this will not effects more

because people know that filling income tax returns is not only statutary requirement for them,

they also have to file the returns because it is required for the taking any personal and home loans from the banks and many other purpose lke for taking foreign visas

it wont make much difference to CA firms because only a handful of salaried assessees will have income ONLY under the head of "Income from Salary" (though i doubt if there is any). Moreover, this is not the major source of income for practicing CAs. Also there are other better opportunities (as already mentioned by Ravi Sir) to encash the expertise and knowledge by a CA...

Don't Worry Friends Most of Salarises person have Other income So not relax for him.

Originally posted by : LKR ~ A CA in Making!!
	Finance Minister has given a big blow to CA Firms and Proprietorship Firm by exempting filing of Return by Salaried class people who do not have any other source of Income except Salary and TDS has been deducted for it.. Sole Proprietor CA's main income is audit fees by filing indvl salary returns.. and since even that has been exempted dont know wat one will do Practicin as an Indvl..

Originally posted by : CA Ravi sisodia
	MY DEAR FRIENDS, I AM NOT LOOKING AT INCOME TAX RETURNS BUT I AM LOOKING NEW WORT FULL AREAS LIKE IFRS, DIRECT TAX CODE, GST, NEW COMPANY BILL.   WE HAVE LOT OF OPPORTUNITY IN THIS AREAS. WHY WE THINK ABOUT ONLY JUST SALARY RETURNS !!!!! THIS TIME IS FOR NEW NEW GENERATION CHARTERED ACCOUNTANTS.  IF WE HAVE EXPERTISE IN IFRS or DTC or GST THEN WE HAVE LOT OF CHANCES TO GENERATE WELTH.  WE ARE LUCKY CAs !!   BECOUSE EVERYTHINK WILL BE NEW AFTER ONE YEAR. IFRS WILL BE IMPLEMENT  ENTITES AS ON 01/04/2011. DTC AND GST WILL BE APPLICABLE FROM 01/04/2012. DEAR FRIENDS IF WE READY FOR HARD WORK THEN WE WILL ABLE TO MAKE GOOD CAREER AND  LOT OF MONEY IN PRACTICE FIELD AS CHARTERED ACCOUNTANTS.   WITH REGARDS CA RAVI SISODIA

Thank you sir for making us realise that we are chartered accountants not accountants.....we should not think and worry for such small things !! :)

Well said sir ji, 100% true we have so many other opportunity where we can concentrate on more that..

As ravi sir said we can work hard and concentrate more into IFRS, DTC, GST ETC...

Just hope for the best...

agree with Ravi sir....!!

One step by Pranab Da ...giant leap for Articles...

This will be a huge sigh of relief for articles who are put to extreme hardship in the months of June/July....

totally agree with ravi sir........we just need to do hard work .....

Remember. When one door closes another door opens.

Originally posted by : cma ravi tanwar

is that so simple that finance minister has exempted the salaried people from filing the return , and people over here are discussing that interest earned on saving banks and F.D will again bring them back into the bracket for filing returns..... No way......I hope it will be clarified in explanation or notification. maximun wat we may hope that some limits may be defined for income from other soures.

Reality is that we have lost the avenue  of making some income from return and their assessments.  

Fot others, dont look it as a waste in articleship in preparing returns, professionally we have lost in monetary terms.

Lets face the Real Truth.. Ok let me make it "very much clear" that i am talkin abt the small firms and not abt the big 4 or firms havin 2 or more partners.. For those (who are doin/or who did) their Internship with Sole prop will know wat my point is all abt..! Apart from it regards to IFRS,GST, DTC etc are for those who are in employment and Big 4 firms.. I dont think a Public Ltd Co will give IFRS Work to a small firm or even a medium firm for that sake.. And to Put facts across the table, of the NSE Top 50 Companies, 47 Companies have among the "Big 8 Audit Firms" as their Auditors.. and almost all Listed Companies in A Group & B Group have a Firm with "5 or more Partners" as their Auditors..

Regards to DTC, havin read the DTC Bill (Amended) i dont think thats gonna make any difference to a CA in Practice.. There is nothin much given in it.. Major Provisions are applicable to Companies only.. Salary is gonna be salary in DTC too.. Its that DTC is a Simplied Version.. "OLD WINE IN NEW BOTTLE"..! 

And another fact put by Insti is tat of 100% of the firms who practice, 37% are those who are sole prop.. Thats the reason now the Insti is comin ahead and has made tie up with Corporation Bank to provide Finance at Cheap rate to CA's in Practice..

LKR dude its time that u START THINKING BIG, beyond just filling returns and audit, CAs have overall knowledge in many field, u future ultimately depends on how big u can dream and do! it depends on YOU!

All I can say is let the DTC and GST come then I'll be in better position to comment on it..

Originally posted by : anuj shah
	LKR dude its time that u START THINKING BIG, beyond just filling returns and audit, CAs have overall knowledge in many field, u future ultimately depends on how big u can dream and do! it depends on YOU!" ___________________________________________________________________________________________________

Yup, thinkin big is different from tellin the real fact.. anyways i am not gonna do practice, so i need not worry abt it..!! Apart from it i too now thinkin it was Stupid of me to post this topic.. A CA is capable of earnin huge from field Project Reports, Expertise in Derivatives, Double Taxation, Transfer Pricing, Forensic Accountin, Valuation etc even if he is a sole prop..

Sorry to all CCI Members, for spending ur valuable time on this Stupid topic..!! Will make sure i Post valuable Articles/topics in future..

YES, I AGREE WITH SOURAV THAT 99% OF THE SALARIED EMPLOYEE HAVE  AT LEAST ONE SAVINGS BANK A/C WHICH EARN SOME INTEREST.