ICAI

The President, in terms of the authority given to him by the Council at its 303rd meeting held on 10th, 11th and 12th February, 2011, has appointed Shri Manoj Kumar, Joint Secretary, Ministry of Corporate Affairs, the newly nominated member on the 21st Council in place of Dr. T.V. Somanathan, on the following Committees/Boards of the Institute, for the remaining period of the year 2011-2012. Full Article

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, has launched the ICAI- Tax Suite on 1st July, 2011 by Hon’ble CA. K. Rahman Khan, Deputy Chairman of Rajya Sabha, Parliament of India. ICAI-Tax Suite software has been uploaded in the Committee website www.icai.org.in, so that members can easily download, free of cost. The CD containing ICAI- Tax Suite software shall be sent in a Brochure free of cost to all the CA Firms. The details of.. Full Article

In order to avoid removal of their names from the Register of Members and cancellation of Certificate of Practice, Members who have not paid their fees are requested to remit the same on or before 30th September, 2011. In case fees is not paid by 30/09/2011, member will not be entitled to train any articled assistant w.e.f. 01/10/2011 and the existing articled assistant(s) will be terminated w.e.f. 01/10/2011. Full Article

Representations from stakeholders on accounting and technical aspects of the Taxonomy to be used for XBRL filings of financial statements by the companies were received by the Ministry of Corporate Affairs. These suggestions/comments were referred to ICAI for modification and improvements in the Taxonomy. Full Article

Ind AS 1 generally deals with presentation of financial statements, whereas existing AS 1 (issued1979) deals only with the disclosure of accounting policies. The scope of Ind AS 1 is thus much wider and line by line comparison of the difference with the present standard is not possible. However, the major requirements as laid down in Ind AS 1 are as follows: Full Article

To recognise and encourage excellence in the preparation and presentation of financial information with the mission of greater accountability and well-informed decision making. Procedure for Participation There is no fee for participation in the competition. Annual report relating to the financial year ending on any day between April 1, 2010 and March 31, 2011 (both days inclusive) is eligible for participation in this competition. Decisions of the Panel.. Full Article

In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act, 1961 in the specified number of tax audit assignments, the extracts of Para 6 of Chapter VI 'Tax Audit assignments under section 44AB of the Income-tax Act, 1961' of the Council General Guidelines No.1-CA(7)/025/2008 dated 8th August, 2008 have been reproduced below: Full Article

Compulsory audit of accounts section 44AB Limit of 40,00,000 has been increased to 60,00,000 in case of business and from 10,00,000 to 15,00,000 in case of profession. For the purpose of presumptive taxation u/s 44AD, the threshold limit of total turnover or gross receipts would be increased from 40 lakhs to 60 lakhs. The threshold limit is proposed to be increased to facilitate business operations of small taxpayers. Means to reduce the compliance burden of sma.. Full Article