ICAI

PTI has reported on 09.06.2013 that Union Finance Ministry has raised the audit limit for Statutory Audit of nationalised bank branch from Rs 20 crore to 50 crore turnover for financial year 2013-14. Extract of News received from PTI is as follows :- Union Finance Ministry has raised the audit limit of nationalised bank branch [...] Full Article

Important Announcement BoS/ Announcement/ 227/2013 June 7, 2013 Sub: Treatment to be given to papers with different nomenclatures and marks spread over the entire duration of graduation / post graduation course for the purpose of admission to the CA Course under Direct Entry Scheme. ————- The Council in order to mitigate the hardship being faced [...] Full Article

Guidance Note on Tax Audit After the introduction of provision for tax audit, the Institute has been bringing out a Guidance Note on Tax Audit to help the members in discharging their responsibilities. The ICAI has approved the revised edition of Guidance Note on Tax Audit, which includes significant amendments made in the Income-tax Act, [...] Full Article

1. Practice outside India to be reckoned for fellowship As per the Scheme of Chartered Accountants Act, 1949 [Section 5(3)], a member is granted fellowship if he has been in continuous practice for five years within India. Recognising the fact that members of the ICAI have also been practising outside India, it has been decided [...] Full Article

It was earlier decided by ICAI to exempt Graduates/Post Graduates with specified percentage of marks and Intermediate level Examination passed students of The Cost Accountants of India and The Institute of Company Secretaries of India from passing the Common Proficiency Test (CPT). Full Article

Applicability of Pronouncements/Legislative Amendments/Circulars etc. for November, 2013 Intermediate (IPC) Examination Applicability of Pronouncements/Legislative Amendments/Circulars etc. for November, 2013 Final Examination. Full Article

Owing to the liberalization and globalization of the insurance sector, now a days insurers have huge amount of funds collected from the insured in the form of premium. The involvement of the public funds necessitated the regulators to frame regulation to make insurers properly use the freedom provided, but at the same time, through exposure [...] Full Article

One of the major functions of an insurer is investment of its funds and with the ever growing fund size of investments, safeguarding and protection of the same has acquired enormous significance. Insurance Regulatory and Development Authority (IRDA), the regulator, has put in place a tight framework for regulating this important function of insurers. The [...] Full Article

Dear Friends, In the new Companies Bill, 2012, Corporate Social Responsibility (CSR) activities have got prime focus requiring all companies having net worth of Rs.  5000 crore or more, or, turnover of Rs. 1000 crore or more, or, a net profit of Rs.  5 crore or more during any financial year to constitute a dedicated [...] Full Article

The Examination Committee at its 498th meeting held on September 23, 2012 has decided that the following sections of the Finance Act, 1994/rules will be covered under point no. 1 (Concepts and General principles) and point no. 2 (Charge of service tax and taxable services) of syllabus of Part II: Full Article