CA PROFESSION – TRAVERSING THROUGH INTERESTING TURN
India as a nation; and for that matter, all of its national components are passing through a dynamic and evolving phase. If the national economy is vibrant and growing at higher rate of 9%, the civic
activism is also moving up in tandem. Civil society riding on the wave of changes is expected to bring in revolutionary reforms to our political and social structure through various mediums. The
rights of a citizen to garner information on governance and other related issues by invoking the powers vested in him by the Right to Information Act coupled with proactive role of media is a step
to reign in the deplorable use of scarce resources of our country. Time is not far when we will have in place the governance system transparent to such an extent that the economic development will be holistic and far reaching with improving the lives of everyone. Thus shall be the development, socially relevance. Going beyond the boundaries of the nation, the process of globalization of the economy has brought in many interesting facets on economic and socio-political fronts. Now the
national issues may not be tackled on a stand alone basis. Be it the enhancement of power generation with the intervention of nuclear reactors on economic side or the issue of internal security on socio-political front – none of these can be touched upon without assessing their international ramifications. New World Trade Order and the issues emanating there from, viz. FTA, Intellectual Property Rights, Anti Dumping or Cross Border Taxation therefore, makes the political and economic management of the country and for that matter the businesses very challenging.
Directors’ Identification Number
All India Chartered Accountants’ Society has vigorously taken up the issue of DIN with the government. In addition to the recognition of Chartered Accountants as an attesting and certifying professional on DIN- 3, it has been represented to the government for extension of dates and non levy of penalties in case of delay. Further we are making representations for total abolition of requirement of DIN-3, as DIN Nos are already being intimated through other means i.e., Form 32, Annual Returns, etc.
Service tax on Chartered Accountants
In reply to the writ petition pending with the Honorable High Court, the government has been asked to file an affidavit. The Government’s reply is expected to be filed on the next date of hearing.
It is this vibrant and vigorous scenario, wherein we the professionals are operating, causes us to stop for a while; and forces us to take a stock of our own preparedness to face the challenges. If we travel a little backward, we find that the profession till mid-nineties was fairly stable in terms of its operational technicalities. Whether it was Accounting, Audit or Taxation, the regime was fairly static and so was the profession. Forced with the global needs and the fast track growth, it has been the governing necessity that the processes on governance and businesses are overhauled and are in line with the globally accepted standards and practices. Transformation in each segment is alive, the complete overhaul of the taxation statutes, the proposed implementation of the unified GST, amendments in Company Law, amendments in Income Tax Laws, levy of new taxes, ever changing Service Tax and other Financial and Capital Market regulations, none have remained unscathed. E-filing across the board, be it Direct or Indirect Taxation, Corporate or those under the Exim
Policy, is becoming order of the day. These may be considered as mammoth challenges for all professionals but at the same time the challenges are abound with the massive opportunities underneath. What we as chartered accountants need is, to reengineer our professional processes
and fortify ourselves and update our skills to match the vagaries of current professional environment. Emphasis on acquiring necessary IT skills coupled with strengthening our domain knowledge as a
chartered accountant will sail us through smoothly. Time is now ripe for the smaller professional firms to take a plunge and adopt the concept of super specialties offered by “Networking and Mergers”. By getting the Indian Chartered Accountancy qualifications recognized globally, the image of the profession will reinvigorate thus facilitating velvety Trans border movement of Indian professionals in the changed world order. From mundane professional delivery, we need to work through by raising our productivity as a knowledge worker and values to the operations of our service recipients. Empowerment of the professionals is the solitary solution. In the current scheme of things, to fructify the opportunities put forth by the challenges, the role of our august body - The Institute of Chartered Accountants of India is paramount. Efficacy of any institution is dependent upon the empowerment of its stakeholders. Empowerment is directly related to the effectiveness of the body
at the helm of affairs of the institution. The election is the first process whereby the effectiveness is tested. Therefore, when the elections to the Council of the Institute are round the corner, it becomes
our utmost duty to make our discerning judgment to elect our representatives. We need at the controls our representatives, who are visionary and can really steer we, the professionals across the board at each nook and the corner of the country and show us the light of empowerment. Those can only be the ones who look beyond themselves.
activism is also moving up in tandem. Civil society riding on the wave of changes is expected to bring in revolutionary reforms to our political and social structure through various mediums. The
rights of a citizen to garner information on governance and other related issues by invoking the powers vested in him by the Right to Information Act coupled with proactive role of media is a step
to reign in the deplorable use of scarce resources of our country. Time is not far when we will have in place the governance system transparent to such an extent that the economic development will be holistic and far reaching with improving the lives of everyone. Thus shall be the development, socially relevance. Going beyond the boundaries of the nation, the process of globalization of the economy has brought in many interesting facets on economic and socio-political fronts. Now the
national issues may not be tackled on a stand alone basis. Be it the enhancement of power generation with the intervention of nuclear reactors on economic side or the issue of internal security on socio-political front – none of these can be touched upon without assessing their international ramifications. New World Trade Order and the issues emanating there from, viz. FTA, Intellectual Property Rights, Anti Dumping or Cross Border Taxation therefore, makes the political and economic management of the country and for that matter the businesses very challenging.
Directors’ Identification Number
All India Chartered Accountants’ Society has vigorously taken up the issue of DIN with the government. In addition to the recognition of Chartered Accountants as an attesting and certifying professional on DIN- 3, it has been represented to the government for extension of dates and non levy of penalties in case of delay. Further we are making representations for total abolition of requirement of DIN-3, as DIN Nos are already being intimated through other means i.e., Form 32, Annual Returns, etc.
Service tax on Chartered Accountants
In reply to the writ petition pending with the Honorable High Court, the government has been asked to file an affidavit. The Government’s reply is expected to be filed on the next date of hearing.
It is this vibrant and vigorous scenario, wherein we the professionals are operating, causes us to stop for a while; and forces us to take a stock of our own preparedness to face the challenges. If we travel a little backward, we find that the profession till mid-nineties was fairly stable in terms of its operational technicalities. Whether it was Accounting, Audit or Taxation, the regime was fairly static and so was the profession. Forced with the global needs and the fast track growth, it has been the governing necessity that the processes on governance and businesses are overhauled and are in line with the globally accepted standards and practices. Transformation in each segment is alive, the complete overhaul of the taxation statutes, the proposed implementation of the unified GST, amendments in Company Law, amendments in Income Tax Laws, levy of new taxes, ever changing Service Tax and other Financial and Capital Market regulations, none have remained unscathed. E-filing across the board, be it Direct or Indirect Taxation, Corporate or those under the Exim
Policy, is becoming order of the day. These may be considered as mammoth challenges for all professionals but at the same time the challenges are abound with the massive opportunities underneath. What we as chartered accountants need is, to reengineer our professional processes
and fortify ourselves and update our skills to match the vagaries of current professional environment. Emphasis on acquiring necessary IT skills coupled with strengthening our domain knowledge as a
chartered accountant will sail us through smoothly. Time is now ripe for the smaller professional firms to take a plunge and adopt the concept of super specialties offered by “Networking and Mergers”. By getting the Indian Chartered Accountancy qualifications recognized globally, the image of the profession will reinvigorate thus facilitating velvety Trans border movement of Indian professionals in the changed world order. From mundane professional delivery, we need to work through by raising our productivity as a knowledge worker and values to the operations of our service recipients. Empowerment of the professionals is the solitary solution. In the current scheme of things, to fructify the opportunities put forth by the challenges, the role of our august body - The Institute of Chartered Accountants of India is paramount. Efficacy of any institution is dependent upon the empowerment of its stakeholders. Empowerment is directly related to the effectiveness of the body
at the helm of affairs of the institution. The election is the first process whereby the effectiveness is tested. Therefore, when the elections to the Council of the Institute are round the corner, it becomes
our utmost duty to make our discerning judgment to elect our representatives. We need at the controls our representatives, who are visionary and can really steer we, the professionals across the board at each nook and the corner of the country and show us the light of empowerment. Those can only be the ones who look beyond themselves.
0 comments:
Post a Comment