Indore: The Institute of Chartered Accountants (ICAI) has recommended a tax collection model to union finance minister to Nirmala Sitharaman in there will be no short fall in revenue and tax payers will also get benefit.
The national ICAI president Prafull Chhajed told mediapersons on Friday that the proposed tax collection model offers tax relief to its seekers without having any negative impact on tax collection. Chhajed is in the city to attend two-day national workshop of chartered accountants on digital accounting in which over 500 CA students and CAs from across the country are taking part.
CA Chhajed was interacting to media here at CA Auditorium on Friday. He throws light on various segments of taxation, economy and future road map of the CA students and Chartered Accountants. He was here to a
CA Chhajed said that in our pre-budget discussion cum suggestion, we have suggested Union FM a model Talking about the continuous fall in the growth of the GDP, he said that largely the reasons are external. The global factors are impacting our economy. However, to root-out the economic slow-down the government has taken the substantial measures to strengthen it. Lowing in Corporate tax is one biggest measure among several others. He said that our tax administration and CA practices are at par to global standards. However, ICAI is working hard to consolidate the digital mode of working. CA Pankaj Shah, Chairman of CA Indore Branch and CA Manoj Fadnis, former national president of ICAI was also present on this occasion.
Introduction of UDIN help in Tracking fake audit report
Earlier, addressing the inaugural session of the 2 days national conference on Digital Accounting, CA Chhajed said that Unique Document Identification Number (UDIN) has been implemented from this year so that no one will be able to issue fake audit reports or certificates. In this system, only the practicing CA will login with his account and issue a number so that it can be verified that it is indeed issued by him. Looking at the future, all banking and financial transactions will be done through Artificial Intelligence and Block Chain, so it is very important for the CA to know this, only then it will be properly audited. The medium of currency market and global behavior will be completely changed from the block chain.
ICAI open chapter in J& K and Ladakh
He said that CA Institute has opened a new chapter in Jammu and Kashmir and Ladakh and the students residing there have been given 75 percent exemption in fees so that the youth of that place can also be attracted towards the main stream and earn financial knowledge.
