BCAS Vice President CA Manish Sampat's Message for the Month of October 2018

Date
October - 2018
Title
BCAS Vice President CA Manish Sampat's Message for the Month of October 2018
Details:

My Dear Member,

The CBDT considered representations from various stakeholders and extended the due date for filing tax audit and income tax returns from September 30, to October 15 and later to October 31. This was a much-needed relief for all of us, as both clients and professionals were grappling to cope with the recent changes in law and in the form 3CD. This extension will provide us with additional time to do an effective and error free audit and comply with the statutory requirements. I hope most of you are now more relaxed and will have enough time to complete all your tax audit assignments.

Traditionally, filing of Tax Audit returns signified the end of our season for the yearly March 31, compliances of our clients, however in recent times it appears that our busy season never ends. Once the tax audit deadline is out of the way, many of us will gear up to meet the transfer-pricing deadline, the limited reviews for September quarter results and the GST audit and compliances… the list goes on and on. It is good that all these compliances are creating work opportunities for our profession, but the question we all need to ask ourselves is that are we interested in this type of compliance and deadline driven practice or do we want to get into more high end intellectual and skill driven work. Our practise is now just revolving around meeting various deadlines and there is just no time for upgrading our skills and engage in work that is intellectually stimulating. It is getting more and more challenging for a general practitioner to keep up to speed with all the changes and in various laws and regulations. I think it is time now to prioritise and be selective in the type of work we would like to do. It’s time to specialize in our areas of expertise, create networking opportunities amongst like-minded fellow professionals and come together and consolidate our practices.

I had recently read an article on why creativity is critical to the success of any profession and I would like to share with you some important takeaways from that. It is said that Innovation is the lifeblood of organisations and it is required for the organization to remain relevant in this competitive environment. Innovation starts with imagination and putting imagination to work is where creativity begins. People can be trained to be creative but many people are born with a more creative mind as compared to others. We should allow our mind to be more inquisitive and allow it to run free. Thinking out of the box and brainstorming newer, more creative ideas amongst colleagues/peers and putting them to action is the key to innovation. Constantly thinking of new problems and working out their solutions is being creative. Further, we should also be prepared to be wrong and take risks in the profession otherwise we will never come up with anything original. Collaboration is also a critical aspect of creativity, we learn with and from each other and we as professionals thrive when we collaborate. In our profession we need to brain storm and perhaps innovate and think creatively while deciding on staff retention policies, merger/networking with other likeminded firms, elevating staff to partner, incubating and nurturing new and different areas of practice, organic and inorganic growth through geographical expansion, attracting high value and intellectual work, client expansion and many more such areas of professional development.

It gives me great pleasure in informing you that our Society recently celebrated 25,000 followers on social media, Facebook, Twitter, YouTube and LinkedIn. Social media has become a powerful medium/ platform for members of all ages to communicate and stay connected and for our society to reach out to its members. The impact of social media is not restricted to these 25,000 followers, but it is much larger as it also covers those additional contacts around the sphere of influence of these primary followers. We all know the power of social media and the level of impact that it can create is incomparable to any other medium of communication. I would like to thank all the followers for this success and trust bestowed upon the Society. I would sincerely appeal to all the members to use the social media and help us reach the magical figure of one lac active followers.

Earlier this month our Society organized a long duration study course on GST. This is a first of its kind long duration course spread over 36 sessions spanning over 6 days with a total class room type study time of 45 hours. This course received an overwhelming response with about 100 participants enrolling for the same. This course is designed to provide an overall training of the GST law and regulation, procedural aspects including effective representation before the GST authorities. The participants have got a chance to interact with 36 GST experts who will share their domain knowledge with practical experiences. This course will end this week and all participants having minimum 75% attendance will be awarded a participation certificate.

Our Society has announced the 52nd Residential Refresher Course (RRC) at the historic city of Agra from January 3, 2019 to January 6, 2019. RRC is the flagship program of our society wherein participants indulge in an in-depth discussion of the technical papers and then the paper writers address the issues raised in such discussions in the general assembly. Then there are the papers for presentation, a panel discussion and a full day session on the various facets of practice management. The seminar and membership development committee has very carefully chosen the venue for this annual pilgrimage and have made many exciting plans, which will only be revealed on the date of the event. The enrolment is picking up pace and members are requested to enrol before October 31, 2018 to avail the early bird discount and avoid disappointment.

On September 26, 2018, ICAI came out with a very important and significant announcement on Unique Document Identification Number (UDIN) to be affixed on the certificates/documents attested/certified by practicing Chartered Accountants. This has been made mandatory with effect from January 1, 2019. This is a very unique and innovative concept introduced by ICAI to curb malpractices of financial documents/ certificates attested by third person misrepresenting themselves as CA Members. ICAI has received a number of complaints of forged signatures. Full time Practicing CAs can register themselves by visiting at https://udin.icai.org/ and generate UDIN by registering the certificates/documents attested/certified by them. To generate UDIN, Members will be required to provide 3-5 key fields of the certificate/document and there is no need to upload it. Through UDIN and the key fields as mentioned by CAs, the Regulators/Banks/third parties will be able to check the authenticity of the documents/reports/certificate. This portal would help in tracing forged/wrong documents prepared by any third person misrepresenting himself as a Chartered Accountant, as any person other than Chartered Accountant will not be able to upload the documents. Members are requested to keep this in mind and visit https://udin.icai.org for the process and related FAQ.

This communication will reach you in the middle of the ‘Navratri’ festival. ’Navratri’ or nine nights is celebrated for different reasons in various parts of India and is an integral part of Hindu festivity and culture. Durga Pooja is observed in the eastern parts of the country, in the northern and western parts of the country Navratri is concluded with Dussehra that celebrates the victory of Lord Ram over the demon king Ravan, similarly elsewhere in the country these nine days are celebrated with a common theme of battle and victory of the Good over the evil. On the final day Dussehra or Vijaysdashmi is celebrated to rejoice the end of the ten headed Ravan at the hands of Ram and I wish you a very Happy Dussehra !!.

With best regards

 

CA. Manish Sampat

Vice President.