What are the Roles and Responsibilities of a Chartered Accountant?

 

The career of chartered accountancy is one of the most preferred In our country. Becoming a successful CA is tough; however, it is not impossible. It needs 4.5 years of dedicated studying and training in this course. The roles and responsibilities are huge, but every task requires expertise. If you are looking to hire professionals for your business, you should go for the best chartered accountant in Kolkata. They are trained to work for individual as well as corporate clients.  

What does a CA Professional do? 

Audit and Accountancy 

Accountancy is one of the main streams of work for CA experts. They perform this prominent function with high levels of knowledge and capability. Their role involves bookkeeping, doing complex financial scrutiny, writing up the accounts, making financial statements etc. Chartered accountants act as auditors with the potential to assess the business’s financial condition. They handle all risks and identify scopes of improvement. Auditing also entails reviewing business financial data, checking document validation etc. 

Taxation 

Determine the Firm’s Financial Status  

Taxation is another important task performed by CA experts. They furnish returns, manage different kinds of tax assessments etc. They are also responsible for assessing the financial liabilities on behalf of the business. The CA provide general advice to the owners/clients dealing with taxation issues. They seal the cost of production that is involved in a project. Besides, they guide you with cost management, cost control, price setting etc.  

CA professionals examine the financial documents of the company and determine its financial status. They conduct a thorough analysis to conclude if the business is going through gains or losses. You can seek essential guidance from them related to market risk management. This way, the companies can improve service efficiency and increase their profits.  

Strategic Advisor 

 When you hire chartered accountants for your business, they will assist you with effective corporate strategies. As a business leader, you can gather advice about cutting costs and making the business financially efficient. This will help you improve the bottom line after mitigating all risks. CA experts have knowledge in financial reporting, budgeting and governance. With their help, you can meet the financial objectives of your company.  

Since you know about a CA expert’s vital roles and responsibilities, you can hire the best ones for your business.

CBDT again extends Deadline for filing declaration under ‘Vivad Se Vishwas’ Scheme

vivad se vishwas scheme

The Central Board of Direct Taxes ( CBDT ) has again extended the
Deadline for filing declaration under ‘Vivad Se Vishwas’ scheme till 31
March, 2021, and the due date for payment without additional amount
under VSV extended to 30th April, 2021.

As per a CBDT’s notification, the date for payment of tax without
additional interest under VSV remains unchanged at 30 April, 2021.
Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date
for payment without additional amount under VSV extended to 30th April,
2021,” the Income Tax department said in a tweet late Friday.

The Vivad se Vishwas scheme is similar to the ‘Indirect Tax, Sabka
Vishwas’ scheme, which was introduced by Finance Minister during her
maiden budget presentation in July 2019. The “Sabka Vishwas” legacy
dispute resolution scheme was aimed at reducing disputes related to
excise and service tax payments.

RBI Working Group on Digital Lending

Digital Lending

The Reserve Bank of India recently constituted a working group on
digital lending. The working group was constituted to study all aspects
of digital lending activities in the regulated and regulated financial
sector. The working group will ensure that an appropriate regulatory
approach is put in the digital lending platform.

MAJOR CHANGES INTRODUCED IN ITR- 2 IN 2020-21

FORM NO. 2

1. Resident but Not an Ordinary Resident and Non Resident Individuals have to file their income tax returns in ITR -2 even in case total income is below Rs.50 lacs.
2. The Assessee should disclose in case he is filing return other than Proviso 1 to Section 139(1)
a. Cash deposit above Rs. 1 crore in the current Accounts in bank
b. Expenditure incurred above Rs. 2 lacs for every travel for himself or for others.
c. Expenditure incurred above Rs. 1 Lacs on .account of house only

3.  Resident individuals having house property more than one ………. shall also file ITR-2
– ITR-2 continues to apply to resident individual having income exceeding Rs. 50 lacs
– Individuals having income from profit and gains of business, cannot file ITR 2
– In case an individual is a director in a Company or holds unlisted Company’s equity shares, following should also be disclosed
– Name of the company, type of Company, PAN number, listed or unlisted DIN
– In case of short-term / long-term capital gains from sale of land / building or both, the details of buyer’s, name, PAN, Aadhaar No., share of ownership, and address has to be given.

4. A separate Schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of Business Trusts which are liable to be taxed.
5. Under other source a taxpayer should provide the details of “any other income’.
6. The details of deduction against income from other sources should be provided.
7. Deduction under section 57:-
a. Expenses (in case other than family Pension)
b. Deduction under section 57 (ii)(a) (in case of family Pension only)
c. Depreciation (available only if income offered in i c of schedule OS)

8. Schedule VI A for tax deduction amended to include deduction under section 80EEA and 80EEB.

9. In case of business trust or investment fund the details of ‘capital gains’ income and ‘dividend’ income should be provided.
10. The details of tax deduction claim for investment or payments or expenditure made between 1st April, 2020 to 30th June, 2020 in schedule d “D I” of part “B” should be mentioned.


10.  Long term capital gains –

Payments / acquisitions / purchase consideration for the purpose of claiming deduction under section 54 / 54 CB

 Amount utilized out of capital gains account (as per SL B10 a of schedule CCs specially amount utilized between 1st April, 2020 to 30th June, 2020.

11. Short term capital gain-

 Under section 54B account utilized out of capital gain account as per SL No. A 6a of schedule “CG” and amount utilized between 1st April, 2020 to 30th June, 2020 separately

12. While providing the details of bank account if a taxpayer selects multiple bank accounts for credit of refund, the Income Tax Department may choose any account for processing the refund.

 Details of bank account for refund -to be given

 

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