Passion for profession keeps CA motivated to enhance their technical knowledge in their respective domain, said CA Vikram Shah, Senior practicing Chartered Accountant, while speaking as Chief Guest at Seminar on Tax Audit organized by Nagpur Branch of WIRC of ICAI. Seminars and study circles are very important for upgradation of knowledge in ever-changing systems of law to encash new professional opportunities. One has to be disciplined to develop expertise in their respective work.
Chartered Accountancy is one of the disciplined profession which has maintained ethics in all compliances he said. Tax Audits under the Income Tax Act, 1961 has given an opportunity to the Chartered accountants fraternity to serve the govt. for implementing the defined tax policies. Tax Audit Report given by the CA helps the department to finalise the assessment of the assessee in smooth and time-bound manner. Nowadays the responsibility of the profession has increased many folds, so he cautions the members to update themselves for proper and correct reporting. He appreciated the efforts of Nagpur Branch of organising various seminars for the benefit of the members. He shares his experience and case studies with the members to enhance their knowledge and confidence. He stated that government has opened lot of professional opportunities for CA professionals by incorporating provision of compulsory Tax audit under the Income Tax Act.
In the modern era of technical advancement, assessment is becoming faceless now, so now the responsibilities of a CA has increased multifold, said CA Suren Duragkar, Chairman of Nagpur Branch of WIRC of ICAI. To match space with the dynamic changes and compliances we should adopt digitalization. Chartered Accountants always believe in quality reporting. He welcomed chief guest CA Vikram Bhai Shah and both speakers for the session CA Ajay Singh and CA Namrata Nimodiya.
CA Abhijeet Kelkar, Regional Council Member of WIRC of ICAI, in his remarks stated, how CA’s have the privileged to be the auditor of assesse in case of statutory tax audit cases as compared to other professions and they have proven their commitment and quality. Ever since tax audit has come in force, the reporting responsibilities have increased year on year. CA Institute keep CAs updated about the recent changes in law which helps members to report with utmost accuracy. CA’s are also required to submit details of signed documents in unique document identification number (UDIN), which ensures no fake non-professionals should mislead the stakeholders.
Both the speakers, CA Ajay Singh and CA Namrata Nimodia elaborated about different clauses of Tax Audit report and also discussed about various changes in the report and practical intricacies with the Members present. They have effectively discussed the various recent and important case laws while deliberating on the subject of tax audit to clear the intention of the provisions of the Law.
Akshay Gulhane, coordinated the event, while CA. Saket Bagdia, Secretary proposed formal vote of thanks.
Prominently present on the occasion were CA Saket Bagdia, Secretary, CA Jiten Saglani, Treasurer, CA. Harish Rangwani, Executive Committee Member, CA Julfesh Shah, Former Vice Chairman of WIRC of ICAI, along with more than 100 chartered accountant members.
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