« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  ITAT directs Bachchan duo to cough up tax on Maruti Versa... Fixed assets and earnings management... » Corporates lure CAs with fatter salaries January, 08th 2007 The demand for chartered accountants (CAs) in the corporate world has shot up with stringent income tax laws which require compulsory maintenance of accounts by specified categories of taxpayers.    Around 102 companies from the information technology, business process outsourcing, financial services and manufacturing sectors came recruiting when campus interviews were organised by ICAI at 11 centres across the country during 2005.    Average salary levels during the placement shot up by 50 per cent from Rs 2 lakh per annum to Rs 4lakh. The highest salary offered was Rs 12 lakh.    The Institute of Chartered Accountants of India (ICAI) churned out 8,000 CAs last year, of which 84 per cent has been placed in companies.    What's the reason for this trend? Explains T N Manoharan ICAI president. "Fresh passouts prefer the corporate sector to begin their career since it is less riskier than setting up an independent practice and the remuneration on offer is just too attractive to refuse."    The ICAI training equips CAs to prepare the returns for tax purposes and represent assessees before the income tax authorities and this has spurred the demand for accountants.    Manoharan notes there is a huge demand for CAs abroad too but with the demand picking up in India, migration of CAs to foreign lands has declined considerably. Currently, there are 12,000 CAs from India employed In corporates abroad.    Under the current laws, Indian CAs are not allowed to set up practice in foreign countries. ICAI is however negotiating with countries including Singapore, US, UK and Australia to allow Indian CAs to set up practice in that country, Manoharan said.    However, ICAI states there is an acute shortage of CAs in India and corporates are increasingly finding it difficult to find qualified CAs.    Proof of this is the fact that during last year's campus placement in ICAI, corporates managed to recruit just 1,034 CAs of the 8,000 CAs who passed the examination, as the rest had already found jobs in corporates outside the placement process.