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Reasons Why This Is A Great Time To Have An Independent CA's Practice

Published on Dec 31, 2019Updated on Jul 17, 2023

Reasons Why This Is A Great Time To Have An Independent CA's Practice

Imagine being able to decide your own working hours, being able to decide the clients you get to work with and creating a name and identity for yourself in the market? Who wouldn’t love to be their own boss and have their independent practice? India is producing more and more chartered accountants every day and they are taking advantage of the market move and establishing their own practices. If financing your practice is your worry, you can leave such worries at home all thanks to loans available exclusively to chartered accountants to help establish or expand their business. A loan for chartered accountants is a loan specifically crafted to help them advance their accounting practice. Loans offered against property for chartered accountants have a speedy disbursal process, flexible repayment schedules along with competitive interest rates. You can use the funds for anything from scaling up your operations, extending office premises, financing office furniture countless others. Finance your ambition through SMFG India Credit loans for chartered accountants.

Here is why now is the best time to have your independent CA practice:

#1. The tax base of the country is growing

Chartered accountants support tax compliance in various ways. This includes liaising with governmental authorities, representing companies in courts, helping out with business operations by taking over complex tax compliances. They do everything from auditing to tax planning, wealth management, generating tax strategies and income tax returns to countless other jobs. Given that the tax base of the country is growing rapidly, with the number of taxpayers expected to reach a whopping 12 crores with the increased formalization of the economy. Given this extended tax base, one thing is clear, the demand for chartered accountants is more than ever, making it a great time to start your own practice.

#2. There is a shortage of CAs in the market

Although as of 2017-18 there are over 6.8 crore taxpayers in the country, only 3 lakh chartered accountants are available, out of which only 1.25 lakh serve full time, reflecting a glaring shortage of chartered accountants in the market. Given such a shortage, you need to take advantage of the market and start your own practice. No need to worry about financing anymore - personal loans for Chartered Accounts have a seamless digital lending processes and quick disbursal, allowing you to expand your practices as a Chartered Accountant. You can obtain loans for up to 70%* of the market value of your residential property and up to 60%* of the market value of your commercial property. The process of loan against property documentation is also extremely hassle-free and allows for quick loan disbursal.

#3. More and more businesses are being established

There has been an overall rise for chartered accountants in the country as more and more businesses are being established and the government is cracking down to make policy and regulations stricter. As of March 2018, over 1.03 crore taxpayers have been registered in the GST regime, however, due to the lack of chartered accountants and skilled professionals, there are not many places businesses can go to seek advice and guidance. Over 98 lakh businesses have been registered under the GST regime and each and every single business requires a professional to address and handle accounting related matters. Chartered accountancy firms perform various critical tasks for the government, including but not limited to auditing, tax planning, cost planning, managing legislatures amongst countless others, making chartered accountants an absolutely indispensable resource. Loans for chartered accountants can help you cover the costs of starting your own practice and you can take advantage of this ever-growing market and pay back in EMIs as you take advantage of an expanding customer base.

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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.