Include CAs in the Vaccination and Professional Work Priority Group: KSCAA

Include CAs in the Vaccination and Professional Work Priority Group: KSCAA

The Karnataka State Chartered Accountants Association (R) (abbreviated as ‘KSCAA’) is a Chartered Accountants Association founded in 1957 under the Karnataka Societies Registration Act. KSCAA was established largely for the benefit of chartered accountants, and it represents them before various regulatory bodies in order to alleviate problems and hardships that they and the business community confront.

The Institute of Chartered Accountants of India (ICAI), a main statutory body formed by an Act of Parliament, The Chartered Accountants Act 1949 (Act No XXXVIII of 1949), for regulating the profession of Chartered Accountancy in India, is predominantly made up of Chartered Accountants. The ICAI is the world’s second-biggest professional organisation of chartered accountants, with a long history of public service to the Indian economy.

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We congratulate and praise the efforts of the Government of Karnataka and the whole State Administration in restricting the spread of the Coronavirus in the state, which has resulted in a steady and gradual drop in the number of Corona positive cases over the past few days.

It is important to note that we CAs have the professional expertise, extensive experience, and in-depth knowledge in the areas of financial controls, financial accounting, financial audit, and risk management and that these skill-sets could be very useful to the government in improving financial management in relation to Covid relief and containment activities.

GST Council to meet Saturday, discuss tax exemption on Covid-19 essentials

CAs should make an effort to fulfil their social obligations by delivering professional services outside of the business sector and to the general public while remaining faithful to their position as partners in national development. It would be an honour and privilege for us at KSCAA to work in the public interest in collaboration with the Government of Karnataka in the fight against Corona by assisting in the implementation and operation of financial discipline and financial controls in the mobilisation and use of public resources.

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The Chartered Accountants (CA) profession has always worked to uphold the ethos of Partners in Nation Building, and it has been their constant effort to keep India’s economy and financial system afloat. The CAs work closely with the government and its regulatory bodies on the one hand, and the diligent and hardworking taxpayers of our country on the other, ensuring that taxpayers comply with all fiscal statutes, such as the GST and income tax, and pay their share of lawful taxes to the government in a lawful and timely manner. Aside from fiscal statutes, the CAs are also in charge of ensuring that persons and corporations follow other rules and regulations.

We are optimistic that your good selves will go to great lengths to ensure that necessary steps are taken in this regard to provide much-needed relief by classifying CAs as PRIORITY GROUP and thus help expedite vaccination of our CA members, their staff, and their families, as well as ensuring that our CA members and staff perform their functions in a very smooth, efficient manner.

2020 Budget Expectations

2020 Budget Expectations

Some of the steps may include:
i) Lower Personal income tax rates (either by way of rationalizing tax slabs or raising
exemption limits).
ii) Removing Long Term Capital Gains Tax.
iii) Sector specific import duty tweaks for promoting domestic manufacturing.
iv) The government could revisit the plan for overseas issuance of sovereign bonds, to address
some of these issues.

Budget 2020:Senior Citizen Savings Scheme

Demand increases for a full income tax rebate under the Senior Citizen Savings Scheme

Budget 2020: Finance Minister Nirmala Sitharaman will present her second Union budget on 1 February 2020. It will have a dual challenge in this budget— to boost the economy and give the middle class tax relief. In order to hit multiple sparrows with a single arrow, Nirmala Sitharaman may increase income tax benefits under Section 80C and Section 80CCD.

There are nearly 41 million senior citizens in the country with a combined investment of Rs 14 Lakh Crores or 7% of India’s GDP. The average amount of deposits per account is around Rs 3.3 lakh and the interest income from such deposits is 5.5 per cent of the Private Final Consumption Expenditure for FY19. It is imperative that the Government exclude certain interest income from taxes or increasing the threshold.

The basic exemption for senior citizens in Rs 3 Lakhs is too poor. This needs to be increased to at least Rs 5 Lakhs per year.

Government has a very good scheme for senior citizens. Under the Senior Citizens Savings Scheme (SCSS), a senior citizen can deposit Rs 15 lakh and the current interest rate is 8.6%. Nevertheless, the interest on the SCSS is completely taxable, which is a major drawback to the scheme (the amount of interest on the Rs 1 lakh deposit for 5 years is approximately Rs 51,000 which is taxable)