• Newsletter for the Month of October - 2014 +

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Office Bearers for the year 2014 - 15

President's Desk - October 14

Dear Professional Friends,

I Am writing this message with a great sense of relief and satisfaction that the one day seminar on 'Tax implications on Real Estate Sector' organised by us on last week was a grand success. The seminar received overwhelming response from members, more than two hundred delegates registered for the event. Technical sessions were addressed by eminent speakers and delegates made the sessions very interactive. Success of this seminar and constructive feedback from delegates boosted our morale. I thank the members for their support to the KSCAA programmes that would encourage us to conduct more such events in the coming days. 

ISRO once again made India proud by efficiently completing our most prestigious Mars Orbiter Mission-Mangalyaan. India had on September 24 created space history by successfully placing its low-cost Mars spacecraft in orbit around the Red Planet, catapulting the country into an elite club of three nations. Only the US, Russia and Europe have previously sent missions to Mars, and India has succeeded on its first attempt - an achievement that eluded even the Americans and the Soviets. 

I congratulate ISRO team for its Mars arrival! ISRO scientists again proved that there is no dearth of talent in India by designing this space shuttle indigenously.  

The Norwegian Nobel Committee announced the Nobel Peace Prize for 2014 jointly to Kailash Satyarthi for his struggle against the suppression of children and young people and for the right of all children to education.  Children must go to school and not be financially exploited.  In the poor countries of the world, 60% of the present population is under 25 years of age. It is a prerequisite for peaceful global development that the rights of children and young people be respected.  In conflict-ridden areas in particular, the violation of children leads to the continuation of violence from generation to generation. As rightly mentioned by our Prime minister, Shri Kailash Satyarthi has devoted his life to a cause that is extremely relevant to entire humankind. On behalf of KSCAA, I congratulate Shri Kailash Satyarthi, who brought India again in the Nobel limelight. We salute his determined efforts. 

 While launching the biggest ever cleanliness drives in India, Swachh Bharat Abhiyan, on “Gandhi Jayanthi” October 2, Prime Minister Narendra Modi had appealed to every citizen of the country to devote at least 100 hours a year for cleanliness work voluntarily. The Government also allocated around Rs 2 lakh crore for the next five years in order to make India clean by 2019. Also, the Government has set up the Swachh Bharat Kosh (SBK) so that big and small corporations provide help to the mission by donating funds in the form of their Corporate Social Responsibility (CSR) and also to attract funds from individual volunteers. Clean India can bring in more tourists, thereby increasing the revenue. 

The Ministry of Finance, Government of India, plans to introduce a new annual tax return that will include information from income tax audit report including TDS and Income Tax Returns and Cost Audit Report, as it looks to draw information from multiple sources to clamp down on evasion of central excise and service tax. It is a welcome move initiated by the Government of India, which would be a giant leap towards a unified tax regime, to supplement the roll out of Goods & Service Tax in India and the proposed Direct Tax Code. As torch bearers of tax governance system in the country, we Chartered Accountants have a distinct role in maintaining the country's economy, ensuring transparency, proper disclosure and social security for people at large.

Though the October is a month of festivities and holidays, it demands for even higher professional work like certification of Companies Annual Returns, etc. To avoid last minute rush and system congestion on the MCA21 portal on account of filings under the Company Law Settlement Scheme, 2014 ending on 15.10.2014 and Annual Filings during October/November 2014, Companies are requested to file their Balance Sheet and Annual Return early without postponing it to the last days.

We invite members to participate in the adjourned Annual General Meeting of our Association scheduled on 18th October 2014, 11.00AM at the Bangalore City Institute. The notice and details were circulated in the previous month news bulletin.

We are planning to conduct programs at Moffusil areas and sports meet in the coming months. Details of the same would be informed in due course. 

Our Association expresses its concern to people of Jammu & Kashmir and other parts of the Country, who have suffered due to unprecedented floods and series of cyclones. We appreciate efforts of governments and volunteers to reduce the causalities and losses.

We wish prosperity and happiness to members, students and their family on the occasion of Deepawali, Laxmi Pooja and Kannada Rajyotsava.

In service of the Profession,

CA. Raveendra S. Kore

President