On July 1, 2022, more than 3.5 lakh chartered accountants across the country will be celebrating CA day. The day is special for every chartered accountant as it not only celebrates one of the prestigious professions in the country but also it a matter of pride for those who have passed the CA exam, which is considered to be one of the toughest exams in the world.
On CA Day, Nation Next speaks to practicing chartered accountant Ajay Vaswani (Partner, ARAS and Company) about the importance of the day, the CA course and what former president Dr APJ Abdul Kalam and PM Narendra Modi famously said about the profession in the past.
Why is July 1 celebrated as CA Day?
On July 1st, 1949, the Institute of Chartered Accountants (ICAI) was established as a statutory body under the Chartered Accountants Act, 1949, enacted by the Parliament. An expert committee, which was formed in 1948, suggested the formation of an autonomous body to regulate this profession and so act was passed and ICAI came in existence. CA Day is celebrated on July 1 to commemorate the formation of ICAI.
What is the motto of ICAI?
The ICAI has a very strict code of ethics. Its official motto is a quote from the Upanishad: The quote is: ‘Ya esha supteshu jagriti.’ It means: ‘One who is awake among those that sleep.’ A CA is honour-bound to follow the ICAI’s regulations and to always be compliant and vigilant. Even when clients are irresponsible about their taxes, it is the CA’s duty to help them become better tax-paying citizens of the country.
What is the role of Chartered Accountants in Indian economy?
Apart from being involved in debit-credit accounts, CAs play a very important role in nation building on a large scale. A chartered accountant is the backbone of the economy. His/her financial expertise helps the country get in the right direction in various financial and economic measures thereby strengthening India’s economy. A CA contributes in the field of tax planning, capital planning, budget planning, financing or other activities, preparation of accounting books and auditing. In the current scenario, after the introduction of GST, the role of the CA has become even more important. In everyday life, the experience of CAs is utilized as much as possible, starting from the preparation of laws and regulations to the implementation of GST.
Former President Dr APJ Abdul Kalam once said that chartered accountants are partners in nation building…
Nation Building involves building financial health, financial discipline, financial reporting and enforcing financial ethics. All these things strengthen overall financial health of any county. Since a CA plays a crucial role in all these things, Dr Kalam, who is also known as people’s president, said that CAs are partner in nation building.
What role does a CA play in growth of any business?
The present business scenario has led to the evolution of the profession of chartered accountancy. Where once a Cas expertise was limited to taxation and regulatory practices, it has now spread all corners of business management right from inception to constantly making effort to making steady progress. CAs play important role in financial planning, cost optimization, business management decisions, structuring and compliance.
CA exams are considered to be one of the toughest exams in the world…
Yes, CA exams are said to be one of the toughest exams considering the fact that very few people compared to people appearing, pass the exams. However, it’s the continuous dedication to study along with articleship, which makes the CA course very tough. A person who can balance work and study well can qualify and become a chartered accountant.
Since there is are reservations in Chartered Accountancy course, every student is an equal when it comes to hard work and intellect. Also, it is very economical to pursue CA in comparison with other professional courses…
The highest performing education systems are those that combine equity with quality. Such institutions give all children opportunities for a good quality education. CA curriculum is same PAN India irrespective state and city, and is free from reservation system or quota. It is also very economical to pursue chartered accountancy. This course, in fact, gives an opportunity to earn while you learn by means of stipend while undergoing training under a practicing CA. The net cost of doing CA doesn’t exceed Rs 1.50 lakh.
What qualities should a student must possess to pass CA exam?
Dedication, commitment, sincerity, punctuality, strong and clear communication skills, positive mindset and self-belief.
What are the opportunities available for freshly qualified Chartered Accountants?
There are endless opportunities for a person after passing the final CA exam. Most industries or companies require the professional service of chartered accountants. A CA can join another CA firm, join a company recruiting chartered accountants, can start own practice, or can start a firm following the path of entrepreneurship.
If you had to describe a chartered accountant in a few words, what would you say?
A Chartered Accountant is a financial doctor, financial lawyer, financial engineer and financial architect.
Prime Minister Narendra Modi once said that ‘The signature of a CA is more powerful than that of the PM…’
Yes, PM Modi said that chartered accountants are like ambassadors of any country’s economic system and that they are interface between the government and the tax-paying companies and individuals. He also famously said that the signature of a CA is more powerful than that of the PM.
12-yr-old Nagpur boy dies after trying to imitate a deadly YouTube video
A 12-year-old boy named Agranya Barapatre in Nagpur breathed his last after trying to imitate a video on YouTube at his neighbour’s place. The woman, in the video, is seen demonstrating how she escaped with her hands tied behind, gagged and face covered with scarves. He was found hanging from a wooden ladder’s stick on the neighbour’s terrace but there was no knot on the scarf.
Upon inspection, it was learnt that Agranya had downloaded a video titled ‘Full face cover challenge’ in his phone. Cops said that there was no reason for the teenager to commit suicide but the possibility of an accident could not be ruled out.
Arangya’s mother said the couple had no clue where the scarf came from; he only carried a chakri and a kite. She also revealed that her son usually played on their neighbour’s terrace
Reportedly, Agranya was undergoing a psychiatric treatment as he was a hyperactive kid who wasn’t attentive in studies. He was good with using phones and application so his family tried to keep the phone away from him. However, he would somehow always locate the phone.
Agranya, the only child to his parents, was supposed to be felicitated at his school on Thursday during Republic Day for securing second position at a double-lathi event at the third National Traditional Lathi Sports Championship in Indore.
Post the incident, he was rushed to Government Medical College but was declared dead. Sakkardara Police registered a case of accident death.
President’s Cup 2.0 kickstarts at DPS MIHAN in Nagpur
The second edition of the President’s Cup for Tennis Ball and Cricket was held in the sprawling campus of Delhi Public School (DPS MIHAN) on Friday, January 27. Gurudas Raut, a differently-abled international cricket player, captain of T20 World Cup 2019 and a recipient of many awards instituted by BCCI, ICC and VCA graced the occasion as Chief Guest and inaugurated the event. Janak Shahu, Secretary, Physically Challenged Cricket Association was also present on this occasion.
Nidhi Yadav Principal at DPS MIHAN welcomed the guests by presenting saplings, which is the tradition of the school. In her welcome address, she highlighted the vision of President and Pro Vice Chairperson Tulika Kedia who ensures the best of sporting facilities are provided to the students for holistic education and for psycho- socio development.
She also thanked the Director Savita Jaiswal for her constant guidance and support. She expressed her gratitude for the benign presence of Raut to motivate the young players befitting to the occasion. She emphasized that he is a perfect role model for the budding cricketers.
Raut in his speech, appreciated the sporting facilities and encouragement given by the school for the development of sporting culture amongst the students. He emphasized that one should explore opportunities and believe in oneself to achieve one’s goal. He mentioned that with will power he could pursue cricket and achieve laurels at national and international level inspite of his limitations.
In this edition, six teams are competing for the coveted President’s Cup. The finals will be held on Monday 30th January 2023.
Naatu Naatu composer MM Keeravani is a great musician; just that he’s underrated: AR Rahman
SS Rajamouli’s ‘RRR’ has been making news for the past few weeks. Be it winning Golden Globe for the song ‘Naatu Naatu’ or being nominated for Oscars 2023, composer MM Keeravani is a national name now. The Oscar-Golden Globe-Grammy awards winner, AR Rahman said, spoke about MM Keeravani in a recent interview.
Expressing that Keeravani is ‘underrated’, he said, “You know what? MM Keeravani is a great composer, it’s just that he’s underrated. And I’m not sure if it’s true, Keeravani wanted to quit music in 2015 and retire. In fact, that’s when his career had actually started. And everyone noticed it. I believe when someone thinks their life is over, that’s when your life starts. You just need to live. I even tell my kids the same, ‘that gentleman (Keeravani), who’s been in the industry for 35 years, wanted to quit so early when his career actually started at that point.”
This video of Rahman’s interview about Keeravani has been appreciated on social media. And many users have also praised him for his positive and inspirational statements. Moreover, Keeravani will be conferred with Padma Shri this year, who once thought of quitting and wanted to retire in 2015.