January-2016

KSCAA_Jan_2016_NL

Dear Professional Colleagues,

New is the year, new are the hopes, new is the resolution, new are the spirits, and new are my warm wishes just for you. Have a promising and fulfilling New Year. Leave behind the demons of the past and look forward to a brand new start in 2016.

At the outset, congratulations to all the newly elected members to the Central and Regional Councils of ICAI for the term 2016-19 and we look forward to closely work with the elected representatives from Karnataka – CA. Madhukar N. Hiregange at the Central Council and CA. Cotha S. Srinivas, CA. Babu K. Thevar and CA. S. Panna Raj at the Regional Council.

Association had filed a Writ Petition before the Honorable High Court of Karnataka challenging the inclusion of Cost Accountants in Co-operative Audits in the month of January 2015. The Honorable Court passed an interim order on 11th December 2015 restraining the empanelment of Cost Accountants and Cost Accountant firms to do the work of auditing of Co-operative Societies as it is contrary to the provisions of the Chartered Accountants Act, 1949. Copy of the interim order is published in the News Bulletin elsewhere for reference. I, on behalf of the Association, sincerely thank all the members for supporting us morally and financially in this journey thus far and a special thanks to our Past Presidents CA. Allama Prabhu and CA. Raveendra S. Kore for their unstinting support in this regard. However, this battle is half won. We are informed by our Advocates that the Karnataka State Cost Accountants Association have filed their objections by impleading before the Honorable Court and are aggressively pushing for vacation of the interim order. The Office Bearers of the Association are working closely with the Advocates and are untiringly organizing facts and documents to support this legal battle. I would once again reassure our members that the Association is ready for any battle and would leave no stone unturned until the battle is fully won. I take this opportunity to once again request the members to generously contribute towards the legal fund and support in its constant endeavor to protect the interests of our profession.

Members attention is invited to communication No. WSU/WSU/ 9(1)2013/Settlement/35631 dated 8th January 2016 of Employees’ Provident Fund Organization removing grace period of 5 days in regard to payment of contributions and administrative charges by the employers. Now, the employers are required to pay the contributions and administrative charges by 15th of following month. Members are requested to educate their clients and trade accordingly.

The Elections for the Managing Committee of the Bangalore Branch of SIRC of ICAI is scheduled to be held on Saturday 13th February 2016. We earnestly request all the members of Bengaluru to exercise their franchise and elect a right candidate who can contribute towards development of this noble profession.

Association is holding its 28th Annual Conference on 5th & 6th of March, 2016. It is a mega event for the Association, hence we request all the members to block their calendar and actively participate in this knowledge sharing and networking exercise. We earnestly request all Branches of ICAI and all District Associations of Karnataka State, not to hold any events on these dates and support this Annual Conference. The Conference details are published elsewhere in the News Bulletin. The Unique Selling Point (USP) of this Conference are (1) Open House – Question & Answer Session on Practical Issues in Income Tax where the elite panel of Income Tax Experts will address the members’ queries at length (2) Tax Clinic exclusively for mofussil members – a one on one interactive session with elite panel of Income Tax Experts for query resolution. I earnestly request all the members to make use of this wonderful opportunity. You may write in your queries to samvit.kscaa@gmail.com or by post to Association and it should reach us by 25th February 2016. I sincerely request all the members to participate in this flagship conference in large numbers and make this event a grand success.

We celebrate our Republic Day with great pomp and show on the 26thof January every year. This day is of a great importance in the history of our freedom struggle. On this day in 1930, we took a pledge on the banks of river Ravi at Lahore that we will struggle for the achievement of complete independence (Poorna Swarajya) of India. We became independent on 15th August 1947. We chose 26thJanuary 1950 as our Republic Day and our new Constitution came into force from this day. India was declared to be a Sovereign, Socialistic, Secular and Democratic Republic. It means the people of our country govern themselves. We have no king and are free of external domination.

“The difference between what we do and what we are capable of doing would suffice to solve most of the world’s problems!”

Happy Republic Day & Happy Makara Sankranti to all our members.

In service of the Profession,

 

Dileep Kumar T M

President