The Institute of Chartered Accountants of India (ICAI) with the aim to promote awareness among Micro, Small and Medium Enterprises (MSME) come up with the plans of nationwide financial and tax literacy drive.
The new ICAI President Nihar Jambusaria in his first interaction after assuming charge of the Presidency of ICAI has said, “Financial and tax literacy, advocacy and technology training will be the thrust areas for the CA Institute during his presidency”.
The CA Institute wants to particularly enhance awareness on finance and tax among the MSMEs (Micro, Small and Medium Enterprises) and general public. Towards this end, the Institute of Chartered Accountants of India (ICAI) will, this year, embark on a nationwide financial and tax literacy drive, he added.
The financial literacy drive will be started with micro units and gradually expanded to corporates, if needed. In big corporates, the need is not that much as the professionals they employ are literate on both finance and taxation, he added.
“We in the institute have noticed that MSMEs are not so literate or having professional guidance on finance and tax matters. So this year we are starting a financial and tax literacy drive. It will also help the entire nation and auditors. If they (MSMEs) are financially literate, they themselves will maintain accounts at a certain level, they will be fearful of following certain practices that are not good and if they are tax literate too, they can realise that tax evasion is not something that anybody can practise nor is it desirable for the country,” CA Jambusaria said
