Dear Members,
Greetings! The vacation month of May is over and hopefully summer heat will soon end. However, the heat of new amendments continues throughout the next few months! Changes include modification of Accounting Standards Rules and a new SEBI circular on LODR (Listing Obligations and Disclosure Requirements) applicable w.e.f. 1st April 2016. Additionally, the first quarter results will be reported under Ind ASs. Internal Financial Controls reporting has entered the audit report even for smaller companies. Although changes keep us on our toes and keep the wheels of learning and unlearning moving, the applicability and timing of these changes awakens a strange sense of astonishment in me!
Two years of the NDA
Our elected government just celebrated its 2 years. Although as accountants we are trained to be sceptical, analytical and judge things a bit more than others, the Modi sarkar does deserve special compliments on doing what it has done so far. I do feel that to run a country like ours, is anything but easy.
For one, it did something at a fundamental level. There is a clear sense of leadership and direction, a visible sense of purpose, passion and initiative to work for the country. It has focussed on important yet simple things that tangibly affect ‘the little guy’ in a big way. What used to be perennial epitomes of dirt and disorder, the railway stations are now much cleaner and orderly. Take thousands of old useless laws lying unaccounted for decades. Some 1100+ old laws were junked in two years (1301 scrapped in 64 years before it). Take sanitation in villages and schools. What was visible and yet never resolved has been brought under zoom lenses. Addition to solar power capacity has been the highest ever. Taking people along – Giving up of LG subsidy by 90 lakh people is not a small number. Corruption at high levels is not heard of. Emphasis on Digital through apps by several ministries, from power ministry to customs, has lead to ease and transparency. Check out the mobile seva app store and you will find the digital side of the government. Initiatives such as enhancing the use of existing infrastructure, like the post offices, which is possibly the largest network of branches, to serve the citizens is both thoughtful and innovative. Yet a lot of work seems to be just cleaning up, completing, debottlenecking, catching up and rebuilding the building blocks.
Yes, there are shortcomings and they too must not be overlooked. Just recently one of my office bearer colleagues told me about businesses shifting base out of India due to taxing of commission received from overseas on goods sold overseas. Such laws make no sense, and make businesses models fall flat to the detriment of the country. Take another example taxing dividend income over Rs. 10 lakh. Such a law would eventually result in less dividend declaration and eventual loss of DDT itself. Since rule of law is really the bedrock of a liberal democracy, but in case of India, it has to be rephrased as ‘rule of good laws’. Today there are over 2500 Acts just at central level whereas a lot of the states do not even have full inventory of laws made by their legislatures. What we need today is – mandatory review and sunset clauses embedded within every law like in other countries. This will result in assessing the objectives and anticipated effects of every law. Such fundamental shifts are expected so that our laws are not catalysts of ‘not doing business in India’ but serve as enablers. We hope the pace, depth and extent of work continues to touch areas that require attention, areas which are fundamental and which makes lives of billions significantly better, self reliant and meaningful.
PG Portal – pgportal.gov.in
This is a facility available for redressal of grievances relating to Central Government. This is a nodal portal where you can lodge a complaint relating to several ministries and departments and it will be recorded, monitored and redressed within 60 days. We wanted this to be brought to your notice as several members who have used it, found it useful particularly for service related issues. The portal has features which allow you to upload documents, get a complaint registration number and also view status. I wish you use this portal and popularise its use amongst your friends and clients.
BCAS Events
June is particularly packed with events. We have four public lecture meetings on preparation and filing of ITRs, on Audit Finalisation for the year ended 31 March, 2016, Bankruptcy Code and on Stock Market and Economy. There are other events like the Residential study course on Service Tax and VAT , workshop on fraud reporting and data mining and a workshop on practice management. The most exciting event seems to be the one organised by CA students. A very sought after 9th Jal Erach Dastur Students’ Annual Day named TARANG 2k16, Tarasho Apne Talent ke Rang. The entries and auditions reached new heights for all 6 competitions. I have to thank the members for encouraging their students to take part.
Attitude of Gratitude
I wanted to share this with you that all of us are part of a miniscule minority that is truly and phenomenally blessed. From having a roof over our head, to having running water in our taps, to having received education, to having gainful employment, makes us a part of a ‘privileged’ minority. If you take a moment and look around, and see what is happening to millions, you will realise that you are not lucky, but blessed. Although we are trained to be accountants we can never master an art – the art of counting our blessings. Like Eric Hopper said “The hardest arithmetic to master is that which enables us to count our blessings”. I want to leave you with this beautiful thought and with a secret wish that it will expand within you and manifest in the most magical way that it possibly can.
Wishing you a magnificent day, and more to come!
