Chartered Accountancy professionals from the state unanimously agreed that new tax laws have brought a paradigm change in the way Chartered Accountants used to function until some years ago. President of the East Indian Regional Council of ICAI and Companies Act specialist CA Sumit Binani said in a seminar that detailed audit reporting of each and every company has been made essential now, and role of CAs have completely changed.
The seminar organised by Ranchi chapter of The Institute of Chartered Accountants of India (ICAI) was based on Changes in Direct Taxes and Companies Act, 2013. Other than Binani and Direct Tax expert CA Shanti Swarup Gupta, noted CAs from across the state attended the one day seminar.
Binani informed the CAs present there about the details of New Companies Auditor Reporting Order-2016. Gupta said, “Chartered Accountants are now bond to submit detailed report of auditing of the companies. We are now bond to inform the government, audit committee or the Director of the company about caught mistakes/frauds if any.”
He praised newly amendments in Companies Act, 2013 saying that it was a welcome move by government, which will not only ease the processes of companies, but will also bring transparency in their activities. Binani also invited queries related to the Act and amendments and answered them.
President of CPE Committee of Ranchi chapter Manisha Biyani said that the event was very important keeping in mind that there have been so many changes in provisions of Companies Act, 2013 and there were a number of queries related to it also. She said that the seminar was an attempt to satisfy those queries and simplify the roles and activities of CAs in these changing times.
Gupta said that like all previous government, this government was also trying to bring more citizens under tax blanket. But he also added that if smartly invested, non-taxable income bracket could reach to Rs5 lakh now. He praised the government at centre saying that it has come up with simple schemes that could bring domestic black money out in the market.
He said that discouraging eligible non-tax payers through different ways was also a welcome move. “Keeping in mind that we are almost at the doorsteps of Goods and Services Tax (GST) regime, the role of CAs is going to change and we will have to remain prepared,” said Gupta.