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Chartered accountants are ‘financial doctors’, says Pradhan

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Reported by Santosh Jagdev

Bhubaneswar, Aug 22:

Recalling the words of the Prime Minister Narendra Modi that his government does not believe in a high taxation regime, Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan today said this was possible by maintaining extraordinary integrity, fairness and putting heart and mind in auditing and taxation by the Chartered Accountant (CA) fraternity in Odisha and the nation as a whole.

Photo: Biswaranjan Mishra
Photo: Biswaranjan Mishra

The Minister was addressing the inaugural ceremony of 11th All India CA conference 2014 on the theme ‘CA’s new frontiers, challenges and opportunities’ held at Hotel Mayfair Convention here today.

The conference, being organised by the Institute of Chartered Accountants of India (ICAI), Bhubaneswar branch, will end on Sunday.

Lauding the efforts of the Bhubaneswar branch of ICAI in organising this conference for the 11th successive year in the city, Pradhan termed CA officials as ‘financial doctors’ who do to financial auditing processes for the business world what doctors do for mankind. “They are associated from formation of a company to its liquidation, just like doctors look after a person from birth to death,” he said.

Pradhan further said CA officials act as tax consultants, who advise on tax planning, tax assessment and represent clients before the tax authorities. Besides, they also act as business advisors in decision making in investment, finance, banking, insurance, mergers and acquisition and closure of business contributing to the country’s economic growth rate and higher revenue for the government.

The Narendra Modi government aimed to bring reforms in taxation policy and introduction of Indian Accounting Standards in the taxation system operated by CA officials by 2015-16, Pradhan said adding it would bring India on par with international accounting standards.

Responding to the appeal by the ICAI for a piece of land for setting up a CA institute in the state, MP Pinaki Mishra said he would discuss this matter with Odisha’s Chief Minister Naveen Patnaik soon.

Among others, Ansuman Das, CMD, Nalco, CA K Raghu, President of ICAI and CA Manoj Fadnis, Vice President of ICAI and CA Anuj Goyal, chairman ICAI spoke on the occasion.