CA, CS, CMA

Problems of Problem Solving

Definition of Business Problem Business Problems are current or long-term challenges and issues faced by a business. These may prevent a business from executing strategy and achieving goals. In some cases, business problems also threaten the long-term survival of an Organization. A Problem may be defined as a deviation from a desi...

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Finance Lease – Understanding income tax perspective

Finance Lease As per Accounting Standard 19 (Leases): Definitions ♣ A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. ♣ A finance lease is a lease that transfers substantially all the […]...

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Summary of Ind AS-115 Revenue from contracts with customer

Ind AS-115 summary Applicable from April, 2018) Scope- Applicable to all the contracts with CUSTOMER, except the followings- CONTRACT: – Agreement between 2 or more parties that creates enforceable rights and obligation. – – STEP-1 IDENTIFYING CONTRACT Again 5 Key Steps- all should be satisfied Key point- If step-1 not f...

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Ind AS-116 summary

IND AS-116 summary IND AS-116 (Applicable from April,2019) Scope– Applicable to all the contracts meeting the definition of LEASE except for: – What is LEASE?? Identified Assets?? (Explicitly specified in a contract or Implicitly specified when asset is made available for use by the lessee) Right to control use: – Throug...

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Direct & Indirect Taxes Updates- July 2020

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends due date for Income Tax Returns for FY 2018-19 from 31st July 2020 to 30th September 2020 (Notification no. 56/2020 dated 29th July 2020). ♦ CMDT amends rule 31a and form 26Q from 3rd July 2020 w.r.t. providing certain information related t...

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ICAI President’s Message – August 2020

Dear Professional Colleagues, The mammoth world with all its beautiful bounties, geographical riches, scientific innovations, exotic cultures and vast army of extraordinary human capital is one large family interconnected with the common goal for global health, peace, prosperity and progress. The present global challenges emanating from p...

Read More

Shri Girish Chandra Murmu Takes over as C&AG of India

Shri Girish Chandra Murmu assumed office as the Comptroller and Auditor General of India here today. He belongs to Indian Administrative Service of Gujrat cadre (1985 batch). Shri Murmu succeeds Shri Rajiv Mehrishi, who demitted office on Friday. Prior to this, Shri Murmu was the first Lieutenant Governor of Union Territory of Jammu & Kas...

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Upload XIIth Mark Sheet for Confirmation of CA Foundation Registration: ICAI

Students, who have provisionally registered for the Foundation Course, may please note that in case of non-receipt of Original Mark Sheet from CBSE/State Board/ Affiliated Board are required to do as under:...

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5 Important decisions taken by ICSI Council on 30th July, 2020

THE INSTITUTION OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of corporate Affairs) ICSI/ID/10/2020 5th August, 2020 Important decisions taken by the Council of the ICSI at its meeting held on 30th July, 2020 1. Partial revision for condu...

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Conducting of 1st CSEET on 29.08.2020 through Remote Proctored Mode

CSEET shall be conducted through REMOTE Proctored mode instead of conducting the same from Test Centers. Candidates are allowed to appear for the test through laptop/ desktop from home/ such other convenient place. Candidates shall not be allowed to appear through smart phone (mobile)/ tablet etc....

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HC rejects Petition by CA seeking to direct Institute of Cost Accountants of India to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) - The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...

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SC to ICAI: Be Flexible on CA Exam ‘Opt Out’ Option

Anubha Shrivastava Sahai Vs The Institute Of Chartered Accountants of India (ICAI) & Ors. (Supreme Court) - Anubha Shrivastava Sahai Vs ICAI & Ors. (Supreme Court) As per sources During the hearing SC said to ICAI that those students who have not opted out can appear for ICAI exam, but those who cannot appear although not opted out should be considered as an opt out student and be adjusted in November...

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Bombay HC dismisses NCLT plea to ban Deloitte and BSR for 5 years

N Sampath Ganesh Vs Union of India (Bombay High Court) - Bombay High Court had upheld the constitutional validity of Section 140(5) of the Companies Act but held that it would not apply to auditors who had resigned and also squashed the prosecution or the criminal complaints filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile audi...

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ICAI obliged to specify reasons for closure of misconduct case to Complainant

Trideep Raj Bhandari Vs ICAI (Delhi High Court) - ICAI was under an obligation to provide reasons to the complainant for its prima facie conclusion of the Chartered Accountant being member not guilty of any misconduct on the complaint made by a Complainant. ...

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AA imposes Penalty of Rs. 50k on DC of ICAI for being negligent

Devendraa P. Kapur Vs ICAI & Others (Appellate Authority of ICAI) - On perusal of the record, it reveals that the Institute was negligent in the non­compliance of the directions of this Appellate Authority. The DC was required to seek extension of time from this Authority had there been any difficulty on any count to dispose of the matter within six months....

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ICSI relaxes conditions related to Practical training & switchover of training

Notification No. ICSI/TRG/2020 - (03/08/2020) - The period for compulsory switchover of training as prescribed under regulation 46BA of the Company Secretaries (Amendment) Regulations, 2020 is extended further for a period of six months e. upto 2nd February 2021....

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CMA Examinations for June 2020 Term to commence from 01.09.2020

Ref. No. G/128/6/2020 - (21/06/2020) - CMA Foundation, Intermediate and Final examinations that were scheduled from 20th-28th July, 2020 will now commence from 1st September, 2020....

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Amendment in constitution of Quality Review Board of ICSI

Notification No. G.S.R. 339(E) - (01/06/2020) - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st June, 2020 G.S.R. 339(E).—In exercise of the powers conferred by section 29A of the Company Secretaries Act, 1980 (56 of 1980), read with sub-rule (1) of rule 8 of the Company Secretaries Procedures of Meetings of Quality Review Board, ...

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Rules to amend Chartered Accountants Procedure of Meetings of Quality Review Board

Notification No. G.S.R. 311(E) & G.S.R. 312(E) - (26/05/2020) - These rules may be called the Chartered Accountants Procedure of Meetings of Quality Review Board, and Terms and Conditions of Service and allowances of the Chairperson and members of the Board (Amendment) Rules, 2020....

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Draft Chartered Accountants (Amendment) Regulations, 2019

Notification No. F. No.1-CA(7)/193/2020 - (04/05/2020) - is registered with the Board of Studies of the Institute on or before 1st day of January or 1st day of July for the examination to be held in the months of May/June or November/December respectively; and has complied with such other requirements as may be decided by the Council from time to time.; a...

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Recent Posts in "CA, CS, CMA"

HC rejects Petition by CA seeking to direct Institute of Cost Accountants of India to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court)

The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...

Read More

Problems of Problem Solving

Definition of Business Problem Business Problems are current or long-term challenges and issues faced by a business. These may prevent a business from executing strategy and achieving goals. In some cases, business problems also threaten the long-term survival of an Organization. A Problem may be defined as a deviation from a desi...

Read More
Posted Under: CA, CS, CMA |

Finance Lease – Understanding income tax perspective

Finance Lease As per Accounting Standard 19 (Leases): Definitions ♣ A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. ♣ A finance lease is a lease that transfers substantially all the […]...

Read More
Posted Under: CA, CS, CMA |

Summary of Ind AS-115 Revenue from contracts with customer

Ind AS-115 summary Applicable from April, 2018) Scope- Applicable to all the contracts with CUSTOMER, except the followings- CONTRACT: – Agreement between 2 or more parties that creates enforceable rights and obligation. – – STEP-1 IDENTIFYING CONTRACT Again 5 Key Steps- all should be satisfied Key point- If step-1 not f...

Read More
Posted Under: CA, CS, CMA |

Ind AS-116 summary

IND AS-116 summary IND AS-116 (Applicable from April,2019) Scope– Applicable to all the contracts meeting the definition of LEASE except for: – What is LEASE?? Identified Assets?? (Explicitly specified in a contract or Implicitly specified when asset is made available for use by the lessee) Right to control use: – Throug...

Read More
Posted Under: CA, CS, CMA |

ICAI President’s Message – August 2020

Dear Professional Colleagues, The mammoth world with all its beautiful bounties, geographical riches, scientific innovations, exotic cultures and vast army of extraordinary human capital is one large family interconnected with the common goal for global health, peace, prosperity and progress. The present global challenges emanating from p...

Read More
Posted Under: CA, CS, CMA |

Shri Girish Chandra Murmu Takes over as C&AG of India

Shri Girish Chandra Murmu assumed office as the Comptroller and Auditor General of India here today. He belongs to Indian Administrative Service of Gujrat cadre (1985 batch). Shri Murmu succeeds Shri Rajiv Mehrishi, who demitted office on Friday. Prior to this, Shri Murmu was the first Lieutenant Governor of Union Territory of Jammu & Kas...

Read More
Posted Under: CA, CS, CMA |

Direct & Indirect Taxes Updates- July 2020

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends due date for Income Tax Returns for FY 2018-19 from 31st July 2020 to 30th September 2020 (Notification no. 56/2020 dated 29th July 2020). ♦ CMDT amends rule 31a and form 26Q from 3rd July 2020 w.r.t. providing certain information related t...

Read More
Posted Under: CA, CS, CMA |

Upload XIIth Mark Sheet for Confirmation of CA Foundation Registration: ICAI

Students, who have provisionally registered for the Foundation Course, may please note that in case of non-receipt of Original Mark Sheet from CBSE/State Board/ Affiliated Board are required to do as under:...

Read More
Posted Under: CA, CS, CMA |

5 Important decisions taken by ICSI Council on 30th July, 2020

THE INSTITUTION OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of corporate Affairs) ICSI/ID/10/2020 5th August, 2020 Important decisions taken by the Council of the ICSI at its meeting held on 30th July, 2020 1. Partial revision for condu...

Read More
Posted Under: CA, CS, CMA |

Latest ICAI , ICSI, CMA News

Chartered Accountants or Company Secretaries , Cost Accountants are a group of extraordinary people. Wherever they go, they bring difference. They’re talented, ambitious and are in demand. If you are thinking about a career which offers respect, prestige, great financial rewards, and better prospects becoming a Chartered Accountant, Cost Accountnat  or a Company Secretary is a perfect way to start. For becoming a CA, CMA or a CS you need to qualify the CA exam, CMA exam and the CS exam respectively. The CA, CMA and CS qualifications are exceptional prestigious and internationally respected which would offer you the skills, knowledge, and values to be a sought after business professional. The CA, CMA and CS qualifications comprises of relevant professional study and practical experience. The ICAI (Institute of Chartered Accountants of India) is the empowering body for Chartered Accountants in India, The ICAI (The Institute of Chartered Accountants of India )  for Cost Accountantgs in India and the ICSI (Institute of Companies Secretaries of India) is the regulating body of Company Secretaries in India. At Taxguru, we provide you with all the latest updates and announcement with respect to CA exam, CMA Exam and CS exam. Find all the latest news on ICAI and all the relevant updates related to CPT exam, IPCC and Finals. Get to know what’s new and what trending in the world of CS, CMA with all the latest news on ICSI, CMA here at Taxguru. At Taxguru, we publish blogs and articles at regular intervals for the enlightenment of our readers who are pursuing CA, CMA or CS or have completed the esteemed professional course. We ensure that we bring you all the latest insights and guidance in your journey towards your goal to achieve success in CA, CMA and CS exams. We keep you posted on all important and significant ICAI news and ICSI news and ensure to keep updated with the trending information from the world of these profound professions.