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CA Saurabh Maheshwari (Querist)

22 February 2008 HELLO CA FRIENDS

I WOULD LIKE TO SHARE AND NEED YOUR VALUABLE COMMENTS IN REGARD TO MY CAREER .
FREINDS RIGHT NOW I AM WORKING WITH FINANCIAL MARKET COMPANY WHICH IS AMONG TOP 15 COMPANIES IN INDIA.I HAD BEEN OFFERED BY MD TO BECOME THE HEAD OF DEPARTMENT OF EXCHANGE RELATED ACCOUNTING BUT I DENIED FOR THAT POST BECAUSE I PERSONALLY FEEL THAT IF I WILL CONTINUE WITH THAT POST I WILL UNABLE TO KEEP MYSELF IN TOUCH WITH TAXATION MATTERS. THOUGH FROM MONEY CONSIDERATION POINT OF VIEW THE POST I DENIED WAS FRUITFUL BUT I BELEIVE THAT AFTER BECOMING CA ITS BETTER TO GET CONNECTED WITH THE LAWS AND TAXATION WHICH IS OUR BASIC PROFESSION AND EVEN IN FUTURE IF I WILL GO TO THE COMPANIES OTHER THAN FINANCIAL MARKET RELATED CO'S ITS BETTER PLEASE SUGGEST ME WHETHER I DID RIGHT OR WRONG .

R.V.RAO

R.V.RAO (Expert)

23 February 2008 THE M.D AND SENIOR MARKETING EXECUTIVES IN SOME WELL KNOWN MNC AND INDIAN MNCs ARE CHARTERED ACCOUNTANTS.THEY ARE EVEN MADE GLOBAL MARKETING HEADS LATER.
I UNDERSTAND THAT YOU ARE IN A DILEMMA THAT ONCE YOU TAKE CHARGE OF EXCHANGE RELATED ACCOUNTING , YOU WILL NOT BE IN TOUCH WITH TAX AND LAW.
I FEEL THIS FEAR IS UNFOUNDED.
WHEREVER YOU ARE IN ACCOUNTS YOU OUGHT TO KEEP YOURSELF ABREAST OF LATEST CHANGES IN TAX ,(BOTH DIRECT AND INDIRECT) AND LAW .
THERE IS NO ESCAPE.
EXCHANGE RELATED ACCOUNTING WILL EXPOSE YOU TO FORWARDS, DERIVATIVES, OPTIONS AND SWAPS , AND HEDGING, WHICH IS FAR MORE EXCITING THAN TRADITIONAL ACCOUNTING.
OUR COUNTRY'S CORPORATES HAVE OFLATE BURNT THEIR HANDS SEVERELY YOU KNOW IN FOREX DERIVATE CONTRACTS WHERE OUR BIGGEST PUBLIC AND PRIVATE SECTOR BANKS ARE INVOLVED ON THE OTHER SIDE OF THE TABLE.
I FEEL AGHAST AT SUCH TIMES THAT IF A CHARTERED ACCOUNTANT IS AT HELM OF SUCH SITUATIONS , THESE LOSSES IN MILLIONS OF INR ( IN FACT IT IS MUCH MORE, NOT REPORTED WIDELY IN PRESS ALSO , NOT KNOWN TO MANY CAs EVEN) COULD HAVE BEEN SAVED TO A SIGNIFICANT EXTENT.
PERHAPS IT IS THIS CAUTION WHICH PROMPTED YOUR PROMOTER TO MAKE YOU HEAD OF THAT DEPT. HIS CONCERN CAN BE UNDERSTOOD AND APPRECIATED FOR THE FOREIGHT.HE FELT IT WILL BE IN YOUR SAFE HANDS.
EVEN YOU MIGHT HAVE HEARD OF A LISTED COMPANY BY NAME HEXAWARE TECH. LTD. WHICH LOST VERY HEAVILY IN THESE FOREX DERIVATIVE DEALS.
THIS JOB OFCOURSE IS FAR EXCITING AND CHALLENGING EVEN FOR A CA WITH HIS MULTI SKILL SET.
BESIDES THOSE WHO BELIEVE THAT EVERY SITUATION IS PREDESTINED FOR HUMANS, ACCEPTING NEW AREAS WILL OPEN UP FURTHER AND LEAD TO A NEW AND FAR BETTER PROSPECTS.
AFTERALL WHO WOULD WANT FOREVER TO REMAIN AS AN ACCOUNTANT FOR LIFE. EVENTUALLY ONE WILL MOVE OVER TO GENERAL MANAGEMENT POSITIONS.
IF YOU HAVE A CHANCE TO REDO THE SITUATION, ACCEPT THE NEW CHALLENGE. YOU WILL NOT REGRET.HOPE AFTER ALL IS LIFE.
GOODLUCK.
R.V.RAO

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)

23 February 2008 In my opinion you did wrong,
Reasons:
1. you can make yourself update with taxation while working in this position also.
2. Today Forex is a Must to know market.
3. You will learn even somewhat taxation of foreign countries.
4. All big markets are related with forex market in anyway.
5. you are already aware of taxation matters and only updates are required, which you can very will do that.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Querist)

23 February 2008

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