Dear Professional Friends,
With a month full of activities and varied news and events all around the world, would like to touch up on few points of professional and social interests having impact on our lives.
Firstly, the confusion created by the CBDT with its order extending the due date for filing the tax audit report u/s 44AB without extending the corresponding due date for filing return of income, where tax audit applicable. Representations have been submitted by different associations throughout the country, but no elucidation is received so far from CBDT in this regard. Pending clarification of issue from the CBDT or the ICAI , we are of the view that - in cases where tax audit reports could not be completed before 30th September, inform the assessee to file ITR based on financials on or before 30th September, being the due date for filing the return of income and if required, file revised return considering tax audit report. And further ask the assessee to pay the statutory arrears and the TDS defaults if any before 30th September 2014,
We hope good sense will prevail and CBDT will extend the due date of ITR to 30.11.2014 for Tax Audit cases for AY 2014-15.
Most of us would have watched the Prime Minister Narendra Modi's historic address to the nation on the occasion of 68th Independence Day. With his exhilarating address, the Prime Minister reinforced a much-needed hope that things can and will certainly change and need of everyone contribution to the Nation building. This inspiring address will go a long way in helping the Citizen overcome the cynicism. He also stressed on Clean India, which is most critical in the present day environment, the solution requires whole-hearted participation from every single Citizen of India. Let us all commit ourselves to this noble cause and contribute our might to it.
Apart from cleaning the filth, there is a greater need of cleaning up of corruption in our system and we Chartered Accountants must take the right step in this regard as advisors to the entrepreneurial community. Let us not be a part in any kind of corruption, advice clients to desist from the corrupt practices for getting the work done - may it be at tax departments, or MCA, or any other state or central Government departments. While Prime Minister calls for clean India by 2019, we urge for corruption free Nation well before that.
Further, the initiative by the PMO through mygov.nic.in, web-portal inviting suggestions, ideas and thoughts on various topics that concern India. We request you all to involve yourself, join the discussions, add value, find tasks that interest you and do your bit for India and be part of the initiative for better nation for better living.
Pradhan Mantri Jan Dhan Yojana, an ambitious scheme for comprehensive financial inclusion has been launched by the Prime Minister Narendra Modi on 28th August 2014. The scheme has been started with a target to provide 'universal access to banking facilities' starting with Basic Banking Account with Rupay Debit Card, inbuilt accident insurance cover of Rs. 1 lakh and RuPay Kisan Card. The Financial Services Secretary described this scheme as an important step towards converting Indian economy from cash based one into a cashless and digital economy.
Further, the recent macro-economic indicators suggest that the worst is behind us, and growth has started picking up. Steady corporate earnings, improving industrial output, easing inflationary situation and a stable domestic currency are giving a ray of hope to economic recovery. Signs of improvements in international relationships and positive outlook in the country calls for greater contributions from Chartered Accountant community, we need to gear-up with up-to-date knowledge and expertise to the challenge.
We had organised the past presidents and mentors meet on 4th September to seek their guidance and inputs on the association activities and the programmes to be conducted during the year 2014-15. We thank all the past presidents and well-wishers for attending and giving valuable suggestions for the new team of office bearers. I personally thank the EC members for generous contribution to the event.
CPE workshops on 'VAT & Service Tax' and 'TDS & Tax Audit issues' was held by Basavangudi CPE Study Circle on 26th August, 2014 & 8th September, 2014 was successful with good number of delegates attending the program. I thank all the office bearers of the association for actively co-ordinating and help the CPE study circle to conduct the programmes.
We have held a workshop jointly with FKCCI on Recent Changes in Indirect Taxes on 6th September, 2014 and the workshop was well attended. The workshop was very informative to the participants.
Further, we are planning to conduct a one day seminar on 'Tax implications on Real Estate Sector' on 11th October, 2014 at JP Fortune Hotel, Race Course Road, Gandhinagar Bangalore. Eminent speakers in the profession CA. Raghuraman, CA. K. K Chythanya, Advocate Aravind Raghavan and CA Sanjay Dhariwal have already confirmed as speakers to in this seminar. The details are given elsewhere in the news bulletin; we request your participation in the program to enrich the knowledge.
Continuing the flow of events, we celebrated the Teachers' day on 5th September. Our profession requires each one of us to be a student as well as a teacher and hence this day is special for us as well. Through this communique, I fondly remember all my Gurus, including my principals and seniors during article-ship and at the Association, and offer my deepest respect to each one of them. When we remember our great teachers, we should also think of how we should be a good teacher and mentor to the younger generation and be remembered for having inspired them and bringing positive changes in them.
I request members to make note of 41st adjourned AGM is being conducted at The Bangalore City Institute on 18th October, 2014 at 11 AM for transacting the adjourned agendas, details are published elsewhere in the news bulletin.
We can't conclude any message in September without remembering the day Swami Vivekananda created history by his soul-stirring address at World Parliament of Religions in Chicago on September 11th 1893. Let us remember the words of Swami Vivekananda and dedicate ourselves to furthering the cause of unity, brotherhood and world peace.
“Fill the brain with high thoughts, highest ideals, place them day and night before you, and out of that will come great work”.
– Swami Vivekananda
In service of the Profession,
CA. Raveendra S. Kore