Dear Professional Colleagues,
As the couplet so beautifully reminds us "Guru Gobind dou khade, kake laagu paye, Balihaari guru aapne, Gobind diyo bataye". This Institute is my guru, my guiding light, my alma mater and I feel deeply blessed to be entrusted with its leadership. I humbly assume the baton of leadership as the 73rd President of this esteemed Institute, embracing the profound honour and responsibility it entails. In this journey, I place my faith in the Almighty, seeking strength and guidance to elevate our profession to new pinnacles of success.
With profound gratitude, I extend my heartfelt appreciation to my mentors, principal, family, colleagues, and members of ICAI, including council members, each a guiding force who has supported and inspired me, shaping my journey and strengthening my resolve to serve the profession. I also express my sincere admiration for the outgoing President, CA. Ranjeet Kumar Agarwal, whose wisdom, foresightedness, and dedication have significantly contributed to the growth and progress of the Institute. I hold the esteemed Past Presidents and Council Members in the highest regard, honoring their invaluable contributions since the inception of ICAI on 1st July 1949. Their commitment, relentless dedication, and visionary leadership have been the driving force behind the Institute's remarkable growth, shaping it into the world's largest accounting body. This extraordinary achievement stands as a testament to their resilience, foresight, and steadfast devotion to the profession and has been the very foundation of ICAI's unparalleled stature on the global stage.In a historic first in ICAI, the Oath of Leadership was administered by Shri Arjun Ram Meghwal, Hon'ble Union Minister of State (I/C) for Law and Justice and Parliamentary Affairs. I sincerely express my heartfelt gratitude to the Hon'ble Minister for this honour.The Institute of Chartered Accountants of India (ICAI) stands today not merely as an educator but as a pillar of the nation's financial framework. Our role extends far beyond academia-ICAI is a dynamic force shaping India's economic and financial landscape. As a partner in nationbuilding, we have aligned our efforts with the government's¸ vision for Viksit Bharat, working collaboratively to implement changes in laws and offering insightful recommendations to strengthen the nation's financial architecture. I am a strong believer that along with fast-paced technologydriven service and manufacturing sector, rural economy is an inherent strength of India and hence during the year my special focus will be on this area.Our profession, built on the pillars of Integrity, Independence, and Ethics, has evolved significantly. Chartered Accountants are no longer just record-keepers or compliance officers; we are strategic advisors, empowering economic activities across the nation. Our profession helps the stakeholders navigate complexities, identify growth opportunities, and thrive in an ever-changing economic environment. At every level of the economy, Chartered Accountants are India's Catalyst for Advancement and Innovation. As financial soldiers of the nation, our profession's contribution is significant in building a resilient economy and realizing our collective aspirations for a prosperous future.As ICAI continues to evolve with the times, we remain committed to empowering the profession and contributing to the economic transformation of our nation.Now, let's have a look at some of the developments related to the Profession:
26th Council of ICAI
I extend my heartfelt welcome to all the esteemed members of the newly constituted 26th Council of ICAI, who will serve as the driving force behind pivotal decisions shaping the future of this noble profession and contributing to the nation's progress. Notably, this is the first Council constituted for a term of 4 years. As thought leaders, their expertise, dedication, and commitment will be instrumental in propelling ICAI to new heights on the global stage. Their relentless efforts toward excellence will undoubtedly strengthen the Institute's standing as a Partner in Nation development. I also take this opportunity to convey my best wishes to the newly elected Vice-President of ICAI, CA. Prasanna Kumar D., whose dynamic and versatile leadership and enriching experience, coupled with an optimistic outlook, will further enhance the Institute's functioning and effectiveness. His invaluable contribution will serve as a catalyst in advancing the objectives of ICAI and reinforcing its position as a global leader in the accounting profession.
Policy Advocacy for Progressive Tax Ecosystem
The Hon'ble Union Finance Minister, Smt. Nirmala Sitharaman ji, while presenting the Union Budget 2024-25, announced that a comprehensive review of the Income-tax Act, 1961 for simplification of the language of the Act to make it concise, lucid, easy to read and understandable is underway, and this will reduce disputes and litigation and also bring down the demand embroiled in litigation. A committee at the level of CBDT has been set up, and a stakeholder consultation was held under the chairmanship of the Revenue Secretary, Ministry of Finance, on 18th September 2024, wherein ICAI presented its Preliminary Suggestions for the Comprehensive Review of the Income-tax Act, 1961. Thereafter, ICAI submitted its detailed inputs for a comprehensive review of the Income-tax Act, 1961, as well as the Pre-Budget Memorandum 2025 in December 2024. Also, from time to time, representations are being submitted to CBDT with a request to resolve the genuine hardship faced by taxpayers to ensure effective tax compliance. It is heartening to note the consideration of ICAI's suggestions in the Finance Bill, 2025, and in the Income-tax Bill, 2025.
- ICAI Suggestions Considered in the Union Budget 2025-26: The Institute of Chartered Accountants of India (ICAI) commends the Government of India for presenting a progressive and reform-oriented Union Budget 2025. This budget marks a significant step toward simplifying tax laws, reducing litigation, and easing compliance for taxpayers, aligning with ICAI's longstanding recommendations for an efficient and effective tax framework. I am pleased to inform you that many of the ICAI suggestions have found a place in the budget recommendations.Amongst the ICAI's suggestions that have been considered in the Finance Bill, 2025, are tax exemption on withdrawals from National Savings Scheme (NSS) accounts to mitigate taxpayer hardship, revision of section 115UA(2) so that longterm capital gains referred in section 112A is taxed at the rate specified therein and not at MMR, and the introduction of a simplified regime to ease compliance for small charitable trusts and institutions. Furthermore, ICAI has successfully advocated for an increase in the TDS threshold under section 194J, the removal of TCS under section 206C(1H), and the reconsideration of the outdated Rs. 50,000 salary thresholds for "specified employee" for taxation of perquisite. As a significant step towards rationalizing the tax structure, ICAI has also suggested the introduction of a 25% tax slab under the default tax regime in section 115BAC(1A), along with necessary revisions to tax slabs and rates. These measures also align with ICAI's broader vision of fostering a progressive and efficient tax ecosystem.
- ICAI's Suggestions Considered in the Income- Tax Bill, 2025: ICAI continues to play a pivotal role in shaping a more efficient and streamlined tax framework. ICAI had, in its suggestions for a comprehensive review of the Income-tax Act, 1961, identified 13 chapters containing about 130 sections, in addition to another 134 sections and 9 schedules for elimination. Further, to enhance ease of compliance, ICAI suggested rationalization of the Charitable Trust Registration and Taxation regime as well as the introduction of a simplified scheme for smaller charitable trusts and institutions. ICAI's call for minimizing the use of complex provisos has also been acknowledged. Additionally, critical tax deduction thresholds have been rationalized, including an increase in the TDS threshold for professional services, technical services, and royalty payments, as well as the establishment of an independent threshold for TDS on directors' remuneration.Other notable recommendations considered in the Bill include the removal of TCS on the sale of goods, the expansion of the definition of "relative" to include maternal lineal ascendants and descendants, and defining "property" to include virtual digital assets as a separate item in the list of capital assets given thereunder. Furthermore, "advance ruling" is being redefined by replacing "Authority" with the "Board for Advance Rulings." The outdated salary threshold of
50,000 for "specified employee" -set over two decades ago-is also being revised to better reflect presentday realities.While these reforms are a welcome step, ICAI remains committed to work alongside policymakers to ensure its effective implementation. ICAI has constituted seven expert groups across India to comprehensively review the new Income-tax Bill 2025 and will shortly be submitting its recommendations on the same so that the objectives of simplifying the language of the law as also mitigating litigation and reducing compliance burden are achieved while enacting the new law.While discussing the Income-tax Bill 2025, it may be noted that Chartered Accountants, with their specialized qualification covering in-depth auditing framework and taxation laws, rigorous training, and deep expertise, are uniquely suited to conduct tax audits with the highest standards of quality and integrity. The mandate of tax audit under Section 44AB of the Income-tax Act underscores the necessity of engaging professionals who are extensively trained, regulated, and governed by a statutory body solely dedicated to ensuring financial discipline and compliance. ICAI ensures that its members adhere to the highest levels of professional competence and ethical standards, thereby strengthening the tax ecosystem and promoting transparency in financial reporting.The recognition of Chartered Accountants as the sole experts in tax audit is crucial to maintaining the credibility of financial statements and reinforcing the trust of stakeholders in the taxation system. I am of the firm view that Chartered Accountants are the best and only suited professionals to undertake this onerous responsibility, and since beginning, lawmakers from time to time reposed their faith in the profession to undertake Tax Audit. ICAI will continue to engage with the authorities to ensure that the sanctity of tax audit is preserved in the interest of the profession and the economy at large.
75th Annual Function of ICAI
Marking a glorious journey of 75 years, ICAI continues to uphold its rich legacy while experiencing a golden era of professional excellence. The Institute magnificently celebrated its 75th anniversary on 2nd February 2025 in Delhi, a momentous occasion graced by the esteemed presence of Shri Jagdeep Dhankhar, Hon'ble Vice-President of India, as the Chief Guest and Shri N D Gupta, Hon'ble Member of Parliament and Past President, ICAI, as Guest of Honour. On the occasion inspiring the fraternity, the Chief Guest said, "Chartered Accountant stands, not for Chartered Accountant, but Credibility Ambassadors, Change Accelerators, and I would urge you to be conscience arbiters, ethical guardians, and bold decision makers". These words will continue to guide and inspire the profession. The event served as a platform to honour and recognize exceptional achievements, with awards being conferred upon meritorious CA students, Regional Councils, Branches, and Overseas Chapters for their outstanding contributions throughout the year. Showcasing its intellectual strength and thought leadership, ICAI also unveiled a series of publications and initiatives aimed at furthering professional growth and knowledge dissemination. A comprehensive report on this grand celebration has been published separately in the journal.
Representation on Banking Law (Amendment) Bill, 2024
Over the years, ICAI has consistently advocated for a structured and uniform approach to auditor compensation. In light of this, a representation has been submitted to the Hon'ble Union Finance Minister, Smt. Nirmala Sitharaman to express concern on the proposed modification in the Banking Law (Amendment) Bill, 2024, which seeks to grant discretionary power to Public Sector Banks (PSBs) in determining the remuneration of their Statutory Auditors.
ICAI Strengthening Global Accounting Profession
- Delegation from ICPAK, Kenya: ICAI remains dedicated to the growth and development of the global accounting profession through collaboration and knowledge exchange. Recently, ICAI hosted the delegation from the Institute of Certified Public Accountants of Kenya (ICPAK), reinforcing our shared commitment to professional excellence. With a longstanding MoU since 2019, ICAI and ICPAK continue to strengthen ties, fostering mutual growth and innovation. Through two daylong interactive sessions, we shared insights on UDIN, AI, digital learning, audit quality, and more. Such collaborations ensure a future-ready, globally connected accounting community.
- Expanding Global Presence: In a major step towards the global brand building of the Indian accounting profession, the Institute has inaugurated five new Representative Offices in the USA. The virtual launch event, Unite in America, was held on 9th February 2025 and marked ICAI's expansion into Kansas, Louisiana, Minnesota, Tennessee, and San Diego. Chief Guest Dr. K. Srikar Reddy, Consul General of India (San Francisco), emphasized ICAI's growing global influence and its role in strengthening India's professional brand. With this expansion, ICAI now operates 52 Chapters and 33 Representative Offices across 47 countries and 85 cities, reinforcing India's ascent in the global financial and accounting sector.
ICAI Sets New Benchmarks in Skill Enrichment and Entrepreneurship Development
I am proud to share that ICAI has been honored by the India Book of Records (IBR) and Asia Book of Records (ABR) for an extraordinary achievement-conducting 97 programs in a single day under the record title "Maximum Programs Conducted on Entrepreneurship Skills in a Day." This milestone reflects our unwavering commitment to fostering entrepreneurial excellence and empowering future business leaders with the skills to thrive in a dynamic world.Also, ICAI has been officially recognized by IBR and ABR for conducting 79 programs in just 15 days under the record title "Maximum Skill Enrichment Programs Conducted in a Fortnight." This remarkable feat reinforces our dedication to continuous learning, professional development, and innovation at an unprecedented scale. ICAI remains at the forefront of shaping skilled, future-ready professionals who will drive the global economy forward.
ICAI Convocation - Welcoming the Gen Next
A grand Convocation Ceremony was held simultaneously across 13 locations in India to confer membership certificates upon 19,075 newly qualified Chartered Accountants and honour rank holders, ushering them into a future of excellence and integrity.On this prestigious occasion, the Hon'ble Governor of West Bengal bestowed the esteemed Governor's Award of Excellence upon ICAI, acknowledging its remarkable contributions to the profession, ethical standards, and nation-building. This honour reaffirms ICAI's commitment to shaping world-class professionals who exemplify integrity, excellence, and service to society. Notably, ICAI has made history as the first professional regulator in India to receive this prestigious recognition, marking a momentous milestone in its enduring legacy of excellence.Additionally, the top three rank holders of the year were also presented with the Governor's Award of Excellence, celebrating their exceptional dedication and pursuit of excellence. Their achievements set a benchmark for aspiring professionals. The award includes a citation, a trophy, and a cash prize of 25,000.Addressing young Chartered Accountants from Kolkata, Chief Guest Shri (Dr.) C.V. Ananda Bose, Hon'ble Governor of West Bengal, said, "When the going gets tough, the tough gets going and I am addressing the toughest of the toughest in the professional services of this nation. Chartered Accountants are the sentinels of financial integrity, the architects of corporate governance, and the driving force behind a transparent and resilient economy. Chartered Accountants are harbingers, custodians of truth as far as corporate governance are concerned. It is because of the vigilance of the Chartered Accountants that the nation's financial health is nurtured."To our newly qualified CAs-uphold integrity, embrace diligence, and pursue excellence. Your perseverance will not only shape your success but also elevate the profession and honour of your family. The world awaits your impact- go forth and make a difference.
ICAI's Focus Areas for 2025-26: Advancing Technology, Well-Being, and Global Outreach
For the year 2025-26, ICAI is set to drive transformational changes by integrating technology, promoting professional well-being, and strengthening global outreach. ICAI will focus on harnessing Artificial Intelligence, blockchain, and data analytics to enhance efficiency and accuracy in accounting and auditing.Recognizing the demanding nature of the profession, ICAI will be establishing a Committee on Promoting Work-Life Balance, emphasizing the importance of personal wellbeing alongside professional commitments. This initiative aims to help members & students and employees maintain a healthy balance, leading to increased productivity and overall fulfillment. Also three important groups are being constituted this year namely Group on Development of Rural Economy, the Group on enabling Lifestyle for Environment (LiFE), and the Group on Impact Financing. These initiatives will drive rural growth, promote eco-friendly lifestyles, and develop innovative financial solutions to support sustainable development. This year, we will also focus on opening new pathways for professional growth with the enhancement of skills and continuous learning to achieve lasting success.Expanding its global footprint, ICAI will work towards fostering stronger international networks for Indian Chartered Accountants, reinforcing India's leadership in the global financial ecosystem. Strengthening sustainability reporting and non-financial disclosures will also be a priority for encouraging eco-friendly business practices and corporate responsibility.Further towards empowering the next generation of professionals, structured mentorship programs and faculty development initiatives for students will be introduced. Additionally, forensic accounting and investigation standards (FAIS) will be promoted for global adoption.While the Institute will continue its commitment to MSME growth, financial literacy, and regulatory collaboration, it will also focus on the Gig economy. Global Capacity Centre is projecting India as the world factory of accountants, thereby positioning itself as a key partner in nation-building. By enhancing our disciplinary framework, ICAI will continue to uphold the highest standards of integrity and ethics.With a strong focus on research, excellence, and brand reinforcement, we will ensure that ICAI's 1.4 million members and students contribute meaningfully to India's economic progress and global leadership. Together, we will shape a future-ready accounting profession that upholds trust, innovation, and excellence.
Concluding Remarks
As we stand at the threshold of a new chapter, it is time to unlock our true potential and transform aspirations into achievements. This is the moment when the dedication, perseverance, and commitment of professionals must bear fruit.Change is the only constant, and embracing it is the hallmark of true growth. As we navigate the evolving landscape of our profession, I urge each one of you to continually upgrade your knowledge, refine your skills, and adapt to the dynamic regulatory and technological advancements shaping the financial world. The future belongs to those who are prepared to evolve, as reflected in the words of Mahatma Gandhi, "The best way to find yourself is to lose yourself in the service of others." Let us commit ourselves to this journey of learning, innovation, and service, ensuring that ICAI continues to shine as a beacon of excellence, integrity, and professional brilliance.Jai Hind, Jai ICAI
CA. Charanjot Singh Nanda
President, ICAI
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