‘CAs should interpret law correctly’
   Date :10-Jun-2021

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NAGPUR Branch of WIRC of ICAI recently organised a study circle titled ‘Knowledge ki Pathshala’ under the ‘Top 10 Series’ covering 10 latest amendments / judgements / advance rulings / and other important issues under GST, Income Tax and Corporate Law. The basic aim behind organising this series was to update CA members about latest changes which need to be kept in mind for understanding law provisions and advising clients. “You need to update yourself continuously to properly understand and interpret the law and then advice your clients” said CA Ashok Chandak, Past President of ICAI, in his address as the chief guest while inaugurating ‘The Top 10 Series’. The changes in law are frequent and a lot of notifications and amendments are done by way of various notifications, circulars, press releases and judgements in all types of laws.
Chartered Accountants (CAs) are expected to be aware of all such changes on a regular basis. He comprehensively covered all areas in GST like issues regarding abolishing of GST audit, date extension, late fees waiver, reduction in interest rates, IGST relief for oxygen concentrator and remdisevir announced by Government as COVID relief measures, GST on mobilisation advance, faceless ITAT, faceless CESTAT, dilemma about GSTR2A / 2B, RCM provisions, reversal of GST in case payment not made within 180 days, fast tag system and future of GST administration, various Supreme Court and Madras High Court judicial rulings etc. CA Rajesh Loya, Past Chairman of ICAI said, “You need to follow all provisions of Income Tax Act meticulously and you need to enhance your drafting skills in this e-assessment era. There are a lot of changes and circulars along with various interpretations which need to be understood properly by practising members under Income Tax Act.” “The responsibility of following Corporate Law provisions is primarily on the company,” said CS Khusboo Pasari, Chairperson, Institute of Company Secretaries, Nagpur Branch while covering provisions related to Company Law. She covered all latest amendments which included extension in due dates of filing returns as well as relevant provisions of Company Law needs to be followed by all CA professionals while finalising the audits of companies this year.
CA Saket Bagdia, Chairman, Nagpur Branch of ICAI said, “Updation of knowledge is of paramount importance in today’s e-world and every professional is expected to be aware of all changes in all laws”. “It was with this intention this Top 10 Series was launched,” he further added. Regional Council Member, CA Abhijit Kelkar said, “Continuing professional education is the mantra of ICAI to regularly update members.” CA Jaydep Shah, Past President, ICAI praised the initiatives of Nagpur branch and urged members to regularly update all provisions of laws. The sessions were coordinated by CA Akshay Gulhane, Treasurer, CA Kirit Kalyani, Immediate Past Chairman and CA Naresh Jakhotia, Coordinator for the series. CA Sanjay M Agrawal, Secretary of Nagpur Branch proposed the formal vote of thanks. Prominently present were CA Jiten Saglani, Vice Chairman and WICASA Chairman, CA Suren Duragkar, Past Chairman, CA O S Bagdia, CA Anil Parakh, CA Kirti Agrawal, CA Sandeep Jotwani, CA Umang Agrawal, CA Satish Sarda, CA Sudhir Surana, CA Kavita Loya, CA Aniruddha Shenwai, CA Makarand Joshi and a large number of members.