We are in the phase of bidding adieu to the year 2021. At the same time, due to the extended Covid crisis and technical glitches with the Income Tax website, we are also in the midst of meeting the deadlines for filing income tax returns and concluding tax audits. I hope there is no more extension and we are all able to welcome 2022 in a relaxed atmosphere. This hope is based on the increased filings of income tax returns on the income tax portal, which has reached 26.62 million as on 21st November, 2021. The total estimated return filers is around 60 million. Normally, the pace gathers momentum as the deadline nears and with reduced glitches the taxpayers should be able to meet the extended due dates.
Whenever we are at the end of a year, it is usual to summarise the year gone by and evaluate the lessons learnt from the action taken during the year.
The year 2021 commenced with hopes of the gradual withdrawal of Covid and with it the revival of the beleaguered economy. However, somewhere in the month of March the second wave of the pandemic struck with much greater force and India was in a state of crisis. The medical infrastructure was found to be ill-equipped to handle a crisis of such magnitude. However, human resilience and proactive measures ensured that we were back on our feet by mid-2021. The fearless approach of many, including the medical fraternity, Government agencies and charitable institutions ensured a smooth transition to normalcy. A positive approach to any problem ensures surmounting it and finding a solution. I would quote my GURU Mahatria Ra who has aptly said:
Positive thinking may not guarantee success,
but negative thinking guarantees failure.
So, might as well be positive.
With the passage of one more year the one thing that is constantly showing itself up in our lives is change. We have to recognise that there will be change and we should desist from holding on to what we know and accept that things are changing. This recognition and acceptance of change will create opportunities in future and prepare us to face challenges positively.
To take stock of the current status of our economy, we are at present facing inflationary pressure due to the strong recovery in economic activities backed by increasing demand above normal levels. This is coupled with soaring prices of a majority of the inputs with high energy costs. At the same time, GST collections up to October in this financial year have crossed Rs. 1 trillion in all the months except June. This, along with various measures taken by the Government to boost economic activity, bodes well for the calendar year 2022.
The only dampener which has to be addressed with alacrity is ensuring that the new coronavirus variant ‘Omicron’ found in South Africa does not spread rapidly worldwide. The Indian Council of Medical Research (ICMR) has stated that the new variant need not be interpreted as lethal or highly transmissible.
For the profession we have a solemn task to perform on 3rd and 4th December. We have to ensure that each one of us casts our valuable vote at the triennial elections to the Central Council and Regional Councils of the Institute of Chartered Accountants of India. It is our duty to elect the most deserving candidates who will uphold the integrity of the profession and who have the passion and foresight to take the profession to greater heights.
On the Consultation Paper released by the National Financial Reporting Authority (NFRA) on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) which has drawn substantial attention from professionals, policy-makers and the business community, I have pleasure in informing that under the leadership of the BCAS a Joint Representation along with six other professional associations has been submitted on the same. We were also able to obtain the views of Mr. Y.H. Malegam, a doyen of the CA profession, which were also made part of the Joint Representation. We hope that our views with elaborate reasoning shall be given proper weightage by the NFRA while finalising any policy affecting the profession at large.
Regarding the hardships faced on the Direct Taxation front, there were two representations made by the BCAS. One was regarding the impact of the new Rule 11UAE faced by the taxpayers for slump sale transactions. Another was relating to the issues arising from the orders of registration granted to Charitable Institutions in response to applications preferred u/s 12A(1)(ac) and the first proviso to section 10(23C) of the Income-tax Act, 1961. We have circulated all the Representations to the members for their information.
As part of the joint initiatives with other professional associations, BCAS had a Half-Day Joint Seminar with DTPA Chartered Accountants’ Study Circle – EIRC at Kolkata on 20th November. This was the first hybrid event by both the associations. The hybrid mode of seminars / workshops will be the order of the day, which will enable networking and interacting with professionals physically as well as providing opportunities for those who may not be able to attend physically to imbibe knowledge through remote participation.
Another joint initiative was with the Chamber of Tax Consultants (CTC) in organising a unique Workshop on a topic which is not in focus for CA professionals. It was on Customs Duties and Foreign Trade Policy. The Workshop was addressed by four eminent faculties and was well received by the participants.
There are many more programmes planned during the ensuing month which would be of interest to all the professionals. You are all requested to be in touch with BCAS through its website and through its social media presence.
At the end, I look forward to the year 2022 with a realisation that life is a series of new beginnings. We have to be disciplined enough to look at the future as if it is beginning today. We should develop ourselves in a manner that we don’t replicate the same experiences but try to learn from past experiences and chart out a new course for the future from those experiences. A disciplined approach provides the purpose of life. This is aptly explained through a statement by my GURU Mahatria Ra:
Discipline
is your ability
to subordinate your likes and dislikes
to the purpose of your life…
I wish all of you a Merry X’mas in advance.
Best Regards,
Abhay Mehta
President
