Arjuna (Fictional Character): Krishna, Lord Ganesha is considered to be the Lord of wisdom and learning. Everybody comes to meet him and celebrate the 10 days festival with full glory and pride. But this time some of his intellectual devotees “CAs and Tax Consultants” didn’t come to see him! Why so?
Krishna(Fictional Character): Yes, Arjuna. This time some Chartered Accountants, Tax Consultants etc. are bewildered due to Income tax and GST returns. The stress at work has increased so much that they could not get time to seek Lord Ganesha Blessings. Yesterday Ganapati visarjan was done. All the tax consultants wanted to immerse there old work along with Ganapati and take up the new task at hand. But they are already facing so many problems and issues and amidst all these they forgot to celebrate the festival.
Arjuna: Krishna,What problems, issues and obstacles CAs and Tax consultants are facing?
Krishna: Arjuna,following problems, issues and obstacles CAs and Tax consultants are facing:
1. Trying to maintain work balance in Income tax. The due date to file Tax audit report is 30th Sept, 2018, now which is extended to just by 15 days now its 15th. This time the tax audit report also requires the new disclosers along with this, the annexure of ICDS also needs to be given. Hence all the CAs are being overburden with work and changing policies of the Government. Just extension of 15 days not sufficient and this would further add up the amount of stress.
2. Juggling between Continues updation of knowledge and return filing dates: GST is also a reason for increase in stress, as the tax consultants have to comply with monthly return due dates and also government is always coming up with the amendments. So to file the returns along with studying all the amendments is tedious task.
3. Managing Resources:The chartered Accountants needs to do the most difficult task of managing people regularly. Managing employees, article assistants, etc is a big task during these stressful period as all need to be kept motivated.
Also the distribution and allocation of work so as to meet the deadline is another artful task, because there are always last minute rushes!
4. Running a race against time:CA’s and tax consultant needs to abide with the due date. For each and every work there is a time limit set for them and these works are expected to be done without any error of Omission or mistake.
5. Handling Stress: If CA’s and Tax consultants are stress free then only the quality of work can be maintained. But the situations and circumstances have only added up the stress. Therefore, stress management is important, as what goods has been achieved by stress?
6. Legal Updates:The government issues various notifications, clarifications, circulars, orders, press releases, etc from time to time to make the amendments in act or provisions or to bring new provisions. All CAs and tax consultants have to do read them and make the interpretations , always keep themselves updated.
7. Handling Clients: Tax Consultants also need to take care of their clients ,also they need to keep them updated. To give solutions to their problems, to make them understand the law and thereby obey the same.
8. Replies to the Notices: Income tax department is issuing notices to the taxpayers back to back. Taxpayers approach to CA’s and tax consultants for same. So giving the replies to such notices in time ,is also the responsibility of the tax consultants.
9. Fees: few businessmen’s think they can do the work themselves, so why to pay reasonable fees to CAs and tax consultant. So it becomes a difficult task to get their share of reasonable amount of fees one side and other side expenses are mounting up.
10. Technical errors: CAs and tax consultants have to become part time IT professionals! As everything has gone online and even replies to the notices also becomes online.
So coping up with these ever-changing technologies and going hand in hand with the world, while balancing the burden of due dates and legal updates is a difficult task.
Arjuna: Krishna, What lesson the taxpayer should take from this?
Krishna:Arjuna, CA’s and tax consultant are one of the important pillars of Nation Building.The financial situation of the country would not improve ,if these nation builders land up in these stressful problems. It is prayed to Lord Ganesha to give wisdom to Govt. authorities, as just extension of 15 days when 5 days where remaining in like justice delayed is justice denied and incomplete justice is not a true justice.