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Analysis of Union Budget 2017 provisions of Income Tax Service Tax Excise Duty Custom Duty with Budget Highlights Commentary Speech, Notification, News & Articles.

ICAI

E-Flash on amendment proposed by Finance Bill 2017

CA, CS, CMA - The Institute of Chartered Accountants of India (ICAI) has released E-Flash on amendment proposed by Finance Bill 2017 i.e. Union Budget 2017-18. It Contains Ive Sections below- 1. ICAI Press Release—Union Budget 2017 2. Direct Tax Proposals—Highlights 3. International Tax Proposals—Highlights 4. Indirect Tax Proposals—Highlights ...

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Union Budget 2017- Highlights of Custom Duty Proposals

CA, CS, CMA - Definition of following terms is proposed to be incorporated in section 2 of the Customs Act, 1962: Beneficial owner, Passenger Name Record Information, Foreign Post Office and International Courier Terminal...

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Union Budget 2017- Highlights of Excise Duty Proposals

CA, CS, CMA - Amendment in Central Excise Rules, 2002- Rule 21 provides for the remission of duty in case the goods have been lost or destroyed etc. A new sub-rule (2) has been inserted providing a time limit of three months [further extendable by 6 months] for granting such remission of duty from the receipt of application under this rule read with s...

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Union Budget 2017- Highlights of Service Tax Proposals

CA, CS, CMA - A new section 96HA proposed to be inserted so as to provide for transferring the pending applications before the Authority for Advance Rulings (Central Excise, Customs and Service Tax) to the Authority constituted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance B...

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Union Budget 2017- Highlights of Income Tax Proposals

CA, CS, CMA - The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore. This is a clarificatory amendment. The threshold limit for maintenance of books for individuals and HUF proposed to be increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs....

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ICAI forms Group to formulate its Foreign Travel Policy

CA, CS, CMA - 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 formulating Foreign Travel Policy of the Institute, with the following composition...

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ICAI Group to consider study circles structure & means to obtain PAN, TAN, Service Tax registration

CA, CS, CMA - ICAI has constituted a Group for considering the entire structure of study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration and other statutory compliances ...

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Significant Achievements of Internal Audit Standards Board, ICAI

CA, CS, CMA - Significant Achievements of the Internal Audit Standards Board, ICAI (during the period from February 2016 to till date) 1. Technical Literature Issued Manual on Concurrent Audit of Banks (2016 Edition) The Internal Audit Standards Board has recently issued Manual on Concurrent Audit of Banks (2016 edition) which has been prepared based o...

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Activities of Career Counselling Committee (CCC), ICAI in year 2016-17

CA, CS, CMA - This Committee was formed in the month of February, 2015 under nomenclature 'Career Counselling Committee (CCC) with an objective to promote the Commerce Education with special focus on CA course among Secondary, Senior/ Higher Secondary, Graduate/Post Graduate students as well as other stakeholders....

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Publications on GST by ICAI Indirect Taxes Committee

CA, CS, CMA - India is witnessing a sea change in the indirect taxes regime. The implementation of much awaited Goods and Services Tax, which is major taxation reforms taken by the Government since independence, is around the corner. This new law would directly or indirectly affect every section of the society be it Manufacturer, Traders, Retailers, Se...

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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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HC Stays disciplinary proceedings in Tax Audit Limit Violation issue

Shaji Poulose,Chartered Accountant Vs. ICAI (Kerala High Court) - Hon’ble High Court of Kerala has stayed the disciplinary proceedings initiated by ICAI against CA Shaji Poulose for exceeding the limit on number of tax audits. IN THE HIGH COURT OF KERALA AT ERNAKULAM Present: THE HONOURABLE MR. JUSTICE P.B.SURESH KUMAR Wednesday, the 3rd day of August 2016/...

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Power of attorney cannot insist on continuance as attorney

R. Sibramanian Vs. The Institute Of Chartered Accountants of India & Ors. (Delhi High Court) - A power of attorney cannot insist on continuance as the attorney for the principal. If the principal does not desire the power of attorney to continue to represent the principal, the authorisation can always be revoked/terminated/withdrawn. ...

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Running Coaching class cannot be said as carrying CA Practice: HC

Harpal Singh Dhingra Vs. Vinod Gupta (Delhi High Court) - In this case it was held that issuance of advertisements offering to take coaching classes and to impart of training to aspirants of the profession of chartered accountancy, cannot be said to be carrying on the profession of chartered accountancy....

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CA providing accommodation entries debarred from practice

Institute Of Chartered Accountants of India Vs Vivek Kapoor & Anr (Punjab & Haryana High Court) - The allegations against CA Vivek Kapoor were that he was master-mind in a scam of providing accommodation entries to various concerns after charging commission ranging from 1% to 3%. ...

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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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Change in Constitution of Appellate Authority under CA, CS, CMA Laws

Notification No. G.S.R. 1130(E) - (13/12/2016) - Central Govt makes further amendments in notification of Govt of India by which it notified Constitution of Appellate Authority under CA, CS & CMA Laws...

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Schedule of CA CPT Exam to be held in December 2016

Notification No.13-CA (EXAM)/CPT/December/2016 - (26/07/2016) - Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be held on Sunday, 18th December, 2016 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre....

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ICAI declares Schedule of November 2016 CA IPC & Final Exams

No. 13-CA (EXAM)/N/2016: - (19/07/2016) - No. 13-CA (EXAM)/N/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following places ...

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Recent Posts in "ICAI"

ICAI forms Group to formulate its Foreign Travel Policy

No.M-626/2017 (21/02/2017)

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 formulating Foreign Travel Policy of the Institute, with the following composition...

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Posted Under: Income Tax |

ICAI Group to consider study circles structure & means to obtain PAN, TAN, Service Tax registration

No.M-626/2017 (21/02/2017)

ICAI has constituted a Group for considering the entire structure of study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration and other statutory compliances ...

Read More
Posted Under: Income Tax |

Significant Achievements of Internal Audit Standards Board, ICAI

Significant Achievements of the Internal Audit Standards Board, ICAI (during the period from February 2016 to till date) 1. Technical Literature Issued Manual on Concurrent Audit of Banks (2016 Edition) The Internal Audit Standards Board has recently issued Manual on Concurrent Audit of Banks (2016 edition) which has been prepared based o...

Read More
Posted Under: Income Tax |

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 of name in the Register of Members:-...

Read More

Activities of Career Counselling Committee (CCC), ICAI in year 2016-17

This Committee was formed in the month of February, 2015 under nomenclature 'Career Counselling Committee (CCC) with an objective to promote the Commerce Education with special focus on CA course among Secondary, Senior/ Higher Secondary, Graduate/Post Graduate students as well as other stakeholders....

Read More
Posted Under: Income Tax |

Publications on GST by ICAI Indirect Taxes Committee

India is witnessing a sea change in the indirect taxes regime. The implementation of much awaited Goods and Services Tax, which is major taxation reforms taken by the Government since independence, is around the corner. This new law would directly or indirectly affect every section of the society be it Manufacturer, Traders, Retailers, Se...

Read More
Posted Under: Income Tax |

ICAI elects New Torch-Bearers for the year 2017-18

On February 12, 2017, ICAI elected its new torch-bearers CA. Nilesh Shivji Vikamsey as the President and CA. Naveen N.D.Gupta as the Vice-President for year 2017-18....

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Posted Under: Income Tax |

On Line Articles Placement Portal for selection of Articled Assistants by CA Firms

ANNOUNCEMENT Online Articles Placement Portal for selection of Articled Assistants by CA Firms The Board of Studies of the ICAI has been providing Optional Articles Placement Scheme for selection of Articled Assistants by CA Firms through its Articles Placement Portal. It provides a platform to the firms of Chartered Accountants having va...

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Posted Under: Income Tax |

ICAI to condone delay in submission of Form 112

It is also notified that wherever any statement made by a student or member is found to be false or varying with the facts discovered during the scrutiny process or later at any stage, the student and/ or member concerned will be liable to be proceeded with in accordance with the provisions of the Chartered Accountants Act, 1949 and Rules...

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Posted Under: Income Tax |

Intermediate (IPC), November 2016 – Merit List

Intermediate (IPC), November 2016 – Merit List – (10-02-2017) S.NO. ROLL NO. REG NO. NAME CITY TOTAL MARKS RANK 1 554071 WRO0570575 REKHA GHEVARRAM SUTHAR PUNE 559 1 2 511599 ERO0219359 AAYUSH AGARWAL KOLKATA 553 2 3 434704 SRO0543844 SHIVKRISH V CHENNAI 545 3 4 512008 ERO0213596 ANUJ PODDAR KOLKATA 543 4 5 412666 NRO0408807 [...

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Posted Under: Income Tax |
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