![]() A Chartered Accountant has expertise in these laws and he/she guides a business in all these matters. A Chartered Accountant helps a business entity to deal with all these matters. Conducting business on international level also involves inflows and outflow of foreign currencies. When any business entity starts functioning on global level, many matters take place like complying with laws of Foreign Exchange Management Act or complying with rules and regulations of governments of every country where business is operating. In era of globalization, business entities and even government of our nation tries to join hands with foreign companies. They deals with company law matters, matters relating to taxation, helps in preparing and maintaining books of accounts and other documents as per applicable financial reporting framework. Chartered Accountants provide requisite knowledge to business entities which helps in smooth functioning of business.Ī famous business entrepreneur Ratan Tata has made a statement that “I need MBAs for running my business but Chartered Accountants to teach them how to run the business.” Chartered Accountant’s guidance helps in efficient running of business. For growth of country, it is important for a nation that its commercial sector grows. ![]() Tax planning is the analysis of a financial situation or plan from a tax perspective. On the other hand, tax planning is legal which is beneficial to a common man and to our nation both. Tax evasion is illegal and it attracts penal consequences. It is significant to understand the difference between tax evasion and tax planning. Due to their discernment, they help in tax planning. They have comprehensive knowledge of various important aspects which is important in formation of any law.Ĭhartered Accountants role in taxation field is commendable. While forming a law or any act Chartered Accountants are one of the most important committee members. The knowledgeable advises of Chartered Accountants are pre requisite in formation of any law relating to commerce, taxation or legal fields. Starting from drafting rules and provisions for GST act till the implementation of GST, knowledge of Chartered Accountants is a pre-requisite.Ĭhartered Accountants play eminent role in various fields. As we know that trending topic of current scenario is implementation of GST and Chartered Accountants are playing a vital role in its implementation. Their expertise knowledge is required in every area. Whether it is related to budget forecasting, Tax planning, preparation of books of accounts, capital budgeting, financing or any other activity, need of Chartered Accountants are in every field. APJ Abdul Kalam that Chartered Accountants are partners in the nation building.Ī Rational person can see the participation of Chartered Accountants in every field. Economic PlanningĬhartered Accountant is helpful in building a nation and here are some roles they play in the economy and finance-related concerns in a nation: Some of the practical roles which are played by the Chartered Accountant is here: 1. From the drafting rules to provisions to implementation of GST, the role and expertise of CAs were utilized to the fullest. ![]() In the current scenario, after GST implementation, the role of Chartered Accountants has become very important. ![]() CAs are foundation base of the economy and utilizing the financial expertise, the nation gets right direction in various financial and economy related measures to enhance the decaying Indian economy and enhance the economy along with industrial growth.Ĭhartered Accountant contributes in fields of Tax planning, capital budgeting, budget forecasting, financing or any other activity, preparation of books of accounts, and in every field as well. Role of a Chartered Accountant in Nation BuildingĬhartered Accountancy not only deal with debit-credit of the accounts but they play a very important role at a big level in nation-building.
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