INCOMPLETE KNOWLEDGE IS REFLECTED HER IT SELF. THE AUTHOR HIMSELF DOESN'T KNOW OF WHAT A CHARTER IS. IT MAY OR MAY NOT BE A ROYAL CHARTER. IN CASE OF MONARCHY OR WHERE THE COUNTRY HEAD IS AKING/QUEEN IT IS ROYAL CHARTER AND WHERE IT IS A REPUBLIC I.E. ELECTED BODY WITH ELECTED PRESIDENT HEAD OF THE STATE IS A PRESIDENT OF THE COUNTRY AND HE GIVES THE CHARTER BY SIGNING THE LAW PASSED BY THE ELECTED BODY OF PEOPLE I.E. PARLIAMENT AND MAKES IT INTO AN ACT. I.E. IN GENERAL PARLANCE CHARTERED SIGNIFIES WITH THE BACKING OF LAW OR COMMON MANDATE

Bribe a CA, cheat the nation, get a tax refund By IBNlive.com Friday October 26, 10:00 AM Mumbai: You pay your taxes on time and are honest about it, but unscrupulous chartered accountants and people desperate to get refunds are cheating you and the country of crores of money. Network 18 reporters posing as clients have exposed a racket in which chartered accountants (CA) help in getting bogus refunds. In a congested office in suburban Mumbai, a CA promised the reporters to get refunds through forged documents. CA: Rs 12,000 will be deducted as PF and Rs 2,500 as PT. Do you have an LIC policy or any other investment? Reporter: No. CA: I'll give you a policy of LIC. Reporter: But what about last year's refund? CA: For last year, I'll need payment slips. Reporter: So we'll have to file refunds? CA: Yes, get me Form 16 then I'll get you refunds for both last year and this year? You'll not have to pay a penny. Reporter: If we get this form then what? CA: We will show bogus rent receipts and get you refund. As many as 400 major cases of fake tax refunds were reported last year, causing a loss of crores of rupees. Loopholes in the Income Tax Act come handy to the fraudsters. They exploit the Section 80 C of the Act, which offers reliefs to the taxpayer for investments and expenditures. The Parliamentary Standing Committee on Finance, in a report to Parliament in December 2006, says that several CAs in connivance with tax officials are claiming fake income tax refunds worth crores through bogus Tax Deducted at Source certificates. Yashwant Sinha, member of the Parliamentary Standing Committee on Finance, wants strong action against the Cas. "I will react very firmly and suggest that strong action should be taken, both against officials and CAs," he said. (Watch the entire expose on Friday at 7. 30 pm on CNBC TV 18. ) To see video click on the link below:- https://in.news.yahoo.com/071026/211/6mffo.html By considering the above situation, Cost Accountants should get chance for Income Tax Audit U/s 44AB. otherwise, this type of cheating by CA will continue. GOVT SHOULD ALLOWED COST ACCOUNTANTS (ICWA) FOR INCOME TAX AUDIT.

I just want to ask Mr. Cost Excellence if he could assure me if such kind of discrepancies' won't take place if the Govt. permits CWAs to perform Tax Audits...Well , I am sure no one would be able to.. Contd

The reason why most CAs try to manipulate the loopholes' in the system is because " the client wants' you to ".. If you ask your client to pay the complete taxes' as it is required by the system , trust me you are going to loose your client.. Today each & every individual takes' the help of a CA , simply because he is the only person who can help you manipulate the loopholes' of the system to your advantage... I have actually heard clients' say , " If I need to pay the complete taxes', why should I hire the services of a CA ??? Even I could do the same "... This happens' only coz' every one wants' to play with the loopholes' to the best of ones' advantage.. & this is not just restricted to CAs , you would find various other professionals manipulating the system e.g. Lawyers' , CAs & CWAs... Because thats' what you are paid to do.. Lets' assume , you have clients' like Mr.Mukesh Ambani , Mr .Sachin Tendulkar , Mr. Laxmi Mittal & Mr. SRK... Just answer my question Mr. Cost Excellence..Would you ask these HNIs to pay the whole of the taxes' that they are bound to pay by law ?? If you answer to this question is a " yes " , Trust me you are going to hear the words' " You are fired " quiet soon... It is clearly evident from your posting , that you are a student who is pursuing CWA & who hasnt' got any practical idea of the real world.. Trust me, if you decide to start your practice , even you would be among the countless' professinals' who would manipulate the system for the benefit of your client.. & if you won't you are going to be " jobless "... Welcome to the " Real World "... Warm Regards', NM

@ N M Mondkar There are two things... 1) Tax Management 2) Tax manipulation It is clear case of Tax Manipulation by dishhonest CA. can u tell me the objects of Tax Management? What is the objects of Income Tax Audit? contd.......

As per your opinion "Real World" means more money and more customer acquisition by CA, then what is need of Audit u/s 44AB? second i am not a student of CWA. I am BE/ICWA/MBA/CISA .

But still you haven't answered my question , sir, Mr. CostExcellence.. Can you still assure me , that such kind of " tax manipulation " won't take place if CWAs are given the right by the govt to audit ??? If the answer to this question is a " sure shot yes " ..that CWAs are all honest & are not going to manipulate the system at all , & this is the job of only a practicing CAs... then , yes , sir ,I am among the millions of those who would support the change... Trust Me .. I would..!!! But if you cannot guarantee me or others' ... then whats' the point shouting " Foul Play "...!!! You have voiced your opinion several times , here , sir , but with due respects' the only thing I get to read from you is a kind of disliking towards' CA.. I honestly don't know why !!! I do understand & appreciate that you love your profession... but so do we... !!! So , please , respected sir , before voicing your opinions' & undermining the other's profession.. it's better one gives' a second thought... Warm Regards', CA. N M Mondkar M.Com ( Gold Medalist ) , FCA , MBA , CPA

MBA is only an additional ornamental degree, and will be awarded to any average / brilliant candidates with in a short span. For MBA's the abiliy is important The roles of CA's are wide and it will take years to complete it.

I am new here & do not actually know the place much , so , please do excuse me if I go off the tracks'... I just want to know as to who is gonna be the " judge " to decide this question.. This question on which there is a heated discussion for quite some time isn't going to have an end..!!! B'coz this is an open ended question . The CAs are gonna feel that they hold an edge over the MBAs & vice versa... So, what's the point to have a discussion on this topic when there isn't going to be any concrete outcome.. My same question is extended to Mr.Cost excellence ( CE ) who is advocating a change.. But what's the point discussing it , when the only people who can help you are from the " Ministry of Company Affairs' ".. So why even have the discussion here.. Whenever , it happens' it would be good for you ICWAs.. But till then it's no point discusing this here.. I am a stranger here & I can tell you that question is just inflicting animosity... So I request you to end this " open-ended" question & start a new " close ended " one.. OR I request the moderator of this website to take a note of this " & report abuse " & take this question of this site..

Well, It looks very childish to see professionals whether MBAs or CAs fighting arguing that they are superior to each other. Let us not forget that we are all human beings, even before we are CAs or MBAs, even before we are rich or poor, man or woman, intelligent or dumb..etc. Each one is superior in its own place. I request the administrator to close this topic.

Your are right Krunal. If all the messages posted in this forum where by CAs and MBAs and ICWAs, i really doubt the quality.... This immatured discussion and postings tells me that today a new class has emerged, i name it "Illiterate educated". In this category, people are believed to be having a lot of education and degress, but their actions are immatured like this discussion which is talkin of who is superior to whom. In our country, you would find many such educated illiterates, who smoke, drink, spit on raods, burn crackers (money)..etc. This is one reason these days a group of people is talking of character education, emotional intelligence etc. I really appreciate your views Mr. Krunal.

I never thought smoking is that bad!

I do agree with Kunal & others'... this discussion was getting out of hand right from the word go..!!! I do agree with Rogers' point of view.. " We shouldn't post open ended questions "..

i endorse what Jeet biswas had said in the last page that whatever may b the circumstances, abuse shouldnt b used. And every1 loves his career, moreover, any career wont become bad, by saying bad things abt it. And FULL MARKS to CA. Nikita for coming up with such an evil yet interesting, never ending and debatable topic. So, dont waste ur time 7 stop fighting. cheers!

Topic was very good. it was interesting to see points of Cost Excellence/N M Mondkar/SKS/ Shashwat Sekhar etc. i think this members are more intellectual than any other members. All qualificationas has Pros and cons. CA/ICWA/MBA all qualification will survive. no one cross each others.