President’s Message | February 2023
The Nation was rocked with a report by Hindenburg on the company owned by the world’s 3rd richest person. The report, among many things has casted serious allegation on its accounting and governance of the company. While India is moving slowly closer to being the super economic power, the scrutiny of large Indian companies and expectation on financial regulatory would steeper and increase. These are obvious when India integrates to the global new order and Indian companies are scrutinized and the reflects better on country for having strong regulators, healthy investor protection and superior corporate governance.
The union budget 2023 was presented by the Hon’ble Ministry of Finance, Nirmala Sitharaman and was the first budget after the Covid fiasco ended. It was also the first budget of Amrit kaal, this laid the map and vision of the government to move through the journey to become the worlds super economic power. One prominent intent of the government is to take advantage of technology, the use of words showed the intent of government to use technology in farming, agriculture, cooperative segment, fishery, education, health, eradicating anemia etc. The technology has been greatest boon to Indian government in better governance, the penetration of data and technology has made inroads for government to interiors of India. The announcements in the budget resonate with India’s climate change policies and are aligned with the country’s net zero goals, COP27 commitments and the updated Nationally Determined Contributions (NDCs). On the Income Tax front also, the government is moving towards new tax regime with no separate deduction on various savings / necessary expense but a blanket deduction/exemption is provided. While the administration of tax department would be easier and lesser but the saving habit of citizens, which constitute a great volume of savings can be impacted. The country which is majorly known for its saving habits would be changing to a gig economy and would perse impact the investment pattern and cost of capital for businesses aswell.
KSCAA recently conducted a program named ‘Practice Development Clinic’, to discuss and talk on management of Practice. KSCAA felt that there are very few materials available which discuss on the management of CA practice. Topics which were discussed include the problems and pain points which are faced by the practicing fraternity. Some of the topics like Human resource are problems deeper than what we can think and unless CAs address them rationally its inferno.
35th KSCAA Annual Conference is on 17th and 18th of March 2023 at White Petals, Palace grounds. The current year Theme is ‘Order and Chaos’. Current year, we have broken the session into seven main sessions including four panel discussion with topics of various professional interest. Also, we have introduced a Pep talk on the topic ‘Effective Way to use RTI in Taxation’ and three CA – Talk by Chartered Accountants who succeeded exceedingly well and have raised the bar of professionalism. The captivating Speech of not more than quarter an hour is format designed to inspire and encourage CAs about the ability they have to change and influence the world around them. The whole team of KSCAA is excited to invite and welcome you all the event. We are also researching on members who have moved out of profession and worked extensively and would like to show case the same to you.
Order and Chaos is the theme of the conference and is made to resemble the chaos we deal on a daily basis and our effort to make it order. The order is something which is secured, clean, predictable, safe and relatable and on the other side, Chaos would mean which is complex, volatile, uncertain, ambiguous etc. The philosophy of order and chaos means that the world we stay is chaotic and there are no means to make it orderly, the reality of the laws, rules, technology, clients etc are all chaotic. Our pursuit among this is to make them orderly, the more we deal with chaos the more we realize that chaos is the only order. A good amount of Chaos gets us to be in order else excess order leads to complacency, relaxation and lazy.
Let me wish you happy Shivaratri and Happy reading!
CA. Pramod Srihari