CHAIRMAN'S COMMUNICATION

TIME IS THE COIN OF OUR LIFE.

WE MUST TAKE CARE HOW WE SPEND IT!!

Respected Senior and Dear Professional Colleagues,

The April heat has begun. The heat radiated by sun and the heat of bank audit work and various indirect taxes annual return compilation at our desk. Let me thank all the members for their enthusiastic and active participation at Budget screening, Budget seminar, Public meet on Budget, participation in Preventive health checkup and two days seminar on Bank Branch Audit. The Nashik Branch has kick started its maiden CPT course batch for the aspiring students from 16th March 2016 at our own branch premises with the best available faculties at concessional rates. It’s a step towards making course study available to more students easily and to aspire them towards this noble profession.

The full-fledged yearly budget was presented by Honourable Finance Minister Shri. Arun Jaitley on 29th February 2016. The budget has introduced amendments in over and above 100 sections and three new levies in Finance Act 2015 – Equalization Levy, The Income Declaration Scheme, 2016 and The Direct tax Dispute Resolution Scheme, 2016. As a professional, let us look at new professional opportunities and play our role in development of nation and economy. The budget proposals has clearly aimed at early recovery of taxes and settling the long standing disputes; and mobilization of these revenue towards development of agriculture sector for growth of GDP.

Further, the State budget was presented by Honourable Sudhir Mungantivar on 18th March 2016. The budget for the year 2016-17 was observed as “Shetkari Swabhiman Varsh” and it proposed to allocate Rs. 25 thousand crores for various schemes in Agriculture Sector. The key proposed amendments in VAT and Profession Tax law are increase in general VAT rate from 5% to 5.5%, granting amnesty for Profession Tax and Dispute settlement of VAT demands, increasing limit for composition schemes, implementation of SAP based computer system in Sales Tax Department and Input Tax Ledger to be made available to the tax payer.

“A planned beginning is itself half work done.” The Managing Committee is duly dedicated to the service of all members and has planned the following activities in the nest coming month:

  • Seminar on Internal Financial Control
  • Concurrent Audit Course in the month of May

I wish all my colleagues a very successful and satisfactory endeavour at this year’s Bank Branch Audit. Chartered Accountants have been one of the pillars of economy growth and good governance. Let us continue in the same spirit, while conducting branch audits and provide value addition for growth of banking in India.

At the end, I would take this opportunity to wish all my professional colleagues, on behalf of Nashik Branch of ICAI, a very happy and joyous Gudi Padhwa, Baisakhi, Ambedkar Jayanti  and Mahavir Jayanti, to be celebrated on 08th, 13th, 14th and 19th of this month.

“Alone we can do so little. Together we can do so much.”

With this, I take your leave.

                                                                                                                                                                                                                Your Sincerely,                                                                                                    CA Ravi Rathi,                                                                                                        Chairman