August 2019

FROM THE PRESIDENT

CA Manish Sampat
President

Dear Members,

I am extremely honoured to be elected as the President of our Society and to lead an organisation that has contributed so much to my own career and personal growth. I became a member of our Society about two decades ago and along the way I have been mentored by stalwarts and have also formed several close friendships. I would like to thank all of you, in particular the Past Presidents of our Society, for bestowing this honour on me, showing confidence in my capabilities and considering me worthy of this position. I am looking forward to an eventful and exciting year ahead along with all of you.

 

Today, our Society is considered as a leading voluntary organisation of Chartered Accountants in India and enjoys a very high level of credibility amongst its members and in the profession. It is known for its value systems, ethics and innovativeness. The quality of its programmes and publications set a bench-mark for others, and its journal is probably the best in the profession. However, we are today living in a disruptive and challenging age. The environment around us is changing constantly and the needs, preferences and profiles of our members are also changing at a rapid pace. New and emerging areas of practice are gaining in importance, technology is also changing the way we approach our work. In such a situation, if our Society has to maintain its prime position then it needs to constantly innovate and adapt to cater to the changing needs and aspirations of its members. I realise the importance of this fact and will always strive to not only fulfil your expectations but also anticipate them. The Annual Plan for the year 2019-20, including the thrust areas, is reproduced elsewhere in this Journal.

 

Over the past seven decades of existence, our Society has been liaising and collaborating with the various regulators and government departments by sending representations for rationalisation and improvement in laws, administration and governance. Recently, on 16th July, 2019 we submitted a written representation to the Hon’ble Finance Minister relating to the hardships caused to the tax payers while filing returns of income for A.Y. 2019-20 due to delay and constant tinkering of the ITR forms and other such matters. This representation received a lot of attention in the social, digital and print media. I hope this initiative will have a positive impact and corrective action will be taken to provide relief to the taxpayer as well as the tax practitioner.


The English cricket team might have won the Trophy at the recently concluded World Cup, but the New Zealand (losing finalist) team touched so many hearts of fans around the world and won their love and respect. That Final will remain one of the most exciting, controversial and perhaps most-talked-about matches for a long time to come. The New Zealanders were so gracious in their defeat and, despite being at the wrong end of a bizarre rule, they accepted the final verdict without any complaint or fuss. They really proved that ‘Cricket is indeed a gentleman’s game’. The final also gave us many important lessons of life: You will always have a second chance in life; never give up till the last ball is bowled; luck and labour go together; and finally, always be graceful in your defeat.

 

The month of August will witness the declaration of the results for the CA Final examinations held in June, 2019. This was the first examination wherein the question paper pattern of the theoretical papers had 30% objective questions. This was done by the ICAI to strengthen conceptual clarity among the students. These results will decide the fate of thousands of students taking the exams and I wish them all the very best to be successful and to pass with flying colours. They will be the future torch-bearers of our profession.

 

United States President Ronald Reagan had once said: ‘The greatest leader is not necessarily the one who does the greatest things. He is the one that gets the people to do the greatest things’. Similarly, our Society is a collective organisation of volunteers and only one person gets a chance to lead it for one year, so I cannot do anything alone and it will only be a team effort throughout the year. I look forward to your love, support and encouragement throughout the coming year. Please feel free to connect with me on any matter.

 

Wish you all a very Happy Independence Day, a day on which we celebrate the indomitable spirit of those brave hearts who gave us this gift of freedom.

 

With Best Regards,

 

CA Manish Sampat

President

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