Services by CA
An important phenomenon of recent times is the rapid growth of the accountancy profession. The vast changes occurring in the economy of the country have been placing great responsibilities on the Chartered Accountants. It also constitutes a challenge to the profession to bring to bear their knowledge and skill in their specialised fields of activity. The types of functions generally performed by the Chartered Accountant are varied. The more important ones amongst them are discussed below.
Accountancy
This includes the writing up of accounts and the preparation of financial statements. It encompasses a wide area ranging from simple Book keeping to complex financial analysis.
Auditing
Possibly one of the most important functions of a Chartered Accountant, it is here that his specialised training, skill and judgment are most often called into play. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles and that they represent a true and fair view of the state of affairs of the organisation.
Taxation
With a number of taxes on the statute book, current and continuing tax information has become vital to the effective economics of business management. The assessment of taxes is very closely linked with financial accounts. The Chartered Accountant with his experience in accounts is in an advantageous position for preparing the returns for tax purposes, representing assessees before the Income-Tax authorities and rendering general advice on taxes to his clients. An additional responsibility placed on him recently is that his services will be required by the tax department for auditing complicated cases, having large revenue potential. The requirement under the Income-Tax law for compulsory maintenance of accounts by the specified categories of taxpayers