Q&A

Can an auditor be helpful in checking black money?

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Can an auditor be helpful in checking black money?

No auditor can convert money to Black money if transactions have properly been recorded in books of accounts. Auditors responsibility is to check books of accounts and not to find ways and means to generate Black money. Black money means income on which tax is deliberately evaded.

Do CAs make a lot of money?

According to job search platform Naukri.com, the average salary of a chartered accountant in India is over ₹7 lakh per annum. But experienced CAs tend to make as much as ₹25 lakh per annum.

What is the future of Chartered Accountants?

CA can choose to start up their own independent practice or make their clients on the basis of merit. They can also apply for the job of Chartered Accountant in an existing firm. They can also give their services for the capital market. The qualified CA can apply for a government job, public or private sectors both.

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What happens if someone is caught with black money?

Change maximum punishment under Prevention of Corruption Act from the present 3, 5 and 7 years to 2, 7 and 10 years rigorous imprisonment and also changes in the years of punishment in the Income Tax Act.

What is the penalty for Offence improper keeping of account?

If during the assessment proceedings, it is found that you have not maintained any books of accounts or other document as required under section 44AA, or the A.O finds that you have not retained the books of accounts and other necessary documents for the minimum time period (which is 6 years), then a penalty of Rs …

Will Chartered accountants be needed in the future?

There will be continued demand for accountants in the future, despite the rise of AI and automation. In fact, it is considered by experts that new technology will revolutionise accounting, creating more jobs than it destroys, ensuring job security for those in this field.

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How is black money converted to white?

CASE 3: Another popular way of converting black into white money is by getting a gift from a relative. People also give the black money to a person (say a family member or a friend) and take a cheque from them. They show that as a loan receipt and thus they can temporarily convert their black money into white.

Is the new GST a privilege for new Chartered Accountants?

GST is a privilege for new Chartered Accountants too. The reasons are very obvious the new indirect tax system is very fresh for each CA and it is an additive point for the new CAs. It is helping not only old CAs in generating revenues but also beneficial for new CAs.

Why is the demand for GST accountants so high?

And that’s why the demand of professionals with the GST knowledge has increased that much. GST is a privilege for new Chartered Accountants too. The reasons are very obvious the new indirect tax system is very fresh for each CA and it is an additive point for the new CAs.

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What is a special audit under GST?

In GST draft law, there is a provision of “Special Audit” which is also conducted by a Chartered accountants or by a Cost Accountant. One window solution is possible. After GST implementation the work area of professionals has become wide and they can provide a single window solution to their client.

Can service tax be collected under GST?

But from 01.07.2017, they cannot account/collect Service Tax since GST has come into effect in lieu of Service Tax.

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