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Professional Updates for Chartered Accountants

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ICAI goes more Stringent against misleading Media Reports: Slams Reports on IT Returns filed by CAs

In a bid to go more stringent towards the medias for shaming the Chartered Accountants profession, the Institute of Chartered Accountants of India ( ICAI ) has sent notice to a reputed daily for publishing an incorrect story on Chartered Accountants. The news item presented recent data released by the 1ncome Tax department wherein it is portrayed that only 1 out of 3 Chartered Accountants have filed their returns.

The recent CBDT report mentioned that 1,03,049 returns have been filed by Chartered Accountants. Denying the above news, the Institute clarified that the figure of 1,03,049 returns mentioned by the Income tax Department contains the data pertaining to Chartered Accountants who are in practice only i.e. having Full time COP / Part Time COP. The data with ICAI shows that in all there are 1,26,892 members who hold Full time/ Part time COP. “This shows nearly 81 percent of the Chartered Accountants who are practicing as professionals have filed their returns,” the ICAI said. Apart from the above, 1,42,458 Chartered Accountants (who do not hold COP ) also file their returns and may have been included in the data pertaining to individuals having salary and /or other income, it said. “In all, out of 2,69,350 Chartered Accountants, 2,45,507 have filed their returns which is nearly 91% of the total Chartered Accountants. Amongst these, approximately 8000 Chartered Accountants are above the age of 70, who may or may not be filing returns, depending upon their income. Hence the article doesn’t portray correct analysis and needs to be corrected,” it added.

Source: www.taxscan.in/icai-media-it-returns-cas/30234/

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