President’s Message | June 2023

Dear Readers,

It is a pleasure to write as the president of the association and share my thoughts on the month gone by and the activities of the association.

Let me start with the most sought-after news in recent times, Karnataka recently went for State Election and the results have been completely one-sided with little room for disruption in claiming the majority. This would make space for the single party to move ahead with their own set of agenda. As residents of the state, we wish that the ruling party retains the brand Karnataka and Bengaluru and leads the state to a better future. Karnataka as a state is one of the largest contributors to the nation’s kitty and is better to many states in terms of infrastructure, income, health and other indexes, but the expectation on the state is also moving as a model state to the whole of the nation.

The recent statement made by the Chief Economic Advisor of India, highlighting India’s projected GDP growth of more than 6.5% up to 2030 without further reforms is an encouraging precedent. This positive outlook is indeed encouraging and testifies to the resilience and potential of our great nation. Professionals have a pivotal role to play in supporting and facilitating economic growth. Let us leverage our expertise, knowledge, and experience to contribute meaningfully to the realization of this promising forecast. By providing the sound financial guidance, embracing innovation, and fostering transparency, we can collectively propel India towards even greater heights.

Recently an Income Tax notice relating to a claim of deduction in the ITR is in circulation in social media, where the department has requested details of a chartered accountant who has assisted in filing the Income Tax returns. Without passing any inference of why this was propelled, I thought to take this as a timely reminder for all of us to be diligent and meticulous in fulfilling our professional responsibilities. There may be no standards on how we assist in helping clients in claiming deductions, it must not be believed that we are the beneficiaries of such ill-doings.  As trusted advisors, it casts extra duty (beyond what is generally perceived) to exercise caution and ensure accurate and compliant filing. Let us remain steadfast in upholding the highest ethical and professional standards as we navigate the new complexities of our profession. By doing so, we can safeguard the reputation and integrity of our esteemed profession while contributing to the overall well-being of our nation.

At the Association we have recently submitted three representations; one is on issues in refund under the provisions of the Income Tax Act 1961, the second is on suggestions on the proposed change to Rule 11UA of Income Tax Rules 1961 and the third is to the department of Co-operative Audits compelling the auditors to ensure new Audit report format. We have many representations in the pipeline to various departments and we consider this as one of the Key result areas during the term to provide feedback to policymakers to work on unattended areas. This association is also proud to say that we initially demanded the change in Audit formats in the Co-operative sector, we also worked closely with the department and committee for faster release of formats and rationalised many of the issues. There are further improvements that are required in Audit formats which we would like to work on in near future. Recently we conducted a program on Growth mindset in Bandipur to instill the mindset of growth in CAs, a program to articles/assistants on filing ITR and Excel which was very well attended and received.

I encourage you all to actively participate in all the initiatives, workshops, and networking opportunities that KSCAA provides. Let us come together, exchange ideas, and collectively strive towards excellence. The success of our association depends on the active involvement and contributions of each and every member. Together, we can foster an environment that nurtures professional growth, promotes knowledge-sharing, and advances the accounting profession.

In case you have any suggestions to give to the association, we are looking forward to the same with open arms.

Happy reading!

Yours’ faithfully,

CA. Pramod Srihari

President