School Days : I was promoted in std 8, scored first class for first time in SSC & continued scoring first class in all college years. Lost my father when I was in HSC too young to handle it.
Now I am CA. Remember your past performance do not define your future
My father always told me to do a professional degree, and then you can pursue whatever career you want, as it will be like backup to fund your life in monetary terms.
You should always listen to parents advice as they have wisdom through life experience
Join CA course though I felt I might not able to complete based on my past average score, as I saw only college rank holders doing it, however was able to clear first exam at first go, inter in 2 attempts and then started articleship life was going good back on track.
On 11 July 2006 I had almost completed one year of articleship and when returning from work to home I did not knew it was my last journey in Mumbai locals.
A Terror attack which bomb 7 Mumbai local trains killing 200+ and thousands injured.
I was one of the victim who got spinal cord injury which made me wheelchair bound permanently paralysed below waist
The word Spinal Cord Injury I heard for the first time, it took few months to understand all complications.
Initially sitting for even an hour was difficult,with efforts I started to sit for 2 hrs, then after few months for 6 hrs,then 8 hrs, which gave some hope to start routine
Giving CA final exams was distant dream as I was use to do classes in my intern as well as first exams. However I did want to try so planned to give group wise Final CA Exams
In life we need not stop, face all challenges, that’s the only way you learn and grow in life.
Slowly I self-learned through notes and institute books, and post result when I cleared I realized not doing classes was beneficial, as in classes you get ready made solutions to problems, whereas self-study you start applying brains to solve problems which worked for me
Most students classes are not necessary it’s more like habit !
I cleared CA and I though life will be easy now, but post clearing giving 10 interviews I realise more than 7 paces where not wheelchair accessible, nor have toilets accessible. And there where many other challenges
I landed my first job in Deloitte - Big4 .
Every CA should have at least 1 year experience in Big4. It gave makes you learn to deliver quality services and punctuality
Money is always by product . But be smart to ensure you earn well and not to be taken for granted
I use to travel 25km daily in auto rickshaw with my wheelchair, later stopped in rainy season as there was risk to get suck on Mumbai roads due to water logging.
Later I join Kotak Bank which was 4 km from my home thehindu.com/news/national/…
I got my first car customised which can be driven by hands, it gave me wings and soon I traveled many places and drove almost 70k km in 7 years !
You need to utilise all resources you have to be Happy in life !!
Success is just being Happy in Present
I started my practice in 2012 , as I wanted to do something of my own and needed flexible working timings so I can manage my physo and other commitments
CAs can always start practice from Industry. Some challenges and risk but here is how I overcome it - expertmile.com/articles/1346/….
Just before lockdown in 2019, I had travel to three different countries, highest peak in India Leh. my journey of life always explore new places & culture
Know 24 different investment and expenditure you can claim in 80C upto 1.5 Lakh while filing your tax returns
Taxpayers do share so no one miss to take tax saving benefits this year and also plan for coming year
1. ELSS: An ELSS is the only kind of mutual fund eligible for tax benefits under Section 80C. Returns 12 to 15% Lock in 3 years
2. NPS: National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to facilitate a regular income post retirement to all the subscribers. Returns 8 to 10% Lock in Till age 60
11 hidden / unpopular / less known tax deduction or benefit Salaried Taxpayer miss while filing Income Tax Returns
1)Taken Home loan from Friends or Relative to buy new house? Interest payment can be claimed as a deduction under section 24.
2)Exemption on medical bills of uninsured parents - If you have senior citizen parents who are not covered under any insurance policy but took medical treatment, taxpayers can claim a deduction on their medical bills u/s Section 80D up to Rs 50,000
14 Mistakes taxpayers usually makes while filing their income tax returns in India
1) Not disclosing all bank accounts - in future if income tax identifies non-disclosure may send notice. Current tax laws also require you to provide details of all bank accounts that were closed during the financial year.
2) Not showing exempt income like interest, gift received - Mentioning all of these different incomes along with their sources is mandatory at the time of filing ITR even if such income is exempt from tax.
Shocking news : E&Y - Ernst & Young significant No of Auditors do not qualify to hold CPA for several years as most of them cheated on exams for several years …. Read the 🧵
Ernst & Young has been slapped with a record $100 million fine from the US government after regulators discovered that the company knew some of its auditors were cheating on exams for several years and did nothing to stop it.
EY admits, over multiple years, a significant number of EY audit professionals cheated on CPA exams & various CPE required to maintain CPA licenses, including ones designed to ensure that accountants can properly evaluate whether clients’ financial statements comply with GAAP