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Celebrating our Tax Saviours: Happy CA day

While the struggles of being engineers and civil servants are well documented, we kind of tend to overlook the ones who come to our rescue when it comes to taxes and finance.
Yep, we are talking about our last-minute saviours the Chartered Accountants. Oh! And before we proceed, let us remind you that 1st July i.e. today is 72nd Chartered Accountant’s Day.

What is CA day?

Well, CA day is celebrated every year to commemorate the finding of the Institute of Chartered Accountants of India. The institute was founded by the parliament of India in 1949.
Trivia time: ICAI is in fact India’s national professional accounting body. It is also the second-largest accounting organization in the world.

What does it mean to be a CA?

Being a CA is definitely not a walk in the park. As our in-house CA Kaushal Soni says, “It takes so much hard work, sacrifices and consistency to achieve the precious prefix called “CA”. Check out his ode dedicated to every member of the CA fraternity.

The responsibilities of a CA includes everything from auditing financial statements to filing corporate tax returns and not to mention keeping up with the unending extension dates.

Since it is such a high stake profession, the road to becoming a CA is not easy as well.
Here’s the mountain that they have to climb in order to become a CA
1. Clear CA Foundation course (previously known as CPT or Common Proficiency Test)

2. Complete CA Intermediate (previously known as IPCC or Integrated Professional Competence Course)

3. Complete and clear Integrated Course on Information Technology and Soft skills 

4. Complete 3 years Articleship 

5. Complete Advanced Integrated Course on Information Technology and Soft Skills (AICITSS)

6. Complete and clear the final course

Phew! This surely is a looooong road. 

A CA is expected to follow the ICAI’s regulations to the last letter. They play a huge role in the economy by keeping track of the flow of money for businesses and individuals.

From filing our returns on time giving us content for making memes, CAs are truly the best and we would like to thank them for always having our back. Here’s to wishing all the Chartered accountants, A VERY HAPPY CA DAYYY!!!!🎉🎊

Hey, before you go, are you a Tax enthusiast? Does the concept of combining technology with taxes intrigue you? Well, if yes why don’t we partner up and make taxes simple for everyone!!!

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Got Questions? Ask Away!

  1. Reduced rent, no cab fares and yes to savings

  2. Hi @senthil_v

    It can be treated as gift income received from your brother. Gift received from a relative is exempt from Income Tax, however should be reported under exempt income when filing your ITR.

    You can report it under the head Income from Other Sources and file ITR 1.

    As per the Income Tax Act, relative includes:

    • Spouse
    • Parents & Parents of your spouse
    • Siblings & Siblings of your spouse
    • Lineal ascendent or descendent or your spouse

    You can use the Know your ITR tool to determine which ITR form you need to file

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