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Biggest Blow to CA's

Lalit Kumar (Vice President ) (2213 Points)

28 February 2011

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..

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49 Replies

CA. ANKUR JAIN (CA.....) (2800 Points)
Replied 28 February 2011

nothing to worry dude its not a big deal for CA's

CA's can generate income from anywhere.....

3 Like

Lalit Kumar (Vice President ) (2213 Points)
Replied 28 February 2011

Very Easy to say tat Ankur.. Should go to a CA's Office in City's of Karnataka, MP, WB,TN etc and for tat sake Mumbai as well.. and see their main Income.. and i am not talkin of Big Firms or firms havin 2 or more partners.. they will atleast have tax audit also.. but Sole Prop quite a diff job for sure.. But I am sure they will find other avenues too.. anyways CA's are Smart Enough for it..!

2 Like

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 28 February 2011

Yea ! am bit agree with LKR. that is fact.

APOORV SAXENA (Chartered Accountant) (794 Points)
Replied 28 February 2011

according to me there are very few people who have income only u/h salary, many people have income u/h other sources (Intt. on NSC, FD, Bank accounts).

4 Like

(Guest)

Originally posted by : APOORV SAXENA
	according to me there are very few people who have income only u/h salary, many people have income u/h other sources (Intt. on NSC, FD, Bank accounts).

Srihari Manipatruni (student) (147 Points)
Replied 28 February 2011

yes i agree, but CA's are smart enough to find best alternatives........

3 Like

Sourabh Arora (Article) (109 Points)
Replied 28 February 2011

Hey guys,

Dont worry this provision stands null in practical because 99% salaried persons have their savings bank account and a savings bank account needs a minimum balance on which they get Interest (Even if it is 20-30 rupees) and it comes in other sources.

I hope u all got it.

1 Like

CS LLB Pulkit Gupta (https://www.facebook.com/pages/Life-and-Promises/553962034682487) (16631 Points)
Replied 28 February 2011

Yaar salaried people have FDs too on which they earn interest...

So no issues

2 Like

Amit Gupta (Loosening Myself) (1508 Points)
Replied 28 February 2011

I think there are many more areas apart from filing return.No doubt it is the first ball for CA to start with , but still many more to come.

1 Like

Sumant Gajanan Sathe (Service) (59 Points)
Replied 28 February 2011

actually its nice move...salary ppl shud get som benefit...atlest because of this arrangement they can save their 300-500 rs. which chartered charge for no cost!! During my articleship i used to feel i shud tell this salary ppl to get their returns filed through TRP's...its non-sence job in ca firm....zero value addition for articles!!

3 Like

Sonia M Ketkar (B.com CA DISA(ICA) Pursuing CS) (625 Points)
Replied 28 February 2011

Salaried assessee's have to open a savings bank account in order to deposit their cheques (take d case of our stipend, we also had to get account payee cheques and had to open an account) and each one has minimum balance in their accounts. even if 1rs is earned as interest it's an income under the head other sources. So I agree with Apurv and Sourabh.

But I have seen few cases where employee's get a bearer cheque, deposit it in another individulas account as they don't have account. So these cases are excluded..

1 Like

cma ravi tanwar (ca final) (106 Points)
Replied 28 February 2011

guys

i am sorry to say that u people dont know what happens in practice,

u people should be knowing that in 90 percent of the cases ,taxpayers earning salary income dont show interest earned on FD's and savings a/c in their returns

moreover the provision is applicable for salary income upto 5 lacs.u can very well imagine a person earning 5 lacs can not have of lacs in fd's and u r talking about intt

it is indeed a big blow for small CA;s

3 Like

Lalit Kumar (Vice President ) (2213 Points)
Replied 28 February 2011

point taken Apurv, Sourabh and Pulkit.. But the Point is u know this and i know this even a Single Re of Interest in FD, Saving bank A/c, goes under the head IOS and henceforth Returns has to be filed technically.. But as a Common man, not all are CA's or Commerce Graduates.. A normal guy will has just Interpreted this as if he is getting salary, returns need not be filed.. Ex my cousin who is workin in TCS, came and said me today no need to file return for him now on, inspite of the fact tat he gets Interest etc..

Was able to convience him, explaining him the actual position somehow.. Prima Facie, it looks like no Returns for Salary class people..