Thursday, August 14, 2008


The Government has preponed the last date of tax audit and filing of Income tax returns to 30th September this year on wards. The Chartered Accountants’ community is gearing up towards a very busy period with a challenge to deliver its services in an excellent professional manner. To enable us to meet this challenge of completing the professional assignments with excellence and quality, timeliness and meet the requirements of law, auditing standards, accounting standards and various other regulatory requirements, it may be important for us to urgently develop standard operating procedures and checklists. We need to organize fully the professional delivery with the help of a trained team. It is inevitable to upgrade professional capabilities to enable usage of technology and soft wares to reduce the delivery time and to improve the quality even if the volumes are increasing due to lower availability of Chartered Accountants arising out of a large growth momentum in the last few years. The practicing Chartered Accountants should make an appropriate assessment of the volume of the work involved and the time to be spent on various assignments so that their professional fee can be properly negotiated and keep in view the actual cost of delivery, the increased overheads and other expenses. Through these columns we had brought to the knowledge of the practicing fraternity that our counterparts in the industry have already enhanced their remuneration by about 2 to 5 times in the last three years, an appropriate substantial increase in the fee scale by the practicing professionals will be a must as a class to ensure sustainability and to enable them to afford higher salaries, desired infrastructure and technological up-gradation. All these are just and reasonable expectations of the practicing professionals to deliver quality services in the interest of economic and social development in the country. The Chartered Accountants fraternity needs to ensure voluntary compliance by industry and businesses and need to support them in complying with requirements of income-tax, MAT, FBT, Dividend Tax, Service tax, Company Law, VAT and various other legal and regulatory requirements. This would be possible only by a keen and detailed study including check listing of various requirements for Compliance and project management skills to enable the delivery in a time bound manner. It is time to Act Now.


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