“CAs play an important role in the development of the country and bringing economic transparency” said Binod Kumar, Principal Chief Commissioner of Income Tax, Nagpur, on the occasion of his felicitation by Managing Committee of Nagpur Branch of WIRC of ICAI led by Chairman CA Suren Duragkar.
Chartered Accountants are an integral part in all decision making because general public in India rely on the financials of any company based on statements / report audited by Chartered Accountants.
With the increase in compliances structure increased reliance is on the work of Chartered Accountants and much is expected by Income Tax Department from them, said Binod Kumar.
He elaborated that Chartered Accountants become professional after passing through very tough and rigorous examination process and hence expected to maintain high level of quality in audits. Income Tax Department prima facie readily accept the audits done by chartered accountants.
Kumar observed that Income Tax Department possesses lot of information nowadays about all transactions undertaken due to Data Analysis and increased use of Artificial Intelligence. The Department is having real time information about various types of transactions done by business houses.
He praised the work of Chartered Accountants and urged them to be alert and continue their support in the process of Nation Building.
Further he informed that Income Tax Department is committed to bring transparency in terms of scrutiny of correct information. He elaborated that Chartered Accountants play a vital role of interpreter between Income Tax Department and Tax Payers.
Kumar was confident in stating that, with enhanced collaboration of CA institute, Income Tax Department will get all assistance from Chartered Accountants for resolving queries raised by large number of tax payers.
CA Suren Duragkar, Chairman Nagpur Branch while praising and recognizing the contribution of CCIT and Income Tax Department, assured CCIT that Chartered Accountants will continue to work in coordination with Department so as to bring more transparency.
He elaborated the work done by Nagpur Branch of WIRC of ICAI for implementing and popularizing various amendments and changes in Act’s and regulations. He said that CA’s of Nagpur always update themselves about changes occurred in various Act’s on day to day basis.
Prominently present on the occasion were CA Kirit Kalyani – Vice Chairman, CA Saket Bagdia – Secretary, CA Sanjay M. Agrawal – WICASA Chairman and CA Akshay Gulhane – Executive Committee Member.
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