Is there scope for girls in the chartered accountancy profession?
There is tremendous scope for women to enter the chartered accountancy profession and have a successful career
Question: My daughter who is finishing her commerce education from a college in Chennai wishes to enroll for the chartered accountancy course, though my preference is for management studies. Is there scope for girls in the chartered accountancy profession in India and in the Gulf?
Answer: Many women are now getting into the chartered accountancy profession and some of them are following it up by pursuing a MBA course thereafter. This is specially happening in the post pandemic environment where the hybrid work culture is gaining prominence. Women feel that this will bridge the gender gap as they will not have to take career breaks. Many top class firms, including the Big Four, are recruiting women who have completed the chartered accountancy course in recent years as they feel that women are likely to make better accountants than their male counterparts. It has to be borne in mind that the chartered accountancy exam is a very challenging one and in the July 2021 exams only 13.22 per cent of the candidates were successful. Many of the women candidates were among the top rankers. Thus, there is tremendous scope for women to enter the chartered accountancy profession and have a successful career.
Q: My father who is over 75 has been regularly filing income-tax returns. I am told that there are some rules which have been relaxed for such senior tax payers. Can you share some information on this?
A: In the Finance Act which was passed earlier this year, changes have been made to provide relief to tax payers who are 75 years and above. The tax department has prescribed a declaration form which has to be filed by such individuals with banks which would exempt them from filing an income-tax return for the current financial year ending on 31st March, 2022. The citizens who are so exempted from filing the tax returns are those who have pension income and interest on fixed deposits with banks. The Central Board of Direct Taxes has notified rules which would become applicable to citizens who are 75 years and over and who file the declaration which would authorize the bank to deduct tax on the pension and the bank interest. This amount of tax would be deposited by the bank with the Government on behalf of the tax payer. Hence, the senior citizen would not be required to file the tax return. Dedicated counters have been opened by all major banks to provide this service to such senior citizens.
Q: I come from an agricultural background. My sons want to get into certain businesses in India. I want your advice as to the nature of businesses which are likely to have a bright future. My sons wish to avail of unfolding opportunities.
A: Your sons have the right approach. The post-pandemic industrial recovery will be based on automation and digitisation. This calls for significant skilling. However, opportunities are tremendous in the field of health and education as well as transportation and communications. One of the critical needs in India is the setting up of 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. Hence, setting up of warehousing facility for storage of agricultural produce and operating a cold chain facility are two emerging opportunities to be considered by your sons. In the hi-tech sector, operating a semi-conductor wafer fabrication production unit offers export prospects on an unprecedented scale. Capital investment in these projects are encouraged by way of tax incentives.
H. P. Ranina is a practicing lawyer, specialising in tax and exchange management laws of India.
Big hitters Hemi Ahio and Mohammad Ali Bayat Farid will challenge for ... READ MORE
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu... READ MORE
The new agreement will allow Logicom to make available to its channel ... READ MORE
Digital payments and financial solutions that make it easier to shop... READ MORE
UAE-US relations have grown over the past and culminated into a... READ MORE
All government entities worked closely to successfully manage the... READ MORE
Decision taken after Myanmar refused to cooperate with the... READ MORE
The situation is serious, Chief Minister Pinarayi Vijayan says. READ MORE