Asking the Chartered Accountants to keep a watch on fiscal transactions to check scams and financial irregularities in the country, Chief Minister Anandiben Patel on Monday said that people have got a wrong perception about chartered accountants helping convert “black money” into “white”.

She made these remarks at a convocation function of the Institute of Chartered Accountants of India (ICAI) honouring over 700 CAs from all over the country here.

Stating that like medicos who looked after the physical well-being of the people, CAs could strengthen the fiscal and economic health of the nation and the society by keeping a watch on fiscal transactions to spot and curb financial irregularities.

When asked to explain the CM’s remarks, a member of ICAI (Ahmedabad region) S K Jha explained the role played by CAs with regard to taxation. He said that people have somehow got the idea that CAs guided people convert their “black money” to “white”. “But, this is not true,” he said, while adding that the CAs  actually “guided people in tax planning and not in tax evasion as is the general understanding”.

He went on to add that besides people from the industry and business sectors, those serving in government departments also consult them from time to time to reduce their tax burden.

“CAs are tax consultants, helping people and the government in planning their taxes better within the purview of law,” he explained. (Indian Express)