CA, CS, ICWA related News and Articles

  • Dec
  • 16
  • 2011

ICWAI Needs New Strategy – Name of Change of ICWAI to ICAI

Added In CA CS ICWA
Yesterday I received a mail regarding silent protest being arranged by Kolkata region of ICWAI. They have planned a press conference and a candle light march. By find the whole think a part of gimmick being placed on the whole context of our loosing out . Before I comment and share my words I have some interesting thoughts to provide where I want my friends to spare some time.

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  • Dec
  • 16
  • 2011

ICWAI Demands Drop “Chartered” From ICAI, Blames CAs for Black money

Added In CA CS ICWA
The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12th Dec 2011, by which the name was proposed to be changed to the Institute of Cost Accountants of India. Our Institute strongly objects to the move by the sister professional body in interfering the activities of the another professional body to encourage foreign management accounting bodies to establish their presence in India to the detriment of Indian professionals.

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  • Dec
  • 15
  • 2011

Draft Bank Branch Auditors’ Panel for 2011-12

Added In CA CS ICWA
We would like to inform that the draft Bank Branch Auditors’ Panel for the year 2011-12 has been hosted at www.meficai.org and will be available till 20th December, 2011. In case of query, pl log a complaint at http://www.meficai.org/complaints/complaint_enrty_enter.jsp

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  • Dec
  • 15
  • 2011

ICAI Announcement for Empanelment as a Technical Reviewer with the Quality Review Board

Added In CA CS ICWA
The Government of India has, in exercise of the powers conferred by Sec. 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board to perform the following functions:- (a) to make recommendations to the Council with regard to the quality of services provided by the members of Institute; (b) to review the quality of services provided by the members of the Institute including audit services; and (c) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.

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  • Dec
  • 15
  • 2011

ICAI Indirect Taxes Committee submits Pre-Budget Memorandum, 2012

Added In CA CS ICWA
The Indirect Taxes Committee of the Institute has submitted the Pre-Budget Memorandum, 2012 relating to Indirect Taxes to the Ministry of Finance on 7th December, 2011. The Memorandum contains suggestions on various issues in the area of indirect taxes with a view to make tax laws simple, fair and transparent.

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  • Dec
  • 14
  • 2011

ICWAI revises Revising the rates of stipend payable to cost & Management Trainee (ICWAI appeared candidates)

Added In CA CS ICWA
Upto 500% Revision in the rates of Stipend to ICWAI Trainees by Maharashtra State Electricity Transmission Co. Ltd. – ICWAI is pleased to inform that vide Administrative Circular number 299 dated 25.10.2011, Human Resource Department of Maharashtra State Electricity Transmission Co. Ltd. has revised the rates of stipend payable to Cost and Management Trainees in the places/towns having population more than 20 lakhs. The rates of revision is upto 360% for ICWAI intermediate passed students whereas it is upto 500% for ICWAI passed candidates as per the following details.

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  • Dec
  • 14
  • 2011

Now Cost and Works Accountants will be known as Cost Accountants, Cost accounting body will share the same acronym – ICAI

Added In CA CS ICWA
Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today. Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India will now be called the Institute of Cost Accounts of India. As a consequence, the Chartered Accounts Institute and the Cost Accounts Institute will share the same acronym – ICAI.

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  • Dec
  • 14
  • 2011

Rajya Sabha passes CS, CA, CWA (Amendment) Bill, 2011

Added In CA CS ICWA
Rajya Sabha has approved amendments to three separate acts – the Cost Accountants, Chartered Accountants and Company Secretary acts will also enable professionals to form limited liability partnerships and offer multidisciplinary services. Link To download the Acts are as Follows:- COMPANY SECRETARIES (AMENDMENT) BILL, 2011 THE CHARTERED ACCOUNTANTS (AMENDMENT) BILL, 2011 THE COST AND WORKS ACCOUNTANTS (AMENDMENT) BILL, 2011

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  • Dec
  • 13
  • 2011

ICAI – Clarification for reckoning the “specified number of tax audit assignments” conducted under section 44AB of the Income-tax Act, 1961

Added In CA CS ICWA
Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to whether such audits would be included in the ceiling of ‘specified number of tax audit assignments’.

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  • Dec
  • 13
  • 2011

CA body asks the government to allow losses from forex rate fluctuations to be amortised over a longer period

Added In CA CS ICWA
With rupee hovering near record lows against the US dollar, India Inc is down with huge ‘notional foreign exchange losses’. However the companies, which had earlier approached the Institute of Chartered Accountants of India (ICAI) asking for an expansion of an existing flexible accounting treatment to accounting periods beyond March 2012, may now find a relief.

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