In a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India (ICAI). The implementation of the uniform format would help in bringing about accountability of political parties, ICAI President G Ramaswamy told reporters here last night.
Regarding black money, he said the ICAI had constituted a committee to suggest ways to curb its flow and its report, once ready, would be forwarded to the government.
He added that the ICAI was working with the government on Goods and Services Tax, adding that the future of the accountancy professionals was promising as financial inclusion has become a key word and the new Companies Act and GST were in the offing.
ICAI has tied up with many accounting institutes in the world so that Indian accountants can make a mark anywhere.
“We have ties with United Kingdom and Wales institute, Canadian Institute of Chartered Accountants and New Zealand Institute of Chartered Accountants,” he said.
The International Financial Reporting Standards (IFRS) are also expected to provide opportunities for the Chartered Accountants in the country, he said adding that intensive training had been given to 2,607 CAs for adoption of IFRS.
Ramswamy said the average entry level salary for a CA is expected to go up to Rs 20 lakh in the next five years from the current Rs 9 lakh per annum.
During the campus interview organised by the institute last year, three CAs in the age group of 20 were placed with a salary of Rs 21 lakh a year by international companies. For domestic posting, the best offer received was Rs 15 lakh a year.
Innovative Bangladesh
As per finance ministry of Bangladesh, its citizens have hidden / stashed away, some $ 110 billion worth of black money.
That nearly equals 80 % of country’s GDP.
How to bring this black money into the mainstream economy and put it to productive use ?
With that objective in mind, Bangladesh parliament just passed a new law that would enable tax-evaders to invest such monies into local stocks / shares officially.
All they need to do is to pay 10 % of invested monies as tax.
And no questions asked as to the source of their funds !
While grappling with the monster of black money, it is a “ no holds barred “, as far as Bangladesh is concerned.
May be Indian parliamentarians can learn a lesson from its innovative neighbor !
With regards
hemen parekh
CustomizeResume.com
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