Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India
General »
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months
 Here’s how self-employed should efile their taxes
 Advance tax given by individuals in June quarter rises more than 40%

Chartered Accountants in high demand this polls
March, 21st 2011

The unprecedented expenditure rules for the assembly election is giving candidates sleepless nights. Parties and candidates are hiring chartered accountants, chartered accountancy firms and book-keeping experts to stay on the right side of the law. Even former bank employees are being sought.

The Election Commission has approached the Institute of Chartered Accountants of India ( ICAI) to prepare a guideline for political parties. "A core committee of ICAI is working on the guidelines of expenditure. The EC wants to make a proper accounting framework for this," a member of the committee said.

From getting a PAN card to opening a separate bank account for election expenses, the accounting professionals can help candidates (especially first-timers and those in rural constituencies) with every nitty-gritty.

State housing minister and CPM candidate from Dum Dum, Gautam Deb, said: "Such professionals will be hired both at the party level as well as in individual capacities. And they will be appointed for all the 294 constituencies."

Deb, a veteran who has headed the high-profile Housing and Infrastructure Development Corporation (Hidco) from its infancy, is nonetheless jittery on how best to abide by the Election Commission's expenditure norms. "It's not enough to have election agents this time. The process of expenditure accounting looks lengthy and complex. It's impossible for us to do it on our own. We are especially concerned about the candidate in a remote village who might not even know what a PAN card was all about. Hence, professional help is the need of the hour."

Trinamool candidate Tapas Roy said: "Being an advocate myself, I shouldn't be over-awed by the recent poll diktats. On second thoughts, since the norms are stringent, I, too, might get an expenditure agent. In fact, there is my personal auditor who could help out."

BJP state president Rahul Sinha said, "We have told the Election Commission how difficult it will be for candidates to do their own book-keeping. So, we have sought permission for hiring expenditure agents. The moment the commission gives its nod, we shall start getting the expenditure agents." Has his party found them already? Sinha preferred not to give away the names, saying, "They will be there soon after the EC gives the permission."

But it's true that several mid-sized audit firms have already been approached by all major political parties. They will be assigned to keep books, maintain accounts and help candidates with asset disclosures. Chartered accountant Arijit Chakraborty said as much: "Some mainstream parties have started approaching, if not appointing CAs at the party or personal levels. I think it's a great idea to hire professionals for the job. CAs can help render valuable service and making this mammoth job of electioneering transparent."

The separate bank account norm, aimed at curbing the use of black money, is a radical new step but chartered accountants feel there are still many grey areas, and candidates could cheat the EC if they want to hide or manipulate facts. Again, this is where "an accountant's expertise comes in".

A Left Front candidate said: "The norms have only increased the workload of candidates without any guarantee that infusion of black money will be checked. The bulk of expenditure by candidates is done through payments in cash and kind. Where will all the vouchers come from?" Sumit Basu, chartered accountant, thought as much: "There are various types of expenditure. Local travelling, for instance, is one area where vouchers won't be available. Or what about petty cash spending, like on tea and snacks?"

He added: "The job for the CA won't be easy as there will be grey areas where expenditure cannot be substantiated. A registered CA must authenticate all the spending. I think people will hire unregistered accountants instead for maintaining the log book, or creating vouchers for hired cars etc."

It'll be a matter of choice whether to get a CA or simply a bank official who knows accounting like the back of his hand. One thing is clear, though. Another valuable poll expense will be entered in the candidate's expenditure account: the accountant's fees.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions