Is there a place for girls in the profession of chartered accountant? – New
Women have great opportunities to enter the profession of chartered accountant and to succeed in their careers.
Question: My daughter who is finishing her business studies at a college in Chennai wants to enroll in the accounting course, although my preference is for management studies. Is there a place for girls in the public accountancy profession in India and the Gulf?
Answer: Many women today embark on the profession of chartered accountant and some of them pursue it by subsequently pursuing an MBA course. This is especially happening in the post-pandemic environment where hybrid work culture is gaining importance. Women believe this will close the gender gap because they won’t have to interrupt their careers. Many top companies, including the Big Four, hire women who have taken the public accountancy course in recent years because they believe women are likely to make better accountants than their male counterparts. It should be borne in mind that the accountancy exam is very difficult and that during the exams of July 2021, only 13.22% of the candidates passed. Many women candidates were among the best. Thus, women have great opportunities to enter the profession of chartered accountant and to succeed in their careers.
Q: My father, who is over 75, regularly files income tax returns. I am told that there are rules that have been relaxed for these senior taxpayers. Can you share any information on this?
A: In the finance law that was passed earlier this year, changes were made to provide relief for taxpayers aged 75 and over. The tax service has prescribed a declaration form that must be filed by these people with banks that would exempt them from filing an income tax return for the current fiscal year ending March 31, 2022. Citizens who are thus exempt from completing the income tax returns are those who have retirement income and interest on term deposits with banks. The Central Council of Direct Taxes notified rules that would become applicable to citizens aged 75 and over and file the declaration that would allow the bank to deduct pension tax and bank interest. This tax amount would be deposited by the bank with the government on behalf of the taxpayer. Therefore, the senior would not be required to file the income tax return. Dedicated counters have been opened by all the major banks to offer this service to these seniors.
Q: I come from a farming background. My sons want to start some businesses in India. I would like to have your opinion on the nature of the companies likely to have a bright future. My sons want to take advantage of the opportunities that arise.
A: Your sons have the right approach. The post-pandemic industrial recovery will be based on automation and digitalization. It requires significant skills. However, the opportunities are enormous in health and education as well as in transport and communications. One of the critical needs in India is the establishment of a supply chain infrastructure, including logistics. This is expected to create employment opportunities in semi-urban and rural areas, which in turn will promote inclusive growth. Therefore, setting up a warehousing facility for storing agricultural products and operating a cold chain facility are two emerging opportunities for your sons to consider. In the high-tech sector, the operation of a semiconductor wafer manufacturing unit offers export prospects of unprecedented magnitude. Capital investments in these projects are encouraged through tax incentives.
HP Ranina is a practicing lawyer specializing in tax laws and foreign exchange management in India.