Tuesday, June 29, 2010


Recently I attended a marriage of a daughter of Chartered Accountant.The mammoth function one after another are only seeing is believing.By a rough estimate he spent only Rs. 2 Crores on this marriage.How many Industrialists, businessman,merchants, traders can boast  of such extravaganza.Except if they are exporters,builders and or mafia's.Rather when a businessman spends a penny he is in a debt of pound.Our government ( politicians and bureaucrats, and non vocal and unintelligent citizens) after government has squeezed the blood of businessman and industrialist (honest) ( are now endangered species) in the name of Samajwad / garibi hatao ( socialism and remove poverty) and put them under all kind of scanner, responsibilities,duties,taxes,licenses,permits,NOC's,condemnation etc. that our country is left with only white collar tigers like chartered accountants,cost accountants,Company secretaries,advocates, financial consultants,advisors,auditors,internal auditors,statutory auditors and so on ........these non enterprising, non tax paying ,non law abiding professionals are the apple of eye of our govt..Where as enterprising,risk taking,hard working industrialists, businessman who (can) convert raw in to finished, who produce and export, who provide employment,who create wealth,who can remove shortages,who can modernize our country,are harassed ,subjected to delays, banks are allowed to loot them ,authorities are blackmailing and arm twisting.
This C.A. has 5000 sq. ft. flat,3000 sq. ft. office ,bunglow at hill station,several cars,toured world but what he has contributed to our gross National product and economy???? all this he has achieved in 25 years of his passing of C.A. .what C.A. do? Advise clients on how to evade taxes?Hw to have multiple files in one name,create trust, HUF etc. for tax benefits, and finally assure you that even if there is a raid we will manage the enforcement agencies.They make again huge haul on brokering the settlement between evaders and tax enforcing agencies ( full of corrupt officers) ( pl. note no one joins these dept. to serve the nation and   rather they will never be posted in such dept. unless they promise of reaching a suitcase everyday to concerned ministers ) .

The point here I want to make is we want our country to be slave of China, Korea,Japan etc. or want it to become rich and prosperous??If you want to develop this country then take out some responsibilities from the shoulders of enterprising lot and pass it on white collared professionals.
Recently my sister called me ( she is a C.A.) up asking that I may loose bank audits as officials allocating the audit of banks and petrol pumps are asking foe Rs. 1 lac as bribe.I had no answer to give.Can't govt. fix target for these C.A. etc. like those who bring minimum 10 new service tax registration will get 1 bank audit etc..Today they work with no target and no responsibility to nation and nation makes them rich.
My own IT return and ROC return have been delayed because of my own auditors and consultants.Why no penalty on them.All those auditors who file returns late should be blacklisted from all such panels of banks and others govt. As I feel even if it is mistake of client it is there moral duty to guide,assist, help and ensure that they also take the brunt.

Bankers  for there own benefits ask for project report for financing a project as:
A) it shields them as they disown the responsibility as they financed on the basis of projection given by qualified C.A. .
B) They get mediator who acts arranges a bribe and cocktail and dinner on behalf of client.

Legally the C.A. and banker both should be equally made responsible in case borrower fails to fulfill his commitments.Atleast they be barred for life to enter / transact any business with same bank.I know of banks where manager will recommend all those who approach for funds to a particular consultant.
There are various gross violation of laws by clients and records are certified by consultants. Definitely the certificate of practice be recovered in such cases as these consultants fully and knowingly advise clients to breach the law by saying we will manage  if inquiry is made in to papers certified by him.And thus they are able to demand extraordinary fee and favor from clients as a prize.

I demand fixing these consultants and liberalizing certain laws.
Like even if you start small charitable organisation, small private limited company with your own funds ( no public funds are involved and only members contribution are stake meaning no risk to public investments) yet you have to under go hell lot of procedures , compliance,registrations etc..Where as scamsters in present times are gulping in hindered crores and govt. machinery has no time for them,smugglers are doing turnover of crores everyday but follow no rules and pay nothing yet they thrive.
Let govt. deregulate profit or non profit organisation having turnover below a particular amount.And there one single declaration yearly should be accepted unless contested by their own member.Presently even these small fries have to pay thru noses to consultants and then to Charity commissioner, ROC or the other concerned dept..Let small social organisation with yearly turnover of below Rs. 1 lac and companies with losses or profit below Rs. 2 lac or so be exempted from complicated laws as they can hardly pay to costly consultants.I repeat , times have come where a chairman ( a day light robber) of bank like ICICI robs country of Rs. 8 Crore,+ perks+ pension+gratuity+bonus+cars+FTA+Medical+children's education and+++++++ besides precious gifts and bribes then why harass and put in hell small entrepreneurs and social organizations.

P.S. My father is a cost accountant ( and I live with him),my sister is a C.A. ,my sister in law is C.S. but when I am concerned about the nation I can not but remain impartial and look for general welfare.

I will be back on doctors,on service tax , on purposeful negligence of govt. of Maharashtra and heading state to bankruptcy as when soon as I can .

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