CA Amresh Vashisht

The Revision of Tax Audit Reports

CA, CS, CMA - Tax audit is a cross-examination of the books of accounts of the taxpayer by a practicing Chartered Accountant under the Income Tax Act 1961.  Section 44AB deals with the conditions under which Tax audit becomes mandatory for some taxpayers. The underline idea of a tax audit is to verify the accuracy of the financial records […]...

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ICAI- Is it certain that the future is uncertain?

CA, CS, CMA - The professional work of a Chartered Accountant is undergoing major changes that will continue, and potentially intensify, in the future. There is a dire need to check the recent erosion of professional opportunities. Our profession is statute backed and as long as we are having a backing of such laws in our favour, the profession [&helli...

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Unbeatable Discrimination of Small CA Firms/Small City firms

CA, CS, CMA - It is unlawful to discriminate on the ground of the profession, trade, occupation or calling discrimination as reasonable in some circumstances. The freedom to practice any profession, or to carry on any occupation, trade or business is well defined in the Constitution of India.  Article 19 (1) (g) of Constitution of India provides right...

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Decoding ICAI Elections 2021

CA, CS, CMA - The voting for the elections of the twenty-fifth council for thirty-two seats from five regions and twenty-fourth regional councils from five regional constituency of The Institute of Chartered accountants of India will be held on 3rd and 4th December in cities having 1000 or more members and on 4th December 2021 in other cities/towns. Ya...

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Are Small Company Audits vanishing?

CA, CS, CMA - Recently, the news of abolition of Statutory Audit for small companies spread like a wildfire and social media have emerged as a comforting shoulder for the Chartered accountants, who are mostly dependent on the small company audits. There was no official version of the said story but it was not an unexpected one as across […]...

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Allahabad Bank – Empanelment for Concurrent & Revenue Audit

CA, CS, CMA - Application For Concurrent / Revenue Audit ( Year 2015-16 )- 1. Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent / Revenue Auditor in the Bank....

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Today is last day to submit form to secure Unstructured CPE learning Hours

CA, CS, CMA - As per CPE learning which is eligible for CPE credit for Unstructured Learning Activities(ULAs), the members are required to submit their Self-declaration in the form enclosed once in a year before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous year. These forms would have to be submitted to the con...

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Soon you will be able to Download your TDS Certificate online; Deductor will not be required to issue manually

CA, CS, CMA - Under the new scheme Form 16/16A shall not be issued manually. A deductor shall download Form No. 16/16 A from the online system. The generation of firm 16/16A shall be based on the Form 26Q submitted by the Deductor. The tax credit shall be directly linked to the submission of TDS Returns. Every 16 /16A Form shall also have a unique Numb...

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Afresh attempt of ICWAI to rename its organisation to ICMAI fumes ICAI

CA, CS, CMA - ICAI has expressed its serious concern to rename the ICWAI body to a name identical to Institute of Chartered Accountants of India. The matter of renaming Institute of Cost & Works Accountants of India proposed to name Institute of Cost & Management Accountant of India has been resurfaced again because of sub-clause II of clause (i) of Se...

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Appointment of statutory auditor for Public sector bank for 2009-10

CA, CS, CMA - Allocation of Banks and finalisation of Statutory Branch Auditors are in process. It is expected that the same shall be completed by the end of first week of March.As you know there are 26 public sector banks and like previous year Fifteen banks shall opt for autonomy .But in practical ,there will not be change of any policy as these Bank...

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ST- Service Tax Levied On Presumptive Basis Not Sustainable

Al-Faheem Meatex Private Limited Vs Commissioner of Service Tax, Meerut (CESTAT Allahabad) - Show cause notice was issued without scrutiny of the taxable value on which service tax was due from the appellant. He submitted that had Revenue scrutinized the entire transaction that was reflected in balance sheet, Revenue would have come to know that the freight charges reflected in balance shee...

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IF Valuation referred by AO, then DVO valuation shall be final sale consideration for computing capital gain

Sudha Garg Vs ITO (ITAT Delhi) - Sudha Garg Vs ITO (ITAT Delhi) The assessing officer made the assessment order u/s 147/143(3). The only issue involved in this appeal is regarding computation of long term capital gain on sale of property located at Ghaziabad. The assessee has declared the long term capital gain on the sale of the s...

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Recent Posts in "CA Amresh Vashisht"

The Revision of Tax Audit Reports

Tax audit is a cross-examination of the books of accounts of the taxpayer by a practicing Chartered Accountant under the Income Tax Act 1961.  Section 44AB deals with the conditions under which Tax audit becomes mandatory for some taxpayers. The underline idea of a tax audit is to verify the accuracy of the financial records […]...

Read More
Posted Under: Income Tax |

ICAI- Is it certain that the future is uncertain?

The professional work of a Chartered Accountant is undergoing major changes that will continue, and potentially intensify, in the future. There is a dire need to check the recent erosion of professional opportunities. Our profession is statute backed and as long as we are having a backing of such laws in our favour, the profession [&helli...

Read More
Posted Under: Income Tax | ,

Unbeatable Discrimination of Small CA Firms/Small City firms

It is unlawful to discriminate on the ground of the profession, trade, occupation or calling discrimination as reasonable in some circumstances. The freedom to practice any profession, or to carry on any occupation, trade or business is well defined in the Constitution of India.  Article 19 (1) (g) of Constitution of India provides right...

Read More
Posted Under: Income Tax |

Decoding ICAI Elections 2021

The voting for the elections of the twenty-fifth council for thirty-two seats from five regions and twenty-fourth regional councils from five regional constituency of The Institute of Chartered accountants of India will be held on 3rd and 4th December in cities having 1000 or more members and on 4th December 2021 in other cities/towns. Ya...

Read More
Posted Under: Income Tax |

Are Small Company Audits vanishing?

Recently, the news of abolition of Statutory Audit for small companies spread like a wildfire and social media have emerged as a comforting shoulder for the Chartered accountants, who are mostly dependent on the small company audits. There was no official version of the said story but it was not an unexpected one as across […]...

Read More
Posted Under: Income Tax |

ICAI Elections 2021 – Ringing Bells

A bell’s not a bell ’til you ring it, A song’s not a song ’til you sing it, Love in your heart wasn’t put there to stay, Love isn’t loving ’til you give it away! So is our ALMA MATER ICAI, We have to take care in selecting the strong council and regional councils to […]...

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Posted Under: Income Tax |

MDP CA – Eligibilties and Empanelments

Multi-disciplinary Partnership Firm of Chartered Accountants in Practice means the firm which has been approved to practice in its name by the Council of ICAI under Regulation 53B read with Regulation 190 of the Chartered Accountants Regulations, 1988 hereafter referred to as MDP. The Institute of Chartered Accountants of India has issued...

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Posted Under: Income Tax |

CA- Decoding Sharing of Fees & Profits

Chartered Accountants generally team up with Lawyers, Company Secretaries, Cost Accountants, Actuaries, Values, Software Professionals, Venture Capitalists, and Retired Entrepreneurs and execute their professional assignments by utilizing their services as employees or on a contractual basis. With the notification dated July 08, 2021, the...

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Posted Under: Income Tax |

Toolkit –Faceless Income Tax Appeals

The first appeals against the Assessment Orders can be filed before the concerned Commissioner of Income Tax (Appeals). The procedures for disposal of these appeals have been changed under the Faceless Appeal Scheme implemented from 25th September 2020. The objective of the scheme after the faceless assessments is to eliminate human inter...

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Posted Under: Income Tax | ,

Multidisciplinary CA Firms – Boon Or Bane

The ICAI, on July 08, 2021 has notified the revised Form 18 i.e. disclosure of particulars relating to office and firms under the Chartered Accountants Regulations, 1988 through Notification No. 1-CA(7)/197/2021, dated July 8, 2021 the ‘Chartered Accountants (Amendment) Regulations, 2021. With the change in form 18, CA firms are now all...

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Posted Under: Income Tax |

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