Chairman's Message

Dear Esteemed Colleagues Dear Esteemed Colleagues
In the month of September most of the practising Chartered Accountants will be busy with Tax Audits. The move of Central Government to extend GST Annual Returns and GST Audit of Financial Year of 2017-18 to 30" November 2019 is a welcome measure. This will help the members to exclusively concentrate on Tax Audits in the month of September. The statistics revealed by CBDT that The Income Tax Department has registered a quantum jump in the e-filing of Income Tax Returns (ITRs) with an all time high of 49,29,121 ITRs filed in a single day on 31st August 2019 is a good sign. Tax payers are moving towards compliance nation. In this month of my writeup I would encourage members to spread government scheme of "Sukanya Smriddhi Scheme" for girl Children. The details of the scheme can be obtained from http://www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=89. This scheme encourages regular payments to obtain a lumsum amount at the age of 21 and also a part withdrawal for studies of the girl child at the age of 18.
Pleasure in sharing details about Upcoming Programs:
on 5th September 2019 branch along with Board of Studies of ICAI are Celebrating Teachers Day with theme My Teacher- Torch bearer of my life". The program includes a webcast followed by Motivational Speech and Essay, Slogan Competitions. I convey my greetings on occasion of Teacher's Day. Principal is the most important Guru (teacher) as mentor for CA Student. The practical side of the CA Training hand holds him/her in each step of his professional career.
On 7th September branch is organising Full Day Seminar on Finance Act 1 & 2 and Recent Judicial pronouncements in Income tax by CA Avinash Gupta and Mr M V Swaroop. On 14th September a Half Day Seminar on Audit Documentation with reference to tax audits by CA T L N Bharati.
Review of August 2019
On 3rd August 2019 we conducted a full day seminar on clause by clause analysis of Tax Audit report by CA Sanjay Agarwal from New Delhi and on issues in income computation and disclosures standards by CA S Ramesh from Chennai. The speakers presented the subject in detail and was well received by members.
On 8" August 2019 the branch conducted a study circle meeting on GST annual returns by CA M Muralidhar and on 14" August 2019 we had a study circle meeting on GST Audit by CA Sistla Ravi Shankar from Odisha both the speakers have given the procedure and precautions to be followed in filing GST Audit report and GST Annual Returns. I thank both the speakers of Study Circle Meeting for excellent presentations. In the study circle meeting CA Manoj Jain also gave a presentation on how to utilize excel in making reconciliation for GST annual returns and GST Audit during floor participation. I complement his efforts.
On 17" August 2019 we conducted a half day seminar on utility of excel and tally in Tax audit by CA Pankaj Deshpande from Nagpur followed by critical issues in form 3 CD by CA E R Somayajulu (Vizinagaram Ramji). We also had a privilege of participation by Sri K R Narayana Hon'ble JCIT CPC Bangalore to deliberate on the issues faced by assessee's in filing income tax returns and also processing of their returns. Sri K R Narayana explained in detail about the development in CPC and also handled queries of the members.
The proactive approach of Income Tax official has resulted in many queries resolved then and there. He also requested the members to share their queries to branch mail id visakhapatnam@icai.org for any issues faced in CPC which we will forward to CPC Bangalore to get them resolved.
All the Speakers made excellent presentations in a very detailed manner for the benefit of all the members and I thank all the resource persons for accepting our invitation in short notice to address the members and for their excellent deliberations on the subject. We have celebrated 73rd year of our Independence on 15th August 2019. This year around 50 members attended the Flag hoisting ceremony. Senior members gave their valuable message on the occasion.
I request the members to utilise the opportunity of Registered Valuer Educational Course being organised at Visakhapatnam Branch of SIRC of ICAI from 14th September to 13th October 2019 on the following dates:
14th, 15th, 21st, 22nd, September, 5th, 6th, 12th and 13th October 2019. Valuation has got legal backing with Section 247 of Companies Act. This has paved way for Valuation to grow as a profession. The details of the course are shared through mail members.I request the members to generously contribute to Chartered Accountants benevolent fund.
With Ward Regards
CA. M. Chalapathy Rao
Chairman