Is Chartered Accountant fully armed against cyber war of information???

Today, we are in the information age and with the advent of internet, Google, smart phone we have been living in kind of cyber world, where everyone and everything is not only walking or running but flowing, flickering and flashing, where everybody wants solutions or information on desired subject at almost lightning speed (current scenario truly reflected in some smart phone advertisement) –

Link – https://youtu.be/IeMJRS_Tow4  &    https://www.youtube.com/watch?v=tpHZ3sXY6B8 )

Due to the above said tools, each of us has a feeling of “To Know Anything & Everything Relentlessly”.

However this paradigm shift of information matrix would have definitely created extra pressure or burden on the professionals like chartered accountants who have been considered to know everything, anything and with 100% accuracy on their subjects. As a matter of faith of general public in profession of chartered accountancy, this is appreciable but for the chartered accountants especially beginners or fresher it would have become tough job to maintain such faith.

In today’s scenario the chartered accountants, especially those who have started their practice or job recently, have to face or come across the problem of answering queries on different subjects, be it Direct Tax or Indirect Tax, with wide range of topics including TDS, Tax Audits, Company Law, NRI Taxation, Service Tax, VAT, GST, etc.

Perhaps in this process, the intention, to serve everybody with everything leads to the path of no ends and lack of practical experience, plethora of information, complexity of laws have further aggravate the situation and consequently due to this, they are prone to the less job satisfaction, frustration or despair.

But according to me the biggest fear looming on young professionals today, is the loss of “the purpose”. In the wake of satisfying Client’s demands instantly, sometimes or most of times, we simply “pass on” the information and are derailed from the path of acquiring and spearheading of knowledge.

Recently I have read book “Nani Palkhivala – God’s Gift to India” (a must read book for every Professional) by Dharmendra Bhandari who was a close friend of Nani and is also a Chartered Accountant. From that book I would like to mention some quotes by eminent personalities about Nani Palkhivala.

“The biography of Nani Palkhivala by Shri Dharmendra Bhandari is truly a treasured wealth and a fit tribute to one of the finest and most versatile personalities of our time. The book tells us about the three great qualities amongst many that Nani possessed: courage, skill in his profession and grace in the presence of adversity. It overflows with powerful feelings. Shri Nani Palkhivala was one of the best judges the Supreme Court never had.”

– Justice R M Lodha , Former Chief Justice, Supreme Court of India.

“I did not have the privilege of meeting Nani Palkhivala, but every citizen of India has been affected in some way by his life`s work, and owes him a debt of gratitude. Mr. Palkhivala was not only a jurist of the highest caliber; he was also a tireless champion of constitutional liberties, of human rights and individual freedom, and of economic freedom…. Mr. Palkhivala was a lonely voice against the socialism practiced in India then arguing that it was a fraud-transferring wealth from the honest rich to the dishonest rich. Instead, he championed free enterprise. It bears remembering that he was chairman of TCS, one of the brightest stars of the Indian economy today. No wonder Rajaji once called him, “God`s own gift to India.”

– Dr. Raghuram Rajan, Ex-Governor, Reserve Bank of India.

What a towering personality Nani was! He fought many cases which have deep socio-economic effect on Indian economy and general public (a true Common Man) of India at large, one of them was on Fundamental Rights (“ His Holiness Kesavananda Bharti Sripadagalvaru vs. State of Kerala (1973) where it was held that “While Parliament has the power under Article 368 to amend any part of the Constitution (including the chapter on Fundamental Rights), the power cannot be so exercised as to alter or destroy the basic structure or framework of the Constitution.” It was the Nani Palkhivala, whose tireless efforts and unprecedented arguments saved and protected civil rights and liberty of the people of India and Indian democracy.

Inquisitiveness, analytical ability, humbleness, command over the language, eloquence, passion of work, these were the qualities which made Nani a compelling legal force and stupendous personality. Shouldn’t we, as a professional also strive to possess the same?

 

Are we really on such Path is the Big question:

In the context, I would also like to draw your attention to the adverse remark given by the ITAT-Mumbai on the current scenario of C.A. students and coaching centers.

“We notice that, in the recent past, the methodology of self study is given a go-by by some of the C.A students and they have started depending more and more on the Commercial Coaching Centers, who undertake coaching of various subjects in the class room model.

We notice that the ICAI does not appear to have taken steps to contain mushrooming growth of such coaching institutes, which indulge in manufacturing of Chartered Accountants through class room model, which may ultimately have undesirable effect on the quality of Chartered Accountants, since the habit of thinking, introspection, application of mind is replaced by spoon feeding, which kind of teaching discourages independent thinking. There should not be any controversy on the fact that the Chartered Accountants, till date, have occupied pioneer position vis-à-vis their counterparts in other parts of the World. They also contribute a lot to the building, sustenance and growth of our National economy. Any compromise on the quality of Chartered Accountants would not only affect our Country very badly, but is also expected to endanger the pioneer position enjoyed by the Indian C.A fraternity vis-à-vis their counter parts in other parts of the world.”

– Vijay V. Meghani vs. DCIT-ITA No. 5418/5419

 

So friends, in circumstances like this, it is now imperative to change our approach and angles to look at the things. Now it is up to us to preserve the high respect and value earned by the Institute. So friends, let us geared up. Let us embark upon a journey which leads to the hunt for knowledge and thrive for the excellence and nothing less. Just like the value transformation lived through its slogan by auto-giant Mercedes-Benz.

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