Chartered Accountants are specialists who handle account related activities for the business. In India, CA has high demand whose primary role is to provide an insight into the companies and help them to sustain and initiate the finance.
They help in tax planning, forecasting, budget mapping, bookkeeping and capital management along with various other important financial activities. With so many roles to play, the importance of CA has increased and their service is required all through the year. They are experts who know the taxes and rules along with helping in financial planning.
Here is some of the important role of chartered accountant that is important for the Indian business economy-
Tax accounting: This is the primary role of CA and helps the client to calculate tax and file for the return. They help in taking an accurate decision, avoid unnecessary penal and excessive payments. They help and support a business with their financial decisions; handles tax responsibilities and legal ramifications.
Economic planning: They help to know the financial status and help in a different decision. They help in better planning of overhead expenses, increasing revenue and capital allocation.
Auditing: CA performs various auditing activities and ensures that accurate taxes are calculated and other legal information is submitted. In order to check for any fraudulent activity, these experts work with the Income Tax Department and law enforcement to
Financial Advising: Financial planning is an important role of the chartered accountant in India. These experts help in taking a financial decision regarding the long term and helps to take a financial decision.
Other CA Loan related Blog Post: https://allabout.finance.blog/2019/03/05/the-important-role-of-chartered-accountant-in-the-indian-economy/