My dear Professional Colleagues, |
While our Government has always been ready to take up all possible dynamic, innovative and futuristic measures to boost our national economy in the best interests of our nation, we Chartered Accountants are also equally committed towards our nation. We constantly keep playing on priority the desired role of partnersin- nation-building as well as contributing to the economic health of our nation. ICAI past President CA. C. P. Mukherjee had proclaimed in 1961: The state of the national economy is of special interest to the Chartered Accountant. The fortunes of his clients are closely connected with the level of economic activity. |
Whatever we decide to do in life, our sincerity and dedication towards our chosen profession is what makes us stand out from others, since we Chartered Accountants would never avoid our foundations in integrity and accountability. I sincerely believe that CA professionals will keep on discharging their professional obligations with absolute diligence, pushing forward the economic agenda of our nation and playing the role of both saints and sages of the Indian economy. Realising its responsibility to contribute to the growth of Jammu & Kashmir and Ladakh, ICAI has recently decided to open its Representative Office covering the two jurisdictions, which will be our tool for social empowerment since this will facilitate in spreading awareness about the CA Course. |
We Lost a True Friend, Philosopher and Guide in Shri Arun Jaitley |
An icon of Indian polity and former Union Finance and Corporate Affairs Minister Shri Arun Jaitley left us for heavenly abode on 24th August 2019, and in him ICAI has lost a true friend, philosopher and guide. Being a proponent of ICAI’s integral and enabling role in national economy, Shri Jaitley had always been supportive of our endeavours. He had extensively shared our platform on a number of occasions offering his guidance and vision. With his untimely demise, a void has been created which is hard to fill. On behalf of Indian accountancy profession, I pay my heartfelt tribute to the great leader and pray that the noble soul rests in peace. |
New Government nominee from MCA |
I am delighted to inform that the Ministry of Corporate Affairs has communicated us about the nomination of MCA Joint Secretary Shri Manoj Pandey on the ICAI Council for the current term succeeding Shri Anurag Agarwal, previous Joint Secretary of MCA. We welcome Shri Manoj Pandey and are confident that the Council will benefit from his rich experience and valuable insight. On behalf of the Council, I also wish to place on record our sincere appreciations and gratitude for the constant support and guidance that we received from Shri Anurag Agarwal in the matters of Council, especially relating to the GST Account Assistant Scheme. |
ICAI International Conference in December 2019 |
I am glad to inform that we have decided to hold the next International Conference of ICAI on Accountancy Profession: Catalysing Reforms, Creating Values, on 6th- 7th December 2019 in Mumbai. It may appear premature, but I would request all my professional colleagues to block these dates now and plan their visit to Mumbai to actively participate in the Conference and make that a grand success. |
Management Development Programme for Newly-Qualified CAs |
ICAI in collaboration with Manipal Global Education has developed a customised 23-day residential Management Development Programme which is being organised from 22nd August - 13th September 2019, to ensure professional grooming of the rank-holders and develop various managerial and leadership skills in them. This will be followed by a Special Placement Programme for the participants of this programme, in which reputed organisations would participate in addition to regular campus. I request my professional colleagues to help me in popularising the programme. |
Concerns Submitted to Union Finance Minister regarding Definition of Accountant in Income-tax Act, 1961 |
Recently, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India have submitted representations to the Government requesting for an amendment in the definition of term ‘Accountant’ in the Explanation to Section 288(2) of the Income-tax Act, 1961. Taking note of this development, we have submitted our detailed concerns in respect of the same to the Union Finance Minister vide separate letters. We have mentioned that the role of an “accountant” as defined under section 288 should continue to be restricted exclusively to chartered accountants in practice, who alone possess the requisite professional competence to perform the said role efficiently and effectively. |
ICAI Initiatives Appreciated at SAFA |
As you may be aware, appreciating the Unique Document Identification Number (UDIN) initiative that ICAI has introduced to safeguard its members from misrepresentation by miscreants vis-à-vis the attestation of financial documents/ certificates, SAFA has formed a taskforce to implement the UDIN in SAFA member bodies. First meeting of this taskforce was held in Colombo where my Council colleague CA. Ranjeet Kumar Agarwal gave a detailed presentation on UDIN as Chairman of the taskforce. I am pleased to inform that ICA Bangladesh, ICA Pakistan & ICA Nepal have requested for the technical assistance of ICAI to implement UDIN in their respective member bodies. As on date more than 25 lakh UDINs have already been generated. |
Renewal of MRA between ICAI & CPA Australia |
As qualification reciprocity arrangement between ICAI and CPA Australia regarding qualification expires in the coming month, it is satisfying to inform that a delegation from CPA Australia had visited ICAI proposing to renew the agreement on the existing terms. |
Developments in GST |
e-Invoice under GST: GST Council has decided to introduce electronic invoice on voluntary basis from January 2020. In this regard based on the request received, ICAI has supported the Goods and Services Tax Network (GSTN) in drafting an e-invoice template, which also takes into account the requirement of tax laws, having the features required for international trade. |
Building and Strengthening Ties |
Regional Meet of Members in Public Service: I am happy to inform that we recently organised a regional meet of our members in Public Service in New Delhi, with an objective to enable an interface between ICAI and them, and to attain the leverage of their vision and insight in enhancing our professional efficacy and explore avenues and opportunities for our members. The views exchanged during the regional meet will help us to further strengthen the image of accountancy profession. |
Understanding and e-filing Income Tax Return Forms |
As it is known, the Income-tax Department had made significant changes in the ITR forms applicable for the AY 2019-20. To facilitate our members in discharging their professional duties in more effective manner, ICAI had organised a webcast on Understanding and e-filing Income Tax Return Forms in July 2019, which was addressed by the officials of CBDT. Arising from the deliberations over the webcast, CBDT issued a clarification in the form of FAQs in respect of various issues in filing of ITR forms for AY 2019-20; FAQs are based on the queries raised by our members during the webcast. CBDT has also issued a comprehensive checklist (instructions) to assist the taxpayers in submitting the ITR Form No. 7. |
Representation in E-Assessments Set Up by CBDT |
While the Government is committed to introduce faceless assessments, Union Finance Minister, including the Prime Minister too, has repeatedly highlighted this as the biggest procedural reform in their addresses to various industry associations. CBDT has set up a committee to evaluate the Data Structure and Modalities of Upload of Data for E-Assessments. My Council colleague CA. N. C. Hegde has been invited to be part of that Committee. Direct Tax Committee of the Institute will be proactively providing comments on the E-Assessments. |
ICAI Awards for Excellence in Financial Reporting for the Year 2018-19 |
Continuing with the tradition of bringing out the Awards for Excellence in Financial Reporting since last five decades, Research Committee of ICAI has announced the annual completion for the year 2018-19 and the last for applying for the said competition is September 30, 2019. The other details are available on the website of the Institute www.icai.org. Members may bring this to the notice of the Corporates with which they are associated/ working so that more and more companies can participate. |
Results of Examinations Declared |
Results of CA Final Examination (Old & New Syllabus), Intermediate Examination (Old & New Course), and Foundation Examination held in May 2019 have been declared. |
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Technology, a mandatory know-how of our times, makes us all-time approachable and responsive. Here I have a suggestion for my professional colleagues that though use of technology is inevitable, due care must be taken while making use of it. With the growing use of technology in all spheres of life, experts warn us that we are battling an attention economy, where companies are successfully racing to grab the consumers’ attention. So, the result is: more than one fourth of smartphone users are always online, without even receiving any alerts. With this, we are losing out on the most valuable asset of our life, and that is time. This is just an example. Let us get on to the right perspective of our life. We just require time to introspect and analyse our experiences and then integrate the learning outcome with our vision for success in life. |
CA. Prafulla P. Chhajed President, ICAI 26th August 2019 |
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