From the President

The events of the past few days makes one feel that India is passing through turbulent times. We are witnessing a strong movement led by Shri Anna Hazare against corruption, with the passing of the Jan Lokpal bill as its immediate aim. We have seen a whitewash of the Indian cricket team in the recently concluded Test series in England. Our country has also felt the tremors of downgrading of the US economy by Standard and Poor the renowned rating agency.

However, I believe that there is one common thread running through these three different events occurring in different countries. That common factor is the weightage that society is giving to the quantum of money one earns and spends, irrespective of the manner that it is earned and the way that it is spent. We have seen a gradual downfall in the value system with a corresponding rise in the importance of wealth. There are many other reasons for corruption but the social recognition that wealth has is a very significant factor. It is on account of the desire to earn the maximum money in the shortest possible time that people adopt undesirable means and our cricketers are no exception. In the US there is uncontrolled spending and consumption, without paying heed to earning abilities. This results in borrowing beyond one’s ability to repay and its consequences have already been experienced by the world.

However, even if one is worried at the turn of events there is still hope. From 13th of August the BCAS had arranged its International Tax and Finance Conference at the Infosys training centre in Mysore. The experience of those four days is something that all participants will cherish for a long time to come. The foresight with which this institution has been built makes one’s heart swell with pride. We were fortunate to experience the world class facilities of the centre as well as the high ethical standards of its creators. It is institutions like these that will ensure that India’s march towards becoming a global power continues unhindered.

Coming back what one witnessed on the streets of Mumbai, scenes which were also replicated all over the country is evidence of the fact that the youth of this country want a change and they are willing to participate in an agitation for that purpose. It is this enthusiasm that needs to be harnessed so that many other illnesses that face this country can also be addressed. I would suggest that those in charge of the agitation at Delhi pay heed to this aspect and use their resources to give direction to this large pool of youth energy.

At the micro level, the Society has been live to the problems that members face while complying with the requirement to file returns electronically. A large number of returns were filed electronically last year and the number has more than doubled this year. Unfortunately, the processing of these returns has created a number of problems. To address these, the Society had organised a visit to the Central Processing Centre, Bangalore and had interacted with the officials there. I am happy to note that the response was very positive and some issues have already been sorted out and others will also be addressed through further interaction in the near future.

Apart from the requirement to file returns electronically, the Ministry of Corporate Affairs has also made furnishing of accounts mandatory for a certain class of companies in the new business reporting language XBRL. The Society has already organised a couple of programmes to increase member awareness and will continue doing so in the days to come. This requirement which is applicable to a limited number of companies in this year will be extended in the coming years to other companies. The new schedule VI has already been notified and the Society has also held a lecture meeting to discuss various issues emanating from the same.