Why is National CA Day celebrated on July 1? From history to significance, here’s everything you need to know!

National CA Day, celebrated every year on July 1, is a day to honour the contributions made by chartered accountants, who are integral to every major financial business decision.

These are financial professionals who provide guidance on matters such as accounting, auditing, financial management, and taxation and ensure businesses operate ethically, in tune with financial laws and regulations in place.

This day attempts to recognise the contribution made by them. 

July 1 marks the birth anniversary of the Institute of Chartered Accountants of India – India's largest professional accounting body, governed by the Ministry of Corporate Affairs, Government of India. The institute was established in the year 1949 by Gopaldas P Kapadia, a prominent figure in accountancy and also the first to serve as its President.

The Institute is tasked with the ‘promotion, development, and regulation of the profession of Chartered Accountancy in India’. 

This year marks the 76th foundation day of ICAI. 

CAs ensure that taxes are filed on time, companies comply with financial regulations, and transactions are secure. They help in smooth and fair functioning of the economy. They play a pivotal role in financial decision-making across both public and private sectors.

Their responsibilities have expanded well beyond traditional auditing to include tax planning, strategic advisory services, forensic accounting, regulatory compliance, and financial risk management.

Their expertise is crucial in upholding fiscal discipline and promoting economic transparency. The day commemorates the hard work and legacy of all CAs. 

Spearheaded by ICAI, CA day is observed by conducting  seminars, public awareness campaigns, felicitation ceremonies, and other events across its branches in India.

Webinars, online quizzes, and virtual networking events are also part of the day’s celebrations. 

PM Modi also posted on X, acknowledging the contribution made by every CA in the country: 

“Wishing all Chartered Accountants a very happy CA Day! Their precision and expertise are essential for every organisation. By emphasising on compliance and transparency, they contribute to a healthy economy. Their role in nurturing successful corporations is also outstanding.” (embed)

Piyush Goyal, Union Minister for Commerce and Industry, and former Finance Minister, and Suresh Prabhu, former Union Minister for Railways, Power, and Civil Aviation are among the prominent CAs of the times.

There are notable others: Kumar Mangalam Birla, Chairman of Aditya Birla Group; Rakesh Jhunjunwala, a renowned investor and stock market expert; Naina Lal Kidwai, former Country Head of HSBC India; ND Gupta, TN Manoharan and R Bupathy – former ICAI Presidents.

They are known for their voice in accountancy reforms, policy reforms, taxation and audit policies, corporate governance, and financial laws.