. (CA) Abhay Desai CA Mehul Thakkar Adv. Jigar Shah CA Aseem Thakkar CA Punit Prajapati CA Mitish Modi CA Rashmin Vaja Our Brand – Our very own Two-Day Tax Conclave – 5th edition – saw a participation of more than 450 members. The Conclave has now become so associated with the Association that on announcement of Two-Day Tax Conclave 2025 - 6th edition, we have received advance booking from more than 125 participants for the Two-Day Tax Conclave 2025. The conclave was inaugurated by lighting of the lamp by the worthy hands of Hon. Justice Shri Bhargav Karia. He blessed the occasion with his memorable words. The landmark edition of I. T. Mirror Vol X, a women's special edition, “She Tax”, was unveiled during the inaugural session of the Tax Conclave by the worthy hands of the chief guest. The conclave was a grand success in all aspects. It saw huge participation from members all across Gujarat. The Association recognizes their efforts and would like to thank them for making the event a grand success. The Two-Day Conclave is not possible without the active support of INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 19

20 77th Annual Report (2023-24) the sponsors as well as the entire Two-Day Tax Conclave Team whose joint efforts helped in making the event a grand success. Our entire team was working in the front end and back end for day and night to make this program a grand success. 2. Study Circle Meetings Number Date Subject Speaker First 17.06.23 Overview, Interplay and Discussions on CA Harit Dhariwal Practical Issues and Latest Changes in Tax Audit and Income Tax Returns Second 05.08.23 Form No. 3CD: A clause by clause CA Palak Pavagadhi breakdown and solutions to common problems Third 30.11.23 Key Insights on Annual Return and CA Rashmin Vaja Reconciliation Statement under GST Fourth 20.04.24 Re-assessment proceedings under the CA Mehul Thakker Income Tax Act- Practical Insights for Tax Professionals th 2.1. The First Study Circle meeting was organized on 17 June 2023 on the topic of “Overview, Interplay and Discussions on Practical Issues and Latest Changes in Tax Audit and Income Tax Returns”. Expert CA Harit Dhariwal covered the topic. He covered the various changes brought in Income Tax Returns by the Finance Act and practical aspects related to tax audit in the session. More than 125 participants participated in the Study Circle. The First Edition of the IT Mirror was released in the Study Circle. th 2.2. The Second Study Circle meeting was organized on 5 August 2023 on the topic of “Form No. 3CD: A clause by clause breakdown and solutions to common problems”. Eminent speaker and expert CA Palak Pavagadhi shared his expertise on each clause of Form 3CD and its nittygritties. The participants gained from the knowledge shared by the faculty on the updated and new clauses of Form 3CD. There was high participation of more than 150+ participants and the hall was jam packed. th 2.3. The Third Study Circle meeting was held on 30 November 2023 by expert CA Rashmin Vaja on the topic of “Key Insights on Annual Return and Reconciliation Statement under GST”. He explained in detail the statutory provisions related to Annual Return filing under GST along with the applicable due dates. The situations wherein a reconciliation statement needs to be filed was also explained in detail. The Study Circle saw an attendance of more than 100 participants. th 2.4. The Fourth Study Circle meeting was organized on 20 April 2024 to address the burning topic of “Re-assessment proceedings under the Income Tax Act- Practical Insights for Tax Professionals.” Expert speaker CA Mehul Thakker covered the topics of how we, as professionals, should handle notice u/s148A and notice u/s 148, what are the Procedure and Structure of proceedings u/s 148A and 148 and discussed the Practical case studies in relation to the notices and their probable replies. More than 100 + participants attended the Study Circle. INCOME TAX BAR ASSOCIATION

77th Annual Report (2023-24) 21 3. Budget Meeting, Seminars and Outreach Programs rd 3.1. A C Parikh & Co. Budget Meeting was organized on 3 February 2024 after Hon'ble Finance Minister presented the Interim Budget 2024. The expert on Direct Tax Sr. Adv. Tushar Hemani shared his views on the provisions of the Interim Budget 2024. The most debated topic “Discussion in respect of Disallowance of Delayed Payment of MSMEs u/s 43B(h)” was discussed in depth and each and every aspect of the said provision was dissected in detail. The program was open for all to attend and held at ATMA Hall, Ashram Road. The meeting received participation of more than 150 participants. st 3.2. The Special Webinar on Decoding the Union Budget 2024 was organized on 1 February 2024 along with various organizations across India. In the said Webinar, Direct Tax provisions of the Budget 2024 and issues relating to Direct Taxes were covered by expert Faculty CA Naveen Khariwal. The Indirect Tax provisions of the Budget 2024 and issues relating to Indirect Taxes were covered by expert Faculty CA Aanchal Kapoor. th 3.3. A seminar was organized on 5 September 2023 on the Topic of “Unlocking GST Refunds & Empowering MSMEs & Exporters”. The expert faculty for the said Seminar was CA Jaykishan K. Vidhwani who has a rich experience of handling various issues in relation to GST Refund. In the said Seminar, MSME – Development & Facilitation Office, Ahmedabad, Exim Club (Association of Exporters & Importers) and Federation of Indian Export Organizations (FIEO) partnered with us. In the said seminar, the speaker guided the participants on various provisions relating to getting refunds from the department. He also highlighted the provisions of the Act wherein the MSMEs and Exporters could be benefitted. More than 100 participants attended the Seminar. st 3.4. A seminar was organized by the Association on 21 October 2023 in association with TAAG and AGFTC on “Show Cause Notice and Adjudication under GST – Legal and Practical Dimensions” at ATMA Hall. It was taken by expert speakers from Mumbai Adv. Shaileshbhai Sheth and CA Janakbhai Vaghani. They guided the participants on dealing with the show cause notices and their appropriate replies. They also explained in detail the adjudication procedure and its various technical aspects. More than 125 participants attended the Seminar. 3.5. An Outreach Program in association with the Income Tax Department and other professional st bodies was organized on 31 May 2023 for highlighting the interplay between Section 135A of the I.T. Act and Section 148A of the I.T. Act. The E Verification is a crucial step to avoid further litigation issues. The authorities also discussed the queries received by them from the Assessee in this matter. 3.6. An Outreach Program in association with Commissioner of Income Tax (Exemption) and other th professional bodies was organized on 25 August 2023 in relation to application of registration of trust, condonation of delay and other issues related to Trusts. Various officials of the department were present at the program. The meeting was fruitful, and the issues faced by trusts and professionals were well conveyed to the department. The Department also provided insights into the most common errors which can be avoided. Draft / Tentative Questionnaires and the format of Undertaking to be submitted along with various annexures were circulated among the members. 4. Webinars Technological advances marked by the emergence of the internet and social media have made it easier to communicate and reduced the world into a global village. With webinars as a INCOME TAX BAR ASSOCIATION

knowledge spreading platform, the association has widened its audience and removed the limitations of geographical areas. The Association organized a number of Webinars for the benefit of the members. AGFTC and GyaanStation also partnered with us in the various webinars. No Date Subject Speaker 1 18.08.23 Unraveling power of artificial intelligence– CA Silva S. Padshah from concepts to real world impact 2 16.09.23 Dissecting and Demystifying Form No. 10B, Adv. (Dr.) Dhruven Shah 10BB & ITR 7 3 11.10.23 How to respond to recent mechanical show Adv. (CA) Abhay Desai cause notices for FY 2017-18 issued by GST Department 4 27.01.24 Controversy in respect of deduction u/s CA Saulabh Padshah 43B(h) (applicable w.e.f. AY 2024-25) and recent case laws on various deductions available u/s 43B 5 08.02.24 Demystifying Transfer Pricing Regulations CA Shweta Gokhale 6 15.02.24 An overview of Corporate Governance CS K. Venkataraman 7 22.02.24 Amendments in Schedule III, CARO 2020, CA CS Ranganayaki and Recent Adjudication Orders Rangachari 8 29.02.24 Intricacies involved in Sec. 43B(H) w.r.t. CA Abhishek Jain delayed payment and other relevant issue under IT Act 9 19.03.24 Tax Planning through Tax Harvesting CA Kaushik Gada 10 11.04.24 Importance of Personal Finance CA Asha Gangar 11 18.04.24 Finalisation of Accounts Vis a Vis GST CA Jaykishan Vidhwani 12 25.04.24 Practical aspect of handling GST Audit, CA Swapnil Munot Investigation and Notices 13 02.05.24 Payment of Bonus Act and Shops & Adv. Ramesh Soni and Establishment Act Adv. Jigar Soni 14 09.05.24 Refunds under GST CA Sachin Jain 15 16.05.24 Decoding Forensic CA Tejas Shah Audit and Cyber Security 16 23.05.24 Recent Important Adv (CA) Mohit Balani Income Tax Judgements INCOME TAX BAR ASSOCIATION 22 77th Annual Report (2023-24)

5. Decoding the Dynamics of GST – A Unique GST Workshop Income Tax Bar Association organized a Series on Decoding the Dynamics of GST. It was an 8 Day Workshop with 8 Different Topics covering the entire GST Act with Rules (including practical aspects). A special session giving comprehensive insights into the intricacies of GST regulations was addressed by CA Amish Khandhar & CA Rashmin Vaja. The speakers addressed the following topics: Date Subject Speaker 09.02.24 Levy & Scope of Supply & Time of Supply CA Hiren Pathak 10.02.24 Place Of Supply, Nature of Supply, Valuation CA Vaibhav Shah 15.02.24 Controversies In GST, Search, Seizure, CA Amish Khandhar Preventive Investigation by Department CA Rashmin Vaja 16.02.24 Registration & RCM On Goods & Services CA Yash Shah 17.02.24 Input Tax Credit (ITC) CA Tapas Ruparelia 23.02.24 Refunds CA Jaykishan Vidhwani 24.02.24 Taxability Of Real Estate Transactions After Adv (CA) Hirak Shah 1st April 2019 29.02.24 Assessment, Adjudication & Reply to Notices CA Deep Koradia 01.03.24 Appeals CA (Adv) Mihir Modi The series received tremendous response from the members and non-members, and it was a unique experience for all the participants to go back to the classroom and to relearn the entire GST again. All the participants received the certificate of completion. The Association acknowledges the support of Navkar Institute as Venue Partner and Khandhar Mehta & Shah as Knowledge Partner. The association also acknowledges the efforts of its members CA Harshil Sheth and CA Fenil Shah the coordinators of the Series without whom the program would not have been a success. 6. Workshop 6.1. Tally Workshops: Tally is at the core of our profession. It is an integral part of our accounting work. Hence, to increase the understanding of the members and to give them a hands-on experience with all the basic as well as advanced features of Tally Prime, a workshop was conducted at HK Computers rd on 23 June 2023. The workshop received such a huge number of registrations that a Second th Workshop was also organized on 30 June 2023 to accommodate the remaining participants. 6.2. 6 Days Basic to Advance Level Excel Course: Microsoft Excel is the basis of the entire accounting work. 6 days basic to advance level excel course was organized in association with GyaanStation. The course covered all the basic functions of excel, gave knowledge about advanced functions and formulas. The participants used live excel in order to practically implement the formula and functions. Several members of the association participated in the course and were awarded e-Certificate after completion of the course. INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 23

7. Residential Refresher Course (RRC) nd th th 7.1. 72 RRC at Nathdwara: 11 to 13 August 2023 nd th th The 72 RRC was organized from 11 to 13 August 2023 in the holy city of Nathdwara, Rajasthan. The RRC was organized jointly with AGFTC. The participants received the divine blessings of Shrinathji and also had the benefit of having darshan of world's tallest Shiva Statue also known as Statue of Belief. Adv. Umesh Majmudar addressed the Technical Session at the RRC. rd 7.2. 73 RRC at Amritsar: 24th December to 27th December 2023 rd th th The 73 RRC was organized from 24 to 27 December 2023 at Amritsar. It was truly a memorable experience as Spirituality met History. 56 participants took part in the RRC. The participants were devotional during the visit to Golden Temple and patriotic during the visit to Wagah Border. The visit to Kartarpur Sahib was like a feather in the cap of the trip and an experience out of the world. Expert speakers CA S K Sadhwani and Adv Dhruvin Mehta did justice to their topics during the RRC. All in all, the RRC was a super success. th th th 7.3. 74 International RRC at Vietnam: 29 April to 5 May 2024 th th th The 74 RRC was organized from 29 April to 5 May 2024 at Vietnam under the convenorship of Vice President CA Shridhar Shah. Record no. of 75 participants participated in the RRC. The participants enjoyed the cruise, boat ride, natural beauty,and experienced unique and beautiful Vietnamese culture. The expert speakers Adv. (Dr) Kartikey Shah & CA Satyapal K. Sadhwani presented their papers at the RRC. No Date Subject Speaker 72nd RRC 11.08.23 to Discussion on Legal Heirs Adv. Umesh Majmudar Nathdwara 13.08.23 Significance of ascertaining CA Satyapal K. Sadhwani jurisdiction of authority in 73rd RRC 24.12.23 to income tax proceedings Amritsar 27.12.23 Demystifying the Bombay Adv. Dhruvin Mehta Public Trust Act Section 43B(h)- Provisions Adv. (Dr) Kartikey Shah 74th RRC 29.04.24 to and Litigation Issues Vietnam 05.05.24 Art of Drafting Response to CA Satyapal K. Sadhwani income Tax Show Cause Notice 8. Publications 8.1. Karvera Sathi: In coordination with and under the able guidance of Chairman and Co-Chairman of Karvera Sathi Committee, the Karvera Sathi was published in record time and that too in Two Languages – Gujarati & English. Karvera Sathi is a booklet which serves like a mini ready reckoner covering diverse topics. It received a positive response from the members and non-members. 13,500 copies in Gujarati and 3,500 copiesin English language were printed during the year. INCOME TAX BAR ASSOCIATION 24 77th Annual Report (2023-24)

8.2. IT Mirror: IT Mirror is the mouthpiece of the Association. The purpose of IT Mirror is to spread knowledge and to keep the members of the association updated with the latest changes in the sphere of taxation. What started as a dream of taking our IT Mirror to a monthly edition has become a reality. A dream doesn't become reality through magic; it takes sweat, determination and hard work. The dream of coming out with monthly edition of IT Mirror has become a reality due to the efforts of CA (Dr) Vishves Shah, Chairman of IT Mirror Committee, CA Suvrat Shah and CA Nisha Tekwani: Co-Chairmen of IT Mirror Committee and CA Shridhar Shah, CA Jaykishan Pamnani and Adv. Ashutosh Thakkar. Also, all the contributors deserve a special thanks who have given their heart out in composing a record number of articles. It is due to their effort and sheer determination thismilestone has been achieved. A record no. of 104Articles have been contributed by writers and contributors. Name of Article Writer Name Vol I : June 2023 The New Scheme of E-Appeals before the Joint Commissioner Sr. Adv Tushar Hemani (Appeals) Explained CA Kushal Fofaria Penalty Under Section 271D cannot be levied if there is Adv (CA) Hirak Shah reasonable cause shown Provisional Assessment under GST Law Adv Bharat Sheth GST on Housing Society - How Much and How far Applicable CA Harsh Mehta E-invoice regime, its benefits and common questions therein CA Mihir Modi Harnessing the Power of Blockchain: Revolutionizing CA Jaymit Mehta Finance and Accounting RERA Act, 2016 - A New Area of Practice for Professionals Adv (CS) Lokesh Shah CA Harsh Mehta Financial Incentives to MSMEs CS Mukesh Pamnani Decoding The LLP CA Suvrat S. Shah Exemptions from “Deposit” under the Companies CS Umesh Vyas (Acceptance of Deposits) rules, 2014 – a critical analysis GIFT City: The Financial Hub CA Bhavin Soni Vol II : July 2023 51 FAQs on Income Tax Return CA Nisha Tekwani CA Shridhar Shah Cash Transactions – Restrictions under Income Tax CA Parag Raval Significance of Standard Operating Procedure (SOP) dtd. CA Mitish Modi 03–08–2022 issued by National Faceless Assessment Center INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 25

27 GST on Liquidated Damages Paid under Contract CA Jaykishan Vidhwani Implication Of Notification No. S.O. 2036(E) Dated 03.05.2023 Adv. (CA) Mohit Balani On Practicing Chartered Accountants, Company Secretaries and Cost Accountants 33 MS Excel in Day-To-Day practice: Few Functions to make CA Shridhar Shah your work easy Corporate Frauds and Forensic: Safeguarding Against Financial CA Samir Chaudhary Misconduct Social Stock Exchange: A New Era of Practice CS Chintan Bhatt How technology will transform the Real Estate Sector Adv (CS) Lokesh Shah CA Harsh Mehta EPF v/s NPS v/s PPF Dhruvin Mehta Vol III : August 2023 Controversies surrounding valuation under Rule 11UA(2) CA Rohit Pansari of Income Tax Rules, 1962 read with Section 56(2)(viib) of CA Mustufa Mankada Income Tax Act, 1961 Futures & Options - Tax, Accounting & Audit Issues CA Pramod Jain Goods And Services Tax Network and The Prevention of Adv. Bharat L Sheth Money Laundering Act, 2002 Amendment in Small Company definition –A Move towards CA Parag Raval Ease of Doing Business Evaluating Financials “True and Fair View” from a GST Perspective CA Jaykishan Vidhwani Audit Trail: Role of Auditor and Audit Approach CA Jyoti Harpalani Issues Pertaining to Scrutiny Assessment Towards Donation CA Sulabh Padshah Made to Political Party Demystifying the Importance, Meaning and Terms & Conditions CA Harsh Mehta of Agreement for Sale and Sale Deed Adv. (CS) Lokesh Shah Vol IV : September 2023 Appeals Before CIT(A) Adv. Jaimin Gandhi Jurisdictional issue of the Notices issued under Section 148 Adv (CA) Hirak Shah of the Income Tax Act, 1961 Reporting of TDS / TCS in Clause 34 (a) of Form 3CD CA Mayur J Sondagar Understanding Time of Supply under GST Law Abhishek Raja Ram Input Service Distributor v/s Cross Charge - the saga continues CA Jenil Shah Key recommendations of 50th GST Council Meeting CA Pratibha Goyal INCOME TAX BAR ASSOCIATION Name of Article Writer Name 26 77th Annual Report (2023-24)

Understanding the Power to Summon under GST CA Jaykishan Vidhwani Redevelopment of a Real Estate Project in Gujarat CA Harsh Mehta Adv (CS) Lokesh Shah All about Corporate Social Responsibility [CSR] under Adv (CS) Harshvardhan Companies Act, 2023 Sharma , CS Archita Sharma GIFT City - Entry & Exit Clause CA Bhavin Soni Vol V : October 2023 Real Estate-works Contract and Complexity in GST Adv Bharat Sheth New Form GST DRC-01B, DRC-01C & DRC-01D –Weapon for Adv Darshit Shah Officers and Headache for Dealers Section 194-Q: Applicability to the transactions of purchase CA Mitish Modi of business on “Slump Sale Basis” Navigating Penalties and Interest: Exploring Limits and CA Yash Shah Authority in the Mahindra & Mahindra Case Monthly Payment of Bonus and Leave: Legality, Pramod Kumar Jadia Justification and Risks Incentives available in Gujarat for IT / ITeS Service Sector CS Mukesh Pamnani Understanding RERA through Questions and Answers CA Harsh Mehta Adv (CS) Lokesh Shah What are Outsourcing & Offshoring Services in India CA Farhad G. Wadia Vol VI : November 2023 Important Legal Updates CA Parag Raval Mastering the art of Merger & Acquisition (M&A) CA CS Rushabh M. Shah All about Input Service Distributor under GST CA Rikin Parikh When Input Tax Credit is liable to reversed under GST Act CA Harshil Sheth ECRRS Is it a Delight for the Department and a Dilemma CA Yash Shah for the Taxpayers Introduction and Recent Changes in Handling Bogus Purchases CA Dipak C. Dama A Comprehensive Guide to Alternate Investment Funds (AIFs) CA Harsh Mehta in India Adv (CS) Lokesh Shah De Dollarization of Currency Notes CA Homesh Mulchandani INCOME TAX BAR ASSOCIATION Name of Article Writer Name 77th Annual Report (2023-24) 27

Name of Article Writer Name INCOME TAX BAR ASSOCIATION Vol VII : December 2023 Important Legal Updates CA Parag Raval Understanding Sec. 263 of the Income Tax Act, 1961 - CA Dipak C. Dama A Comprehensive Guide Legal Pronouncements in relation to Explanation 2 to Sec. 263 Sr. Adv. Tushar Hemani of the Income Tax Act, 1961 Brief of GSTR - 9 and 9C CA Deep Koradia Time limit for applying refund under GST is directory and not Adv. CA Hirak Shah mandatory - A new twist under the GST regime Levy of GST on Corporate & Personal Guarantees Dr. Sanjiv Agarwal From Cash to Commodities the Evolution of ‘Goods’ in GST CA Yash Shah Legislation and Courtroom Battles Fractional Ownership in the Real Estate Sector Unlocking CA Harsh Mehta New Possibilities Adv (CS) Lokesh Shah Vol VIII : January 2024 Legal updates in relation to Chartered Accountants CA Parag Raval Strategic Insights into Section 41 with easy-to-understand CA Dipak C. Dama examples Benami Law - Evolving jurisprudence & stinging impact of CA Harit Dhariwal the law with special focus on loan transactions Srishti Anumod ITR Filing options Till A.Y. 2023-24 and A.Y. 2024-25 onwards CA Mayur J Sondagar CA Certificate for ITC mismatch under Circular 183 & 193 CA Saradha Hariharan Two Recent Dangerous Changes in GST - Rule 88C and Rule 88D CA Harshil Sheth IIT Big Data - Surge in Automated Notices CA Yash Shah Legal Heir v. Legal Representatives CS M. Govindarajan Common Area - Common Ownership - Common Questions CA Harsh Mehta Adv CS Lokesh Shah Vol IX : February 2024 Disallowance of Delayed Payment of MSMEs us.43B of Income Adv Chintan H. Shah Tax Act effective from F.Y. 2023-24 Changes in the Provisions relating to TDS & TCS by CA Ajit Shah the Finance Act, 2023 Boom Times Ahead Examining the Vibrant Gujarat 2024 - CA Harsh Mehta Impact on Dholera Special Investment Region & GIFT CITY 28 77th Annual Report (2023-24)

Name of Article Writer Name INCOME TAX BAR ASSOCIATION Impact of EPF and MP Act, 1952 on IBC and Treatment of Adv P. K. Panneer Selvam claims of EPFO Authorities during Corporate Insolvency and Liquidation - An Analytical Approach Important Legal Updates CA Parag Raval Decision Making Process While Selecting any of the Route CA Deep Koradia for Refunds under Exports Assessment under GST CA Rikin Parikh The Significance of Due Diligence in Analyzing Financial CA Samir Chaudhary Statements in India All about Society Maintenance Charges CA Harsh Mehta Adv (CS) Lokesh Shah Vol X : March 2024 HUF - A Tax Planning Instrument CA Supriya Dewan Dissecting the provisions of Section 179 of Income Tax Act, 1961 Adv. Priyanshi Desai in relation to Liability of Directors of Private Company ITC Reversal in case of redemption of securities CA Pratibha Goyal Clubs journey from sales tax to GST CA Amrin Alwani Accounting and Auditing Standards – India Scenario CA Krishna Parag Raval Analysis of Financial Statements through Ratio Analysis CA Nisha Tekwani Evolution of FP&A Under IBP - Integrated Business Planning CA Pooja Thakkar The Insolvency and Bankruptcy Code and PUFE Transactions Adv. Aishwarya Reddy Adv. Laghima Jain Amendments to Companies Rules, 2023 CS Riddhi Pamnani Vol XI : April 2024 Impactful Decisions Under Income Tax Act CA Parag Raval Salary Structuring, Payroll &it's impact on TDS! CA Kankshil Parikh Succession Essentials - Unveiling tools for legacy CA Sunil Maloo planning in India CA Aayushi Shah Significance of Nomination CA Parag Raval Understand your client beyond Balance sheet CA Chaula Thakkar Guide to Moving to a Tax-Free Country: A Comprehensive CA Kapil Talreja Overview for Indian Citizens Optimizing ChatGPT: How to Write Effective Prompts CA Tushar Agarwal 77th Annual Report (2023-24) 29

Name of Article Writer Name Vol XII : May 2024 NFRA - an independent audit regulator CA Parag Raval Why are Year-End GST Reconciliations so Important? CA Abhishek Goel GST not applicable on Hostels and PG accommodations CA Sujata G Goods And Service Tax Provisions for Work Contractors Adv Aditya Sinhal Standard Input Output Norms (SION) for Customs under DGFT CA Yash Shah How Gmail can be your buddy in Tax Practice! CA Shridhar Shah Buying US Stocks on The NSE IFSC Exchange CS Jekil Pancholi 8.3. Publications: Spreading knowledge is the core mission of the Association. In order to achieve the goal on a faster pace, for the first time a Publication Committee was formed to coordinate the publications of the association and in its first year only the committee could publish several unique and landmark publications. 8.3.1. Monthly Compilation of Notification & Circulars of Income Tax and Goods and Service Tax This monthly compilation covers all the Notifications and Circulars and Instructions issued by the Central Board of Taxes and Central Board of Indirect Taxes & Customs in relation to Goods and Service Tax. Salient features of the compilation are – - Index with gist of notifications, circulars, and instructions with relevant sections numbers - CLICKABLE notification / circular / instruction number in Index for direct reference to notification / circular / instruction - Covers all the notifications / circulars / instructions issued in Income Tax and GST during the month. CA Shaleen Patni and CA Fenil Shah, Co-Chairmen of Publication committee deserves the entire credit for the compilations. CA Shridhar Shah, Chairman of the Publication Committee also deserves a special mention for coordinating the entire task without whom the compilation wouldn't have seen the light of the day. All the 12 editions from the month of May 2023 to April 2024 were timely compiled. Annual Compilation of Income Tax Notifications & Circulars for the Year 2023and Annual Compilation of Goods and Service Tax Notifications & Circulars for the Year 2023 were the special 2 editions which covered the entire notifications of the Calendar Year 2023 which were more than 150 notifications & circulars in Income Tax and more than 180 notifications & circulars in Goods and Services Tax. 8.3.2. Tax Law in Action #5 Interesting Cases: Direct Tax and Tax Law in Action #5 Interesting Cases: Direct Tax In this monthly compilation, 5 interesting cases in relation to Direct and Indirect Taxes from INCOME TAX BAR ASSOCIATION 30 77th Annual Report (2023-24)

across various High Courts and Supreme Court of India were presented. A brief synopsis of the facts of the case and judgment were presented. We also provided the entire judgement for the benefit of the readers. CA Jaykishan Vidhwani and Adv (CA) Mohit Balanideserve special mention here who did the laborious task of compiling all the judgments and paraphrasing them for the benefit of all the members. 5 Editions of Direct Tax and 5 Editions of Indirect Tax were published. 9. Representations The Association acts as a bridge between the Tax Professionals and the Tax Department. Representing the issues of the Tax Professionals to the Tax Department is one of the primary objectives of the Association. During the year following representations were jointly represented along with AGFTC before the various authorities: No Date Representations 1 04/07/23 Representation regarding Extension of various Amnesty scheme ended on 30th June 2023 2 26/07/23 Request for Extension of Due date for filing Income Tax Return for taxpayer whose accounts are not required to be audited for AY 2023-24 due to Heavy Rain and Flood 3 29/08/23 Representation regarding disposal of appeals before the Commissioner of Income Tax (Appeals) 4 15/09/23 Request for Deferment of the Applicability of New Form 10B and Form 10BB by One Year 5 10/10/23 Representation with regard to mass Show cause notices issued in the month of September 2023 6 10/11/23 Request for extension of due date for filing GSTR-3B for the month of October 2023 due to Diwali Festival 7 03/01/24 Representation for the Rationalization of Disallowance for Delayed Payments to MSME under the Income Tax Act, 1961 8 11/04/24 Representation on deficiency in functioning of GST Portal 9 04/05/24 Representation for Extension and aligning the due date for filling GSTR-4 with other Annual Return under GST My sincere thanks to the Representation Committee and its Chairman Adv. (Dr.)Dhruven Shah and the Representation Committee, Direct Tax Committee, and Indirect Tax Committee of AGFTC for raising the issues of the members before the appropriate authorities. INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 31

10. Sports 10.1. ITBA Box Cricket League Night Series 1.0 Cricket is the most followed sport in our Country. In pursuit of the love for cricket, for the first th time ITBA Box Cricket League Night Series 1.0 was organized on 24 June 2023. Matches were played between the teams of President - Roaring Lions, Hon. Secretary - Blazing Panthers and Chairman of Sports Committee - Fearless Tigers. Needless to mention, the series was enjoyed thoroughly by the members. Team President - Roaring Lions won the finale and lifted the cup. 10.2. ITBA Box Cricket League Night Series 2.0 Due to the overwhelming response to the first series and on the demand of the members, ITBA th Box Cricket League Night Series 2.0 was organized on 25 January2024. Matches were played between the teams of President - Typhoon Tornadoes, Hon. Secretary - Strong Stormers and Chairman of Sports Committee - Hercules Hurricanes. The matches were highly competitive and were fully enjoyed by the members. Team Chairman of Sports Committee - Hercules Hurricanes won the finale and lifted the cup. 11. Get Together and Entertainment programs 11.1. Diwali Get Together: nd Diwali Get Together was organized on 2 December 2023 at Bootcamp – The Café along with Housie. The Housie was conducted by Housie Master Smt. Jigisha Kansara and unique prizes and gifts were distributed to the winners. The Diwali get together received an incredibly positive response from the members and the members turned out in huge numbers. The venue, games, atmosphere, food – all created that perfect Diwali Vibe for the evening. 11.2. Thahaka:An evening of laughter: “Laughter is the best medicine” – taking on the fun ride, the Association organized an evening th of fun and laughter in association with Karnavati Club and We are One group on 24 February 2024. The members laughed their hearts out at the event. 11.3. Navratri: st nd The Association organized two fun filled garba nights for the members on 21 and 22 October 2023 at the Palm Greens Club and Resort. The members enjoyed the vibe of garba at the event and made it memorable. 12. Health, Social and Spiritual programs 12.1. Yoga Day celebration: We all agree that “Yoga is the way of life.”The Association is no alien to this. We celebrated the st spirit of Yoga on International Yoga Day on 21 June 2023 at 'Ruh' Studio under the guidance of expert yoga trainers. 12.2. Health Checkup: For the benefits of the Members and their family members, association tied up with Endocrine & Allergy Laboratory Pvt Ltd. and arranged special packages for various Tests like Basic Health INCOME TAX BAR ASSOCIATION 32 77th Annual Report (2023-24)

Profile of 81 Tests, Women's Basic Health Profile of 88 Tests, Advanced Health Profile of 93 Tests and Women's Advanced Health Profile of 95 Tests. Several members of the Association took benefit of the special arrangements. 12.3. Blood Donation Camp 1.0: “Blood is meant for circulation. Donate Blood.” We strongly believe in this. Accordingly, A st Blood Donation Camp was organized on 21 July 2023 in association with Yes Bank and Lions Club of Ahmedabad Jodhpur Hill. 12.4. Blood Donation Camp 2.0: th In continuing the above philosophy, another Blood Donation camp was again organized on 7 December 2023 in association with HDFC Bank, Gujarat State Tax Bar Association and Tax Advocates Association Gujarat. 12.5. Soch: A motivational thought-provoking seminar was organized in association with Lions Club of th Ahmedabad Jodhpur Hill on 07 January 2024 at AMA. The speaker Dr. Pawan Dwivedi lifted the spirits of the participants and made the experience worthwhile. The participants immensely benefited from the motivational program. 12.6. Elocution Competition: CA Bakul I Shah and Late Shri Ramnivas Basantilal Rathi Elocution Competition was organized th on 20 April 2024. 7 participants participated in the competition, all of whom received certificate of participation. Three participants were declared winners, who were awarded trophies. The competition was judged by three learned judges Adv Dhiresh T. Shah, Adv. (Dr.) Dhruven Shah & Adv. (Dr.) Kartikey Shah. 12.7. Samrananjali Sabha Senior member and stalwart of profession Shri Rameshchandra Shah [R. T. Shah] left for heavenly abode on 22/01/2024. In his remembrance and to celebrate his life, a Samrananjali Sabha was jointly organized by All Gujarat Federation of Tax Consultants, Income Tax Appellate Tribunal Bar Association, Income Tax Bar Association and Tax Advocates Association Gujarat. 12.8. New Initiatives & Offers • Linktree The Association is now active on Linktree. Every time you've got to see something, you have to go on different links. It's time-consuming and complicated – making it so much harder to keep everything up to date. By visiting the single Linktree page of association, all the different resources of the Association like IT Mirror of 2023 - 24, IT Mirror of earlier years, Compilation, Direct Tax Law in Action, Indirect Tax Law in Action, Presentation and Resource Papers, Two Day Tax Conclave Videos TTC2020 and TTC2023 can be accessed from single page. This has made the access of all the different resources easier and convenient for the members. INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 33

• Social Media The Association is now active on all the social media platforms. All the activities of association are duly updated on social media. The following on “X” (earlier Tweeter) has now cross 3400 followers who regularly interact and stay connected with the association. All the webinars and Two Day Tax Conclaves are now regularly updated on Youtube and have been viewed several 1000s times. The Association would here like to thank the entire Social Media Committee for their tremendous efforts in widening the base of the Association • Compliance Calendar The Monthly Compliance Calendar giving the due dates of the entire month were circulated to the members. For this, the association tied up with practiceguru.pro. • Due Date and Important Updates The due dates, important updates, were duly communicated to the members on WhatsApp and mail vide attractive posters. For this also,the association tied up with practiceguru.pro. • Income Tax Ready Referencer E-book Income Tax Ready Referencer E-book by CA Harshil Sheth was made available for the members of the Association at a special discounted price of only Rs. 100/-. The E-book has keyword Search facility, Thumbnails, Notes, and an Easy user-friendly interface. The 3rd edition for AY 2024 – 2025 was also offered to the members at discounted rates for the benefit of the members of the association. 13. Accounts During the year there is a net Surplus in both the Income Tax Bar Association and Member's Benevolent scheme. As per the Audited Accounts the Net Surplus is as under: Rs. 9,77,120/- Net Surplus of Income Tax Bar Association Rs. 5,87,182/- Net Surplus of Members Benevolent Scheme The Association would like to express its gratitude to the Honorary Auditors M/s Siddharth Thakkar & Associates and CA Siddharth Thakkar & CA Chaula Thakkar for timely audit of the Accounts of the Association. 14. Obituary and Photo Memorial During the year we have lost the below mentioned members: No. Name of the Deceased Member 1 Pavagadhi Bhasker A. 2 Choksi Rajul R. 3 Patel Jashbhai H. 4 Mehta Girishchandra A. 5 Patel Govindbhai J. 6 Shah Hemendra G. INCOME TAX BAR ASSOCIATION 34 77th Annual Report (2023-24)

The association will always remember their participation and support in the activities of the Association. We pray almighty that the souls of the deceased may rest in eternal peace. The association received Rs. 21,000 from the family members of the following deceased members towards Photo Memorial Fund. No. Name of the Deceased Member 1 Pavagadhi Bhasker A. 15. Membership Growth During the Activity Year, the membership base of the association was increased by 62dynamic professionals who became part of our family of Income Tax Bar Association. We heartily welcome all the new members and urge them to be an integral part of this family by active participation in the activities of the Association. 16. Gratitude We would like to place on record a heartfelt gratitude to all the people who have been part of the journey of the Association during the year. We would like to express our gratitude to Shri Harish N. Shah towards the generous donation of Rs. 251,000 towards the Kardata Jagruti Abhiyan – Shri Harish N Shah Fund. Your support is invaluable and will make a significant impact benefiting the tax payers at large. We deeply appreciate your contribution The Speakers of the Study Circle and Webinars have put in lot of efforts in each and every lecture. We would like to thank them for their untiring effort. All the Writers and Contributors of the Association deserve a special gratitude for helping us to achieve the landmark of 12 IT Mirrors during the year. The landmark would not have been achieved without your support. We have received special attention and active support of the Invitee Members. The Past Presidents of the Association have taken active participation and supported all our activities during the year. The young and dynamic President Emeritus Adv. Dhiresh T Shah has been always there for the association. You are an inspiration for all of us. We would also like to put on record the cooperation received from brother associations All Gujarat Federation of Tax Consultants, The Gujarat State Tax Bar Association, Tax Advocate Association of Gujarat, Income Tax Appellate Tribunal Bar Association and its office bearers. We are also thankful to staff members Maunik Nayak and Meghna Nayak for services rendered by them. We also thank our photographer for capturing the beautiful moments and designers who have enhanced the beauty of the association activities. We acknowledge the contribution of all the advertisers and sponsors who helped the association in all the activities. We would also express gratitude to the members who have turned up in large numbers and have made the programs of the association a grand success. The journey of the activity year would not have been possible without you. INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 35

INCOME TAX BAR ASSOCIATION LADIES WING ACTIVITY YEAR 2023 – 2024 From the Desk of Chairperson The Ladies Wing of the Association is an integral part of the Income Tax Bar Association since last several years. I would like to thank all the members who have been actively participating in various activities during the year. The motto and the purpose of Ladies Wing is empowerment of women and to increase the professional and social activities of the women. I have worked towards not only entertainment and social programs but also towards increasing the professional capabilities of the women. The contribution of the women authors in the special edition of I.T. Mirror is an achievement which I will cherish for life time. The special edition titled “SheTax: Women's Voices in Taxation” was inaugurated in Two Day Conclave by the Chief Guest. It has set a benchmark which not only the Income Tax Bar Association Ladies Wing but also Income Tax Bar Association is proud of. It is a matter of achievement for us that a member of the Ladies wing also won prize in the elocution competition in the current year. “There is no limit to what we, as women, can accomplish.”— Michelle Obama I am pretty sure that each one of us shall accomplish greater heights in the coming years and make association proud. I express my gratitude towards the Convener, Managing Committee of Ladies Wing, Special Invitees, Past Chairpersons and the members for their constant support and encouragement in all the activities of the Year. Chairperson CA Nisha A. Tekwani Convener Jalpa S. Shah Managing Committee Members Bhakti D. Mehta (IPC) Vanita J. Pamnani Helly M. Patel Kinjal H. Thakkar Special Invitee Members Zankhana A. Thakkar Ruchi V. Shah Nirali D. Shah Mrudula B. Shah Bhumi R. Gandhi INCOME TAX BAR ASSOCIATION 36 77th Annual Report (2023-24) 2023-24

Activities carried out during the year Date Activity / Program Details 07/06/2023 Special offer from Endocrine & Allergy Laboratory Pvt Ltd. giving special packages for various Tests like Women's Basic Health Profile of 88 Tests and Women's Advanced Health Profile of 95 Tests 17/06/2023 Awareness is Power: An insight into Breast Diseases by world renowned Dr. Shefali Desai, Consultant Breast Surgeon, Samved Hospital. The lecture was aimed to educate the women members and to empower them by making them aware of various breast diseases. Fun and Games : Along with the educational activities, there was session of games and fun where members enjoyed among themselves and thereafter enjoyed the High Tea. 21/06/2023 International Yoga Day was celebrated at RUH Dance and Fitness Studio with various yogasans and suryanamaskar 23/06/2023 Workshop on Unleashing the Power of Tally Prime incl. GST Features: Tally is at & the core of our profession. To increase the understanding of the members and to 30/06/2023 give them a hands-on experience with all the basic as well as advanced features of Tally Prime, a workshop was conducted at HK Computers 21/07/2023 Blood Donation Camp: A single Pint can Save Three Lives. Ladies wing joined the noble cause and participated in the blood donation camp held in association with Yes Bank 21/10/2023 Workshop on Makeup by Lakme Academy along with Fun and Games: Bobbi Brown has said “All women are pretty without makeup –– but with the right makeup they can be pretty powerful.” To make our members more powerful, we had experts from Lakme Academy who helped us master the art of makeup. The members then enjoyed games on the theme of Navratri. 21/10/2023 Dandiya Nights: For the members, the passes of Dandiya Nights at Palms Greens 22/10/2023 Club and Resort were arranged. Several members enjoyed garba at the picturesque venue. 02/12/2023 Diwali Get Together and Housie was organized at Bootcamp – The Café. The Housie was conducted by Housie Master Smt. Jigisha Kansara and unique prizes and gifts were distributed to the winners. INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 37 2023-24

Date Activity / Program Details 24/12/2023 to 73rd RRC was organized at the holy city of Amritsar. The members enjoyed 27/12/2023 various games during the RRC and had the opportunity of holy darshan of Golden Temple at Amritsar and Kartarpur . 07/01/2024 Motivational Talk of renowned speaker Dr. Pavan Dwivedi was organized at AMA in association with Lions Club. The seminar brought out new aspects of life for the attendees and widened the scope of their vision. 24/02/2024 Thahaka: An evening of laughter at Karnavati Club: “Laughter is the best medicine”- The members laughed their hearts out at the event. 07/03/2024 Webinar was organized to celebrate Women’s Day on the topic of “Breaking the Glass Ceiling : Being Unconventional in Conventional Field”. Several dignitaries like Singer & Anchor, Actress, TV Anchor participated in the webinar. 22/04/2024 Annual Meet : Housie – Lunch – Fun was organized at Bhook Lagi Hai. The members enjoyed group games, housie and several prizes were won by the members. Annual gift was distributed. 29/04/2024 to 74th RRC was organized from 29th April to 5th May 2024 at Vietnam. The 05/05/2024 participants enjoyed the cruise, boat ride, natural beauty and experienced unique and beautiful Vietnamese culture. INCOME TAX BAR ASSOCIATION 38 77th Annual Report (2023-24) 2023-24

AUDITOR'S REPORT To The Members Income Tax Bar Association Ahmedabad We have audited the annexed Income & Expenditure Account for the year ended 31st March 2024 and Balance Sheet as on the above date of INCOME TAX BAR ASSOCIATION, Reg. No.: F-8533 / Ahmedabad with the books of Accounts and Vouchers relating thereto. These Financial Statements are the responsibility of the Association's management. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as by evaluating the overall financial position. We believe that our audit provides a reasonable basis of our opinion. Further to our comments we report that: 1) The accounts are maintained regularly and are in accordance with the provisions of the Bombay Public Trust Act and the Rules. Subject to our Attached Notes. 2) Receipt and disbursement are properly and correctly shows in the accounts. 3) The cash balance and vouchers in the custody of the President / Hon. Secretary on the date of the audit are in agreement with accounts. 4) All Accounts Books, Vouchers and Other documents and records required by us were produced before us. Subject to our Attached Notes. 5) Records of the inventory and movable assets have duly been certified by President /Hon. Secretary. Records have been maintained properly. 6) All the necessary information required by as has been furnished to us by President / Hon. Secretary whenever called upon. Subject to our Attached Notes. 7) No property or funds of the Associations were applied for any objects or purposes other than the objects or purposes of the trust. 8) The Amount of Rs. 12,000/- deposit is outstanding for more than one year. 9) No tenders were invited for repairs or construction as no repairs or construction involving expenditure exceeding Rs. 5000/- was carried out during the year. 10) The association has not invested its funds contrary to the provisions of section-35 of the Bombay Public trust Act, 1950. 11) The Association does not own any immovable property, hence the question of alienation there of contrary to the provisions of section 36 of the Bombay Public Trust Act does not arise. 12) We further report that the accounts are maintained on mercantile basis, except annual membership fees on cash basis. INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 39

Subject to above we report that books of account are in agreement with State of Affairs as shown in Balance Sheet and Receipts and Payment as shown in Income and Expenditure Accounts annexed with this report for the year. Comments Forming Parts Of Audit Report:- 1) Interest income has been booked as per the Interest Certificate obtained from the bank. 2) The latest copy of the PTR (Public Trust Record Register) is not produced before us. Note Forming Parts Of Accounts:- 1) Long Term investment is stated at cost. 2) Figures of the previous year have been regrouped or rearranged whenever necessary. As per our report of even date attached Place : Ahmedabad Date : 07/05/2024 For, Siddharth Thakkar & Associates Chartered Accountants Sd/- Siddharth Thakkar Partner FRN : 139793W M. No. : 158754 UDIN : 24158754BKIAON3669 INCOME TAX BAR ASSOCIATION 40 77th Annual Report (2023-24)

CAPITAL & LIABILITIES Sch As at 31.03.2024 As at 31.03.2023 Earmarked Funds 1 39,35,729 36,06,729 Other Funds 2 30,36,782 30,36,782 Other Current Liabilities 3 5,66,765 1,55,317 Income and Expenditure Account Balance as per Last Year 41,64,877 36,56,413 Add : Surplus of the Current Year 9,77,120 5,08,464 Closing Balance as at the end of the year 51,41,997 41,64,877 Total 1,26,81,273 1,09,63,705 ASSETS Sch As at 31.03.2024 As at 31.03.2023 Fixed Assets 4 1,46,838 1,63,895 Investments 5 1,17,70,416 1,00,81,663 Current Assets Cash on Hand 0 33,963 Bank Balance 6 2,38,528 4,33,343 Amount recievable for Tax Conclave 2,15,000 5,000 Amount recievable from Creditors & Others 5,080 8,899 Loans and Advances Deposits 7 21,977 21,977 Loans and Advances 8 2,83,434 2,14,965 Total 1,26,81,273 1,09,63,705 BALANCE SHEET AS AT 31ST MARCH 2024 As per our separate report of even date For, Siddharth Thakkar & Associates Chartered Accountants FRN : 139794W Sd/- Siddharth Thakkar Partner M. No. : 158754 UDIN : 24158754BKIAON3669 Place : Ahmedabad Dated : 07/05/2024 For & on behalf of managing committee Income Tax Bar Association Sd/- Shivam Bhavsar Hon. Treasurer Sd/- Jaykishan Pamnani Hon. Secretary Sd/- Maulik Patel Hon. Jt. Secretary Sd/- Ashish Tekwani President Sd/- Shridhar Shah Vice President INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 41

INCOME & EXPENDITURE Sch As at 31.03.2024 As at 31.03.2023 Education and Knowledge Disseminating Activity Income Two Day Tax Conclave 2024 9 6,22,503 6,24,846 Karvera Sathi 9 1,35,683 94,899 Decoding the Dynamics of GST 9 45,381 0 Membership Fees Income Ordinary Membership Fees Income 4,01,300 5,05,200 Late Fees Income 71,200 23,750 Nomination Fees 5,800 6,000 Other / Donation Income / Kasar 14,774 2,429 Interest Income Interest on IT Refund 0 3,388 Interest on Savings Bank 20,932 12,724 Interest on Fixed Deposit 6,97,375 4,93,035 Total Income 20,14,948 17,66,271 Education and Knowledge Disseminating Activity Expenses Zoom License Fees 7,432 59,448 Meeting, Webinar, Study Circle Expenses 9 1,35,783 3,09,697 IT Mirror Expenses 9 79,304 6,790 Members' Activity Expenses Diwali Get Together Expenses 9 1,06,138 1,94,409 75th Year Expenses 0 59,662 Adminstrative Expenses Salary & Bonus 4,02,950 3,76,403 Stationery and Printing 43,417 38,649 Office and Miscellaneous Expenses 15,734 16,129 Processing Fees of Online Payment Portal 36,170 11,310 Total c/f 8,26,928 10,72,497 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED ON 31ST MARCH 2024 As per our separate report of even date For, Siddharth Thakkar & Associates Chartered Accountants FRN : 139794W Sd/- Siddharth Thakkar Partner M. No. : 158754 UDIN : 24158754BKIAON3669 Place : Ahmedabad Dated : 07/05/2024 For & on behalf of managing committee Income Tax Bar Association Sd/- Shivam Bhavsar Hon. Treasurer Sd/- Jaykishan Pamnani Hon. Secretary Sd/- Maulik Patel Hon. Jt. Secretary Sd/- Ashish Tekwani President Sd/- Shridhar Shah Vice President INCOME TAX BAR ASSOCIATION 42 77th Annual Report (2023-24)

As per our separate report of even date For, Siddharth Thakkar & Associates Chartered Accountants FRN : 139794W Sd/- Siddharth Thakkar Partner M. No. : 158754 UDIN : 24158754BKIAON3669 Place : Ahmedabad Dated : 07/05/2024 For & on behalf of managing committee Income Tax Bar Association Sd/- Shivam Bhavsar Hon. Treasurer Sd/- Jaykishan Pamnani Hon. Secretary Sd/- Maulik Patel Hon. Jt. Secretary Sd/- Ashish Tekwani President Sd/- Shridhar Shah Vice President INCOME & EXPENDITURE Sch As at 31.03.2024 As at 31.03.2023 Total b/f 8,26,928 10,72,497 Repairs and Maintenance 8,600 24,460 ADC Bank Locker Rent 1,652 1,652 Bank Charges 1,080 1,623 Photo Memorial Exps 7,800 2,400 Postage and Courier Exps 10,910 0 AGM Expenses 1,46,755 1,25,857 Software Expense 6,546 0 Website Expense 10,500 10,000 Depreciation 17,057 19,318 Total Income 10,37,828 12,57,807 Exces of Income over Expenditure transferred to Balance Sheet 9,77,120 5,08,464 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED ON 31ST MARCH 2024 INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 43

Particulars Opening Addition Closing Balance during Year Balance A.C.Parikh & Co. Budget Meeting Fund 1,00,000 0 1,00,000 Shri A.C.Parikh Article Award 15,000 0 15,000 Shri A.C.Parikh Cricket Match Award 10,000 0 10,000 All India Taxmann Library Fund 25,000 0 25,000 CA Bakul I. Shah Elocution Competition 51,000 0 51,000 Compulsory Audit Writ & Repr. Fund 15,696 0 15,696 Furniture (Library & Tea Club) Fund 1,10,000 0 1,10,000 General Fund 9,74,812 57,000 10,31,812 Shri H.M.Talati Trophy 15,000 0 15,000 Infrastructure Fund A/cs 72,000 0 72,000 Karadata Jagruti Abhiyan Fund 2,51,000 0 2,51,000 Karadata Jagruti Abhiyan - Shri Harish N 0 2,51,000 2,51,000 Shah Fund Late Shri lshwarlal M.Shah Fund 31,000 0 31,000 Late Shri L.G. Thakkar Website Fund 1,51,000 0 1,51,000 Late Shri R.B. Rathi Elocution Compt. 51,000 0 51,000 Lecture Series Fund 1,11,111 0 1,11,111 Liabrary Fund 24,806 0 24,806 Shri N.R.Divatia Memo.Cricket Fund 21,000 0 21,000 Shri P.N.Shah Friends & Family Trust 17,001 0 17,001 Photo Memorial Fund 14,44,001 21,000 14,65,001 Shri Priyakant C.Shah Memorial Prize 15,000 0 15,000 Shri R T Shah Lecture Series Fund 1,00,000 0 1,00,000 Shri Ramanlal G.Shah Liabrary Fund 1,302 0 1,302 Total 36,06,729 3,29,000 39,35,729 SCHEDULE 1 : EARMARKED FUNDS Particulars Opening Addition Closing Balance during Year Balance Air Condition Machine Fund 100,000 0 1,00,000 Computer Fund 39,330 0 39,330 High Secondary Corpus Fund 20,000 0 20,000 Kardata Jagruti Abhiyan Interest Accum. 69,025 0 69,025 LED Photo Memonal Fund 22,000 0 22,000 Life Membership Fees 21,70,650 0 21,70,650 Shri R. T. Shah Knowledge L. Series 61,777 0 61,777 Fund For Betterment of Association 5,25,000 0 5,25,000 Television Fund 29,000 0 29,000 Total 30,36,782 0 30,36,782 SCHEDULE 2 : OTHER FUNDS INCOME TAX BAR ASSOCIATION 44 77th Annual Report (2023-24)

Particulars As on As on 31/03/2024 31/03/2023 Advance Membership Fees 2,000 4,000 Sundry Creditors 3,423 2,330 IT Bar Benevolent Fund 4,52,292 0 Advance for Karvera Sathi 0 88,825 Advance for Two Day Tax Conclave Registeration 1,09,050 57,750 TDS Payable 0 2,412 Total 5,66,765 1,55,317 SCHEDULE 3 : OTHER CURRENT LIABILITIES Particulars As on As on 31/03/2024 31/03/2023 Fixed Deposits with Banks ICICI Bank 0 2,25,288 HDFC Bank 19,10,890 26,00,000 Kotak Mahindra Bank 38,61,829 27,89,813 Kalupur Comm. Co-op. Bank Ltd. 0 3,75,001 Yes Bank 55,37,000 38,11,000 Accrued Interest on Fixed Deposits 4,43,871 2,63,735 Silver Coins 16,826 16,826 Total 1,17,70,416 1,00,81,663 SCHEDULE 5 : INVESTMENTS SCHEDULE 4 : FIXED ASSETS Particulars Rate Opening Addition Total Deprici- Closing Balance during Year ation Balance Furniture & Fixutures 10% 11,574 0 11,574 1,157 10,417 Cricket Kits 10% 21,360 0 21,360 2,136 19,224 Library Books 10% 37,550 0 37,550 3,755 33,795 Microphone 10% 733 0 733 73 660 Air Conditioner 10% 45,714 0 45,714 4,571 41,143 R. O. Water Filter System 10% 2,870 0 2,870 287 2,583 Television Set 10% 3,919 0 3,919 392 3,527 Telephone lnstrument 10% 676 0 676 68 608 Electric Burner 10% 1,123 0 1,123 112 1,011 Website 33% 2,905 0 2,905 959 1,946 LED Photo Memorial 10% 10,097 0 10,097 1,010 9,087 Prestige Induction Stove 10% 1,435 0 1,435 143 1,292 Mobile Phone 10% 7,289 0 7,289 729 6,560 Computer 10% 16,650 0 16,650 1,665 14,985 Total 1,63,895 0 1,63,895 17,057 1,46,838 INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 45

Particulars As on As on 31/03/2024 31/03/2023 Loans and Advances TDS Receivable FY 2022-23 1,62,094 1,16,780 TDS Receivable FY 2023-24 1,21,340 0 IT Bar Benevolent Fund 0 98,185 Total 2,83,434 2,14,965 SCHEDULE 8 : LOANS AND ADVANCES Particulars Income Expenditure Net Amount Income Two Day Tax Conclave 2024 18,17,751 11,95,248 6,22,503 Karvera Sathi 3,44,683 2,09,000 1,35,683 Decoding the Dynamics of GST 1,14,100 68,719 45,381 Expense Meeting, Webinar, Study Circle 1,09,635 2,45,418 1,35,783 IT Mirror & Publication Expenses 45,500 1,24,804 79,304 Diwali Get Together 40,300 1,46,438 1,06,138 SCHEDULE 9 : ACTIVITY RELATED INCOME AND EXPENDITURE Particulars As on As on 31/03/2024 31/03/2023 Bank Balance with Banks Ahmedabad Dist. Co-op. Bank Ltd. 4,343 5,855 Bank of Baroda C/A 03330200000061 11,420 26,020 ICICI Bank A/c No.018901001387 0 2,44,011 Kotak Mahindra Bank A/c No. 8912146618 1,74,985 1,42,259 Yes Bank A/c No. 000794600002033 43,725 11,143 Post Office S.B.A/c (Vasna) 2229645 4,055 4,055 Total 2,38,528 4,33,343 SCHEDULE 6 : BANK BALANCE Particulars As on As on 31/03/2024 31/03/2023 Deposits AGFTC Life time Membership fees 9,977 9,977 St. Xaviers Loyola Hall Deposit 12,000 12,000 Total 21,977 21,977 SCHEDULE 7 : DEPOSITS INCOME TAX BAR ASSOCIATION 46 77th Annual Report (2023-24)

AUDITOR'S REPORT To The Members Income Tax Bar Association- Members Benevolent Scheme Ahmedabad We have audited the annexed Income & Expenditure Account for the year ended 31st March 2024 and Balance Sheet as on the above date of INCOME TAX BAR ASSOCIATION - MEMBERS BENEVOLENT SCHEME, AHMEDABAD, with the books of Accounts and Vouchers relating thereto. These Financial Statements are the responsibility of the Association's management. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as by evaluating the over ball financial presentation. We believe that our audit provides a reasonable basis of our opinion. Further to our comments we report that: 1) The accounts are maintained regularly and are in accordance with the provisions of the Bombay Public Trust Act and the Rules. Subject to our Attached Notes. 2) Receipt and disbursement are properly and correctly shows in the accounts. 3) The cash balance and vouchers in the custody of the President / Hon. Secretary on the date of the audit are in agreement with accounts. 4) All Accounts Books, Vouchers, Other documents and records required by us were produced before us. Subject to our Attached Notes. 5) All the necessary information required by as has been furnished to us by President / Hon. Secretary whenever called upon, Subject to our Attached Notes. 6) We further report that the accounts are maintained on cash basis except accrued Interest Income. Subject to above we report that books of account are in agreement with State of Affairs as shown in Balance Sheet and Receipts and Payments as shown in Income and Expenditure Accounts annexed with this report for the year. Comments Forming Parts Of Audit Report:- 1) Interest income has been booked as per the Interest Certificate obtained from the bank. INCOME TAX BAR ASSOCIATION 77th Annual Report (2023-24) 47

Place : Ahmedabad Date : 07/05/2024 For, Siddharth Thakkar & Associates Chartered Accountants Sd/- Siddharth Thakkar Partner FRN : 139793W M. No. : 158754 UDIN : 24158754BKIAOM8218 Note Forming Parts Of Accounts:- 1) Long Term investment is stated at cost. 2) Contribution is received from members in advance and is shown as members depositin Balance Sheet and the same was utilized to pay to the nominee of deceased members. 3) Figures of the previous year have been regrouped or rearranged whenever necessary. As per our report of even date attached. INCOME TAX BAR ASSOCIATION 48 77th Annual Report (2023-24)

INCOME TAX BAR ASSOCIATION CAPITAL & LIABILITIES Sch As at 31.03.2024 As at 31.03.2023 Life Membership Fees 14,36,600 14,36,600 Members Benevolent Fund 1 74,69,449 73,26,267 Other Current Liabilities Advance Contribution of subsequent years 7,000 4,000 IT Bar Association 0 98,185 Total 89,13,049 88,65,052 ASSETS Sch As at 31.03.2024 As at 31.03.2023 Investments 2 83,53,264 88,14,531 Current Assets Cash on Hand 0 700 Bank Balance with Kotak Bank 1,07,493 14,943 Bank Balance with ICICI Bank 0 34878 Loans and Advances IT Bar Association 4,52,292 Total 89,13,049 88,65,052 ITBA - MEMBERS BENEVOLENT SCHEME Balance sheet as at 31st March 2024 INCOME & EXPENDITURE Sch As at 31.03.2024 As at 31.03.2023 Income Interest on Savings Bank 8,882 13,214 Interest on Fixed Deposit 5,08,406 4,16,586 Interest on Bond 0 73,497 Late Fees 70,000 22,500 Total 5,87,288 5,25,797 EXPENSES Sch As at 31.03.2024 As at 31.03.2023 Bank Charges 106 692 Total 106 692 Exces of Income over Expenditure 5,87,182 5,25,105 transferred to Balance Sheet Income and Expenditure Account for the year ended on 31st March 2024 As per our separate report of even date For, Siddharth Thakkar & Associates Chartered Accountants FRN : 139794W Sd/- Siddharth Thakkar Partner M. No. : 158754 UDIN : 24158754BKIAOM8218 Place : Ahmedabad Dated : 07/05/2024 For & on behalf of managing committee Income Tax Bar Association Sd/- Shivam Bhavsar Hon. Treasurer Sd/- Jaykishan Pamnani Hon. Secretary Sd/- Maulik Patel Hon. Jt. Secretary Sd/- Ashish Tekwani President Sd/- Shridhar Shah Vice President 77th Annual Report (2023-24) 49

INCOME TAX BAR ASSOCIATION Schedule 1 : Members Benevolent Fund PARTICULARS As on 31.03.2024 As on 31.03.2023 Opening Balance 73,26,267 75,49,162 Add / Less : Surplus / Deficit of Benevolent Call Collection and (4,44,000) (7,48,000) Benvolent Claim Payment Add / Less : Excess of Income over Expenditure as per Income and 5,87,182 5,25,105 Expenditure Account Total 74,69,449 73,26,267 Benevolent Fund Contribution Benevolent Call Collection 7,56,000 8,52,000 Benvolent Claim Payment 12,00,000 16,00,000 Deficit of Benevolent Call Collection and Benevolent (4,44,000) (7,48,000) Claim payment ITBA - MEMBERS BENEVOLENT SCHEME Schedules forming part of Accounts As per our separate report of even date For, Siddharth Thakkar & Associates Chartered Accountants FRN : 139794W Sd/- Siddharth Thakkar Partner M. No. : 158754 UDIN : 24158754BKIAOM8218 Place : Ahmedabad Dated : 07/05/2024 For & on behalf of managing committee Income Tax Bar Association Sd/- Shivam Bhavsar Hon. Treasurer Sd/- Jaykishan Pamnani Hon. Secretary Sd/- Maulik Patel Hon. Jt. Secretary Sd/- Ashish Tekwani President Sd/- Shridhar Shah Vice President Schedule 2 : Investments PARTICULARS As on 31.03.2024 As on 31.03.2023 Fixed Deposits with Banks ICICI Bank 0 8,50,000 Kalupur Comm. Co-op. Bank 0 4,90,000 Kotak Mahindra Bank 21,53,128 11,30,000 HDFC Bank 45,75,000 47,75,000 Yes Bank 13,00,000 13,00,000 Accrued Interest on Fixed Deposits 3,25,136 2,69,531 Total 83,53,264 88,14,531 50 77th Annual Report (2023-24)