ICAI

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9

Company Law - It may be noted that the treatment of Dividend Distribution Tax (DDT) in the standalone financial statements of the parent entity and its subsidiary has been dealt with in the FAQ issued by the Accounting Standards Board (ASB) of ICAI on the treatment of Dividend distribution tax....

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Mandatory filing of Statement of Financial Transactions (SFT) on or before 31st May, 2017

Company Law - Statement of financial transaction in respect of specified transactions registered or recorded in the Financial Year 2016-17 is to be filed on or before 31st May, 2017. ...

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Suggestions on Draft GST Accounts & Records, Appeals & Revision and Return Rules

Company Law - The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on Draft Rules of Composition, Input Tax Credit, Determination of Value of Supply, Transitional Provisions, Registration, Tax Invoice, Debit & Credit Notes, Refund, Accounts & Records, Appeals & Revision, E-way Bill, Return, Advance Ruling,...

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4 Suggestions on Draft GST Refund Rules

Company Law - Rule 2(3) of the draft GST Refund Rules provide that where any deficiencies are noticed, the proper officer shall communicate the deficiencies to the applicant in FORM GST RFD-03 through the Common Portal electronically, requiring him to file a refund application after rectification of such deficiencies. However, the time limit for issuin...

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4 Suggestions on Draft GST Tax Invoice, Credit and Debit Note Rules

Company Law - 1. Advance voucher and refund voucher Rule 5 of draft GST Tax invoice, Credit and Debit Notes Rules provides for issuance voucher for receipt of advance. However no formats have been prescribed for the receipt voucher or refund voucher. Suggestion It is suggested the words …..in the formats prescribed… be added and suitable f...

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Amendment in Guidance Note on Audit of Consolidated Financial Statements

Company Law - Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued by ICAI...

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ICAI form group to look into issues related to Change in Constitution of Firm

Company Law - ICAI has decided to form a group for reviewing the decision regarding noting of change in constitution on account of leaving of partner of firm and allied issues with the following members:...

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Advertising by practicing CAs engaged in Coaching/ Teaching

Company Law - Members are advised to abstain from advertising their association with Coaching /teaching activities through hoardings, posters, banners and by any other means, failing which they may be liable for disciplinary action,...

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Announcement for ICAI-CAMPUS (August-September, 2017) Aspirants

Company Law - Completion of GMCS is mandatory for taking part in ICAI Campus Placement Programme, meant for Newly Qualified CAs. Accordingly, to cater to the needs of the Students appearing for the Final Examination in May’2017 but are yet to complete GMCS Course, adequate arrangement has been made by the Board of Studies. ...

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ICAI Constitute Group related to all issues of Bank Audit

Company Law - The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs), cooling period, distribution of bank branch audit as well as previous report of CA. Tarun J. Ghia on ...

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CA guilty of Professional Misconduct for giving forged challan copies

Council of the Institute of Chartered Accountants of India Vs Shri D.K.Agrawal (Allahabad High Court) - This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dines...

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HC bans CA for issuing wrong Share Application Money Certificate

Council of ICAI Vs kailash Chander Agarwal & ANR. (Delhi High Court) - Proceeding to take cognizance of a report submitted by SEBI the Council of the Institute of Chartered Accountants constituted a Disciplinary Committee, forming a prima-facie opinion that the respondent was guilty of professional misconduct. Proceedings were initiated by the Disciplinary Committee. ...

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Proved Misconduct by CA while he holds COP Punishable: SC

Council of The Institute of Chartered Accountants of India Vs. Deepak Gupta (Supreme Court) - Whether a practicing Chartered Accountant while he holds the certificate of practice issued by the Institute of Chartered Accountants of India would be liable for punishment for any misconduct committed during the existence of certificate...

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CA in practice cannot run Business via Companies, Trusts & Firms

Council of Instt. of Chartered Accountants of India Vs Subodh Gupta & anr. (Delhi High Court) - The Institute of Chartered Accountants has made the instant Reference under Section 21(5) of the Chartered Accountants Act, 1949 in respect of the respondent being indicted for a misconduct other than such misconduct which is referred to in sub-Section (4) of Section 21....

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HC held CA Guilty of Misconduct for non detection of Fraud

Council Of Instt Of Chartered Accountants of India Vs. Uma Shankar Jha & Anr. (Delhi High Court) - The respondent admitted that the firm J.S.Bedi & Co. was charged with the concurrent audit for the period in question and that it had carried out the concurrent audit under his supervision but denied any fraud perpetrated for the period of the audit. But surprisingly it was also simultaneously plead...

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Reg. Committee to dispose disciplinary cases in Profession Institutes

No.1-CA(10)/199/2017 - (19/04/2017) - The Government, in supersession of its earlier Order dated 27th March, 2017 has issued a revised Order dated 10th April, 2017 amplifying the Terms of Reference of the High Level Committee to look into issues related to disposal of the disciplinary cases in the professional Institutes....

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ICAI added 5 new cities where CPT exam will be held in June 2017

Notification No. No.13-CA(EXAM)/CPT/June/2017/II - (15/03/2017) - It is notified for general information that Burhanpur, Chhindwara & Rewa (in the state of Madhya Pradesh) and Bhiwandi, Ichalkaranji (in the state of Maharashtra) are added to the list of cities where the Common Proficiency Test (CPT) is scheduled to be held on 18th June, 2017...

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ICAI forms group to recommend on Election of VP & counting of votes

No.M-626/2017 - (22/02/2017) - The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group for making recommendations in the matter of Election of Vice President and all allied matters including counting of votes...

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ICAI Increases Entrance, Annual Membership, COP & Restoration Fee

Notification No.1-CA(7)/179/2017 - (09/02/2017) - Council of the Institute of Chartered Accountants of India, with the prior approval of the Central Government, wherever required, hereby notifies the following rates of fee for entry of name in the Register of Members, annual membership fee, annual certificate of practice fee and fee for restoration...

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ICAI Code of Conduct for elected, Co-opted & Nominated Representatives

No. ICAI /ESB/2016/02 - (22/12/2016) - This Code applies to elected and nominated members to the Council, Regional Councils and Managing Committees of Branches; and also to members nominated by the Institute to other bodies,...

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Recent Posts in "ICAI"

Amendment in Guidance Note on Audit of Consolidated Financial Statements

Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued by ICAI...

Read More
Posted Under: CA, CS, CMA |

ICAI form group to look into issues related to Change in Constitution of Firm

ICAI has decided to form a group for reviewing the decision regarding noting of change in constitution on account of leaving of partner of firm and allied issues with the following members:...

Read More
Posted Under: CA, CS, CMA |

Advertising by practicing CAs engaged in Coaching/ Teaching

Members are advised to abstain from advertising their association with Coaching /teaching activities through hoardings, posters, banners and by any other means, failing which they may be liable for disciplinary action,...

Read More
Posted Under: CA, CS, CMA |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9

It may be noted that the treatment of Dividend Distribution Tax (DDT) in the standalone financial statements of the parent entity and its subsidiary has been dealt with in the FAQ issued by the Accounting Standards Board (ASB) of ICAI on the treatment of Dividend distribution tax....

Read More
Posted Under: CA, CS, CMA |

Announcement for ICAI-CAMPUS (August-September, 2017) Aspirants

Completion of GMCS is mandatory for taking part in ICAI Campus Placement Programme, meant for Newly Qualified CAs. Accordingly, to cater to the needs of the Students appearing for the Final Examination in May’2017 but are yet to complete GMCS Course, adequate arrangement has been made by the Board of Studies. ...

Read More
Posted Under: CA, CS, CMA |

Mandatory filing of Statement of Financial Transactions (SFT) on or before 31st May, 2017

Statement of financial transaction in respect of specified transactions registered or recorded in the Financial Year 2016-17 is to be filed on or before 31st May, 2017. ...

Read More

ICAI Constitute Group related to all issues of Bank Audit

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs), cooling period, distribution of bank branch audit as well as previous report of CA. Tarun J. Ghia on ...

Read More
Posted Under: CA, CS, CMA |

CA guilty of Professional Misconduct for giving forged challan copies

Council of the Institute of Chartered Accountants of India Vs Shri D.K.Agrawal (Allahabad High Court)

This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountant...

Read More

Suggestions on Draft GST Accounts & Records, Appeals & Revision and Return Rules

The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on Draft Rules of Composition, Input Tax Credit, Determination of Value of Supply, Transitional Provisions, Registration, Tax Invoice, Debit & Credit Notes, Refund, Accounts & Records, Appeals & Revision, E-way Bill, Return, Advance Ruling,...

Read More
Posted Under: CA, CS, CMA |

4 Suggestions on Draft GST Refund Rules

Rule 2(3) of the draft GST Refund Rules provide that where any deficiencies are noticed, the proper officer shall communicate the deficiencies to the applicant in FORM GST RFD-03 through the Common Portal electronically, requiring him to file a refund application after rectification of such deficiencies. However, the time limit for issuin...

Read More
Posted Under: CA, CS, CMA |
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