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From the President

steadfast devotion to the profession and has been the
very foundation of ICAI’s unparalleled stature on the
global stage.

In a historic first in ICAI, the Oath of Leadership was

administered by Shri Arjun Ram Meghwal, Hon’ble Union
Minister of State (I/C) for Law and Justice and Parliamentary
Affairs. I sincerely express my heartfelt gratitude to the
Hon’ble Minister for this honour.

The Institute of Chartered Accountants of India (ICAI)

stands today not merely as an educator but as a pillar of
the nation’s financial framework. Our role extends far
beyond academia—ICAI is a dynamic force shaping India’s
economic and financial landscape. As a partner in nation-
building, we have aligned our efforts with the government’s¸
vision for Viksit Bharat, working collaboratively to implement
changes in laws and offering insightful recommendations
to strengthen the nation’s financial architecture. I am a
strong believer that along with fast-paced technology-
driven service and manufacturing sector, rural economy is
an inherent strength of India and hence during the year my
CA. Charanjot Singh Nanda special focus will be on this area.
President, ICAI
Our profession, built on the pillars of Integrity, Independence,
and Ethics, has evolved significantly. Chartered Accountants
are no longer just record-keepers or compliance officers;
Dear Professional Colleagues, we are strategic advisors, empowering economic activities
across the nation. Our profession helps the stakeholders
As the couplet so beautifully reminds us “Guru Gobind dou navigate complexities, identify growth opportunities, and
khade, kake laagu paye, Balihaari guru aapne, Gobind thrive in an ever-changing economic environment. At every
diyo bataye”. This Institute is my guru, my guiding light, my level of the economy, Chartered Accountants are India’s
alma mater and I feel deeply blessed to be entrusted with Catalyst for Advancement and Innovation. As financial
its leadership. I humbly assume the baton of leadership as soldiers of the nation, our profession’s contribution is
the 73rd President of this esteemed Institute, embracing the
significant in building a resilient economy and realizing our
profound honour and responsibility it entails. In this journey, I
collective aspirations for a prosperous future.
place my faith in the Almighty, seeking strength and guidance
to elevate our profession to new pinnacles of success. As ICAI continues to evolve with the times, we remain
committed to empowering the profession and contributing to
With profound gratitude, I extend my heartfelt
appreciation to my mentors, principal, family, colleagues, the economic transformation of our nation.
and members of ICAI, including council members, each Now, let’s have a look at some of the developments related
a guiding force who has supported and inspired me, to the Profession:
shaping my journey and strengthening my resolve to
serve the profession. I also express my sincere admiration
for the outgoing President, CA. Ranjeet Kumar Agarwal,
26th Council of ICAI
whose wisdom, foresightedness, and dedication have I extend my heartfelt welcome to all the esteemed members
significantly contributed to the growth and progress of the of the newly constituted 26th Council of ICAI, who will serve
Institute. I hold the esteemed Past Presidents and Council as the driving force behind pivotal decisions shaping the
Members in the highest regard, honoring their invaluable future of this noble profession and contributing to the nation’s
contributions since the inception of ICAI on 1st July 1949. progress. Notably, this is the first Council constituted for a term
Their commitment, relentless dedication, and visionary of 4 years. As thought leaders, their expertise, dedication,
leadership have been the driving force behind the and commitment will be instrumental in propelling ICAI
Institute’s remarkable growth, shaping it into the world’s to new heights on the global stage. Their relentless efforts
largest accounting body. This extraordinary achievement toward excellence will undoubtedly strengthen the Institute’s
stands as a testament to their resilience, foresight, and standing as a Partner in Nation development.

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THE CHARTERED ACCOUNTANT FROM THE PRESIDENT

I also take this opportunity to convey my best wishes to the tax slab under the default tax regime in section 115BAC(1A),
newly elected Vice-President of ICAI, CA. Prasanna Kumar along with necessary revisions to tax slabs and rates. These
D., whose dynamic and versatile leadership and enriching measures also align with ICAI’s broader vision of fostering a
experience, coupled with an optimistic outlook, will further progressive and efficient tax ecosystem.
enhance the Institute’s functioning and effectiveness. His
invaluable contribution will serve as a catalyst in advancing
the objectives of ICAI and reinforcing its position as a global
 ICAI’s Suggestions Considered in the Income-
leader in the accounting profession. Tax Bill, 2025
ICAI continues to play a pivotal role in shaping a more
Policy Advocacy for Progressive Tax efficient and streamlined tax framework. ICAI had, in its
suggestions for a comprehensive review of the Income-tax
Ecosystem Act, 1961, identified 13 chapters containing about 130
The Hon’ble Union Finance Minister, Smt. Nirmala sections, in addition to another 134 sections and 9 schedules
Sitharaman ji, while presenting the Union Budget 2024-25, for elimination. Further, to enhance ease of compliance, ICAI
announced that a comprehensive review of the Income-tax suggested rationalization of the Charitable Trust Registration
Act, 1961 for simplification of the language of the Act to and Taxation regime as well as the introduction of a simplified
make it concise, lucid, easy to read and understandable is scheme for smaller charitable trusts and institutions. ICAI’s
underway, and this will reduce disputes and litigation and call for minimizing the use of complex provisos has also
also bring down the demand embroiled in litigation. been acknowledged. Additionally, critical tax deduction
thresholds have been rationalized, including an increase in
A committee at the level of CBDT has been set up, and a
the TDS threshold for professional services, technical services,
stakeholder consultation was held under the chairmanship
and royalty payments, as well as the establishment of an
of the Revenue Secretary, Ministry of Finance, on 18th
September 2024, wherein ICAI presented its Preliminary independent threshold for TDS on directors’ remuneration.
Suggestions for the Comprehensive Review of the Income-tax Other notable recommendations considered in the Bill
Act, 1961. Thereafter, ICAI submitted its detailed inputs for a include the removal of TCS on the sale of goods, the
comprehensive review of the Income-tax Act, 1961, as well expansion of the definition of “relative” to include maternal
as the Pre-Budget Memorandum 2025 in December 2024. lineal ascendants and descendants, and defining “property”
Also, from time to time, representations are being submitted to include virtual digital assets as a separate item in the list
to CBDT with a request to resolve the genuine hardship
of capital assets given thereunder. Furthermore, “advance
faced by taxpayers to ensure effective tax compliance. It is
ruling” is being redefined by replacing “Authority” with the
heartening to note the consideration of ICAI’s suggestions
“Board for Advance Rulings.” The outdated salary threshold
in the Finance Bill, 2025, and in the Income-tax Bill, 2025.
of `50,000 for “specified employee” —set over two
decades ago—is also being revised to better reflect present-
 ICAI Suggestions Considered in the Union day realities.
Budget 2025-26
The Institute of Chartered Accountants of India (ICAI) While these reforms are a welcome step, ICAI remains
commends the Government of India for presenting a committed to work alongside policymakers to ensure
progressive and reform-oriented Union Budget 2025. This its effective implementation. ICAI has constituted seven
budget marks a significant step toward simplifying tax laws, expert groups across India to comprehensively review the
reducing litigation, and easing compliance for taxpayers, new Income-tax Bill 2025 and will shortly be submitting
aligning with ICAI’s longstanding recommendations for an its recommendations on the same so that the objectives
efficient and effective tax framework. I am pleased to inform of simplifying the language of the law as also mitigating
you that many of the ICAI suggestions have found a place in litigation and reducing compliance burden are achieved
the budget recommendations. while enacting the new law.

Amongst the ICAI’s suggestions that have been considered While discussing the Income-tax Bill 2025, it may be
in the Finance Bill, 2025, are tax exemption on withdrawals noted that Chartered Accountants, with their specialized
from National Savings Scheme (NSS) accounts to mitigate qualification covering in-depth auditing framework and
taxpayer hardship, revision of section 115UA(2) so that long- taxation laws, rigorous training, and deep expertise, are
term capital gains referred in section 112A is taxed at the rate uniquely suited to conduct tax audits with the highest
specified therein and not at MMR, and the introduction of standards of quality and integrity. The mandate of tax audit
a simplified regime to ease compliance for small charitable under Section 44AB of the Income-tax Act underscores the
trusts and institutions. Furthermore, ICAI has successfully necessity of engaging professionals who are extensively
advocated for an increase in the TDS threshold under trained, regulated, and governed by a statutory body solely
section 194J, the removal of TCS under section 206C(1H), dedicated to ensuring financial discipline and compliance.
and the reconsideration of the outdated Rs. 50,000 ICAI ensures that its members adhere to the highest levels
salary thresholds for “specified employee” for taxation of of professional competence and ethical standards, thereby
perquisite. As a significant step towards rationalizing the tax strengthening the tax ecosystem and promoting transparency
structure, ICAI has also suggested the introduction of a 25% in financial reporting.

March 2025 | www.icai.org | 9

1146

FROM THE PRESIDENT THE CHARTERED ACCOUNTANT

The recognition of Chartered Accountants as the sole ICAI and ICPAK continue to strengthen ties, fostering
experts in tax audit is crucial to maintaining the credibility mutual growth and innovation. Through two day-
of financial statements and reinforcing the trust of long interactive sessions, we shared insights on
stakeholders in the taxation system. I am of the firm view UDIN, AI, digital learning, audit quality, and more.
that Chartered Accountants are the best and only suited Such collaborations ensure a future-ready, globally
professionals to undertake this onerous responsibility, and connected accounting community.
since beginning, lawmakers from time to time reposed
their faith in the profession to undertake Tax Audit. ICAI  Expanding Global Presence
will continue to engage with the authorities to ensure that In a major step towards the global brand building
the sanctity of tax audit is preserved in the interest of the of the Indian accounting profession, the Institute has
profession and the economy at large. inaugurated five new Representative Offices in the USA.
The virtual launch event, Unite in America, was held on
75th Annual Function of ICAI 9th February 2025 and marked ICAI’s expansion into
Marking a glorious journey of 75 years, ICAI continues Kansas, Louisiana, Minnesota, Tennessee, and San
to uphold its rich legacy while experiencing a golden era Diego. Chief Guest Dr. K. Srikar Reddy, Consul General
of professional excellence. The Institute magnificently of India (San Francisco), emphasized ICAI’s growing
celebrated its 75th anniversary on 2nd February 2025 in Delhi, global influence and its role in strengthening India’s
a momentous occasion graced by the esteemed presence of professional brand.
Shri Jagdeep Dhankhar, Hon’ble Vice-President of India,
as the Chief Guest and Shri N D Gupta, Hon’ble Member With this expansion, ICAI now operates 52 Chapters
of Parliament and Past President, ICAI, as Guest of Honour. and 33 Representative Offices across 47 countries and
On the occasion inspiring the fraternity, the Chief Guest said, 85 cities, reinforcing India’s ascent in the global financial
“Chartered Accountant stands, not for Chartered Accountant, and accounting sector.
but Credibility Ambassadors, Change Accelerators, and I
would urge you to be conscience arbiters, ethical guardians, ICAI Sets New Benchmarks in Skill
and bold decision makers”. These words will continue to Enrichment and Entrepreneurship
guide and inspire the profession. The event served as a Development
platform to honour and recognize exceptional achievements,
with awards being conferred upon meritorious CA students, I am proud to share that ICAI has been honored by the India
Regional Councils, Branches, and Overseas Chapters for their Book of Records (IBR) and Asia Book of Records (ABR) for
outstanding contributions throughout the year. Showcasing an extraordinary achievement—conducting 97 programs
its intellectual strength and thought leadership, ICAI also in a single day under the record title “Maximum Programs
unveiled a series of publications and initiatives aimed at Conducted on Entrepreneurship Skills in a Day.” This
furthering professional growth and knowledge dissemination. milestone reflects our unwavering commitment to fostering
A comprehensive report on this grand celebration has been entrepreneurial excellence and empowering future business
published separately in the journal. leaders with the skills to thrive in a dynamic world.

Also, ICAI has been officially recognized by IBR and ABR

Representation on Banking Law for conducting 79 programs in just 15 days under the record
(Amendment) Bill, 2024 title “Maximum Skill Enrichment Programs Conducted in a
Over the years, ICAI has consistently advocated for a Fortnight.” This remarkable feat reinforces our dedication
structured and uniform approach to auditor compensation. to continuous learning, professional development, and
In light of this, a representation has been submitted to the innovation at an unprecedented scale. ICAI remains at the
Hon’ble Union Finance Minister, Smt. Nirmala Sitharaman forefront of shaping skilled, future-ready professionals who
to express concern on the proposed modification in the will drive the global economy forward.
Banking Law (Amendment) Bill, 2024, which seeks to
grant discretionary power to Public Sector Banks (PSBs) in ICAI Convocation - Welcoming the
determining the remuneration of their Statutory Auditors. Gen Next
A grand Convocation Ceremony was held simultaneously
ICAI Strengthening Global Accounting across 13 locations in India to confer membership certificates
Profession upon 19,075 newly qualified Chartered Accountants and
honour rank holders, ushering them into a future of excellence
 Delegation from ICPAK, Kenya and integrity.
ICAI remains dedicated to the growth and
development of the global accounting profession On this prestigious occasion, the Hon’ble Governor of
through collaboration and knowledge exchange. West Bengal bestowed the esteemed Governor’s Award
Recently, ICAI hosted the delegation from the Institute of Excellence upon ICAI, acknowledging its remarkable
of Certified Public Accountants of Kenya (ICPAK), contributions to the profession, ethical standards, and
reinforcing our shared commitment to professional nation-building. This honour reaffirms ICAI’s commitment to
excellence. With a longstanding MoU since 2019, shaping world-class professionals who exemplify integrity,

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THE CHARTERED ACCOUNTANT FROM THE PRESIDENT

excellence, and service to society. Notably, ICAI has Accountants, reinforcing India’s leadership in the global
made history as the first professional regulator in India to financial ecosystem. Strengthening sustainability reporting
receive this prestigious recognition, marking a momentous and non-financial disclosures will also be a priority for
milestone in its enduring legacy of excellence. encouraging eco-friendly business practices and corporate
responsibility.
Additionally, the top three rank holders of the year were
also presented with the Governor’s Award of Excellence, Further towards empowering the next generation of
celebrating their exceptional dedication and pursuit of professionals, structured mentorship programs and faculty
excellence. Their achievements set a benchmark for aspiring development initiatives for students will be introduced.
professionals. The award includes a citation, a trophy, and a Additionally, forensic accounting and investigation standards
cash prize of `25,000. (FAIS) will be promoted for global adoption.

Addressing young Chartered Accountants from While the Institute will continue its commitment to MSME
Kolkata, Chief Guest Shri (Dr.) C.V. Ananda Bose, Hon’ble growth, financial literacy, and regulatory collaboration,
Governor of West Bengal, said, “When the going gets it will also focus on the Gig economy. Global Capacity
tough, the tough gets going and I am addressing the Centre is projecting India as the world factory of
toughest of the toughest in the professional services of this accountants, thereby positioning itself as a key partner in
nation. Chartered Accountants are the sentinels of financial nation-building. By enhancing our disciplinary framework,
integrity, the architects of corporate governance, and the ICAI will continue to uphold the highest standards of
driving force behind a transparent and resilient economy. integrity and ethics.
Chartered Accountants are harbingers, custodians of truth as
far as corporate governance are concerned. It is because of With a strong focus on research, excellence, and brand
the vigilance of the Chartered Accountants that the nation’s reinforcement, we will ensure that ICAI’s 1.4 million members
financial health is nurtured.” and students contribute meaningfully to India’s economic
progress and global leadership. Together, we will shape
To our newly qualified CAs—uphold integrity, embrace a future-ready accounting profession that upholds trust,
diligence, and pursue excellence. Your perseverance will innovation, and excellence.
not only shape your success but also elevate the profession
and honour of your family. The world awaits your impact— Concluding Remarks
go forth and make a difference. As we stand at the threshold of a new chapter, it is time
to unlock our true potential and transform aspirations into
ICAI’s Focus Areas for 2025-26: achievements. This is the moment when the dedication,
Advancing Technology, Well-Being, and perseverance, and commitment of professionals must
Global Outreach bear fruit.
For the year 2025-26, ICAI is set to drive transformational Change is the only constant, and embracing it is the hallmark
changes by integrating technology, promoting professional of true growth. As we navigate the evolving landscape
well-being, and strengthening global outreach. ICAI will of our profession, I urge each one of you to continually
focus on harnessing Artificial Intelligence, blockchain, upgrade your knowledge, refine your skills, and adapt to
and data analytics to enhance efficiency and accuracy in the dynamic regulatory and technological advancements
accounting and auditing. shaping the financial world. The future belongs to those
who are prepared to evolve, as reflected in the words of
Recognizing the demanding nature of the profession, ICAI
Mahatma Gandhi, “The best way to find yourself is to lose
will be establishing a Committee on Promoting Work-Life
yourself in the service of others.” Let us commit ourselves to
Balance, emphasizing the importance of personal well-
this journey of learning, innovation, and service, ensuring
being alongside professional commitments. This initiative
that ICAI continues to shine as a beacon of excellence,
aims to help members & students and employees maintain
integrity, and professional brilliance.
a healthy balance, leading to increased productivity and
overall fulfillment. Also three important groups are being Jai Hind, Jai ICAI
constituted this year namely Group on Development of Rural
Economy, the Group on enabling Lifestyle for Environment
(LiFE), and the Group on Impact Financing. These initiatives
will drive rural growth, promote eco-friendly lifestyles, and
develop innovative financial solutions to support sustainable
development. This year, we will also focus on opening new
pathways for professional growth with the enhancement of
skills and continuous learning to achieve lasting success. CA. Charanjot Singh Nanda
President, ICAI
Expanding its global footprint, ICAI will work towards
fostering stronger international networks for Indian Chartered New Delhi, 28th February, 2025

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