chartered accountants

Final War-Last 15 days of Exams

CA, CS, CMA - Finally the Exams are approaching, finally the dreams are about to come true and finally you are going to free yourself from this burden called CA Final Exams....

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What’s Up? What it is all about?

CA, CS, CMA - What’s up is an extremely annoying question that has (unfortunately) replaced Hello or Hi as the most popular form of casual greeting. As per some Dictionaries it is an informal way of saying what's happening. But reality is much different from the dictionary meaning. When a person is faced with this question there is no defined answer ...

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Proper process to be followed by machinery before any FIR or Arrest of a CA

CA, CS, CMA - Regarding memorandum to be given to Home Ministry & Police Head Quarters of the Country as well as respective states including all IG, DM & SP before any FIR or Arrest of a Chartered Accountant....

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Can Only Advocates Practices Law or Other Professions Like CA, CS can also Practices It ?

CA, CS, CMA - The Apex Court in its landmark judgement on whether the foreign law firms / lawyers are permitted to practice in India held that practicing of law includes not only appearance in courts but also giving of opinion, drafting of instruments, participation in conferences involving legal discussion....

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7 FAQs about NFRA

CA, CS, CMA - The constitution of NFRA is enshrined in the section 132 of the Companies Act, 2013. NFRA stands for National Financial Reporting Authority (NFRA), The NFRA will act as an independent regulator for the auditing profession which was one of the key changes brought in by the Companies Act 2013....

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Statutory branch audit of branches of PSU banks- In wake of recent developments/ irregularities in PNB

CA, CS, CMA - Environment created after change in policy of appointment of branch statutory auditors (giving autonomy to bank management) has not yielded desired results for the banking industry. Our regulatory body, the Institute of Chartered Accountants of India (ICAO has been opposing this change from the very beginning....

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Govt clarifies on undue advantage due to 20:80 scheme of gold imports

CA, CS, CMA - Government Issues Clarification on Gold Imports Scheme The past few days have seen some misapprehensions being generated on the scheme of gold imports known as the 80:20 scheme.  The factual position is being clarified. The increase in gold imports had put pressure on the current account deficit in 2012-13.  A series of steps were taken...

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Bank Branch Auditors’ Panel of CAs/ firms for 2017-18

CA, CS, CMA - We are pleased to inform that the Draft Bank Branch Auditors Panel of Chartered Accountants/firms for the year 2017-18 has been prepared alongwith the category of the applicants. The Draft Panel contains the following:...

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Action taken by ICAI on PNB matter- An Update

CA, CS, CMA - The ICAI has also set up High Power Group to study the issues in PNB matter and suggest remedial measures and improvements in the banking system. The Group has written to various officials of the bank including the Chairman of the Audit Committee and a member to provide relevant information in the matter so as to help the Group to underst...

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NFRA to have power to impose penalty on audit firms

CA, CS, CMA - The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI). The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for taking necessary disciplinary action against ...

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Delhi HC dismisses petition against CA Final Result Controversy

Milind Agarwal And Ors. Vs. ICAI (Delhi High Court) - A perusal of the Regulation 39(2) in itself shows that the council has been granted a discretion to revise the marks obtained by the candidates in any particular paper/papers or aggregate, as may be considered necessary for maintaining the standards of passed percentage...

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CAs ought to maintain highest level of ethics and integrity: Delhi HC

Council Of The Institute Of Chartered Accountant Of India Vs. Ashok Kumar & Anr. (Delhi High Court) - Court would like to observe that CAs ought to maintain the highest level of ethics and integrity, not only in the interest of their clients but also to ensure that probity and sanctity are not compromised in any manner as CAs are not merely professionals engaged by their clients, but are protectors ...

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Courts have Limited Role in Professional Misconduct matters of CAs

Council Of ICAI Vs. Manubhai A Panchal & Co. (Gujarat High Court) - This Court while deciding a Reference needs to keep in mind the limitations of its role. It does not sit in appeal over the decision making process of the Disciplinary Committee and the recommendations so made by the Council of the Institute. Hence in examining the Report and the recommendation of ...

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Bombay HC on ITAT order blaming ICAI and Chartered Accountants

Vijay Vishin Meghani Vs DCIT (Bombay High Court) - HC held that Tribunal, out of sheer desperation and frustration and agitated by the fact that the Revenue is not opposing the request for condonation of delay, turned its attention towards the assessee's Chartered Accountant....

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Prosecution under PMLA cannot be dropped for Acquittal by ICAI Disciplinary Committee

Mahesh Agarwalla Vs Assistant Director, (Calcutta High Court) - The findings of the Disciplinary Committee by no stretch of imagination can be said to be binding on the criminal court where the accusation is to be proved on the basis of evidence adduced before it in accordance with law. Moreover, the findings do not render the substratum of accusation of conspir...

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Govt. constitutes expert Group to look issues related to Audit firms

F. No. 17/112/2016-CL-V - (30/09/2016) - Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by...

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ICAI takes action against 4 Members for Misconduct

Notification No. DD/141/11/BOD/144/2013, DD/3/S/INF/11/DC/232/2012 , DD/174/10/DC/320/2014, No. DD/70/09/DC/127/2010 and DD/73/09/DC/128/2010 - (06/06/2016) - ICAI has vide its Notifications dated 06th June 2016 notified the action taken for Professional and Other Misconduct rules against Ms. Sunita Shamsunder Narang (Membership No. 046574), Shri N. Sundararajan (Membership No. 021341),Shri D. Sundararajan (Membership No. 010150) and Shri Mahendra Kumar H...

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ICAI held 2 CAs guilty of Other professional Misconduct

No. DD/50/11/DC/263/2013 & No. DD/6/N/INF/10/BOD/117/13 - (09/05/2016) - Shri Pawan Kumar Gulati (Membership No. 095137), Chartered Accountant, 569, J.P. Nagar, Jalandhar – 144 002 has been held guilty of Professional Misconduct falling within the meaning of Clause (1) of Part II of the Second Schedule to the aforesaid Act by the Disciplinary Committee which ordered fo...

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Vacancy for CA, CS, CWA, LL.B. & Freelancer at Taxguru

NA - TAXGURU.IN is a unique and focused portal on taxation, Accounting, Finance, Audit and Corporate law. We are currently providing all news and analysis on taxation, Accounting, Finance, Audit and Corporate law covering virtually the entire spectrum of taxation....

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Notification on Minimum wages in CA Offices in kerala

Notification No. S. R. O. No. 528/2011 - (24/11/2011) - . In the case of any post/category which is not included in the schedule above shall be eligible for the basic wages prescribed for equivalent post/ category....

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Recent Posts in "chartered accountants"

Final War-Last 15 days of Exams

Finally the Exams are approaching, finally the dreams are about to come true and finally you are going to free yourself from this burden called CA Final Exams....

Read More
Posted Under: Fema / RBI |

What’s Up? What it is all about?

What’s up is an extremely annoying question that has (unfortunately) replaced Hello or Hi as the most popular form of casual greeting. As per some Dictionaries it is an informal way of saying what's happening. But reality is much different from the dictionary meaning. When a person is faced with this question there is no defined answer ...

Read More
Posted Under: Fema / RBI |

Proper process to be followed by machinery before any FIR or Arrest of a CA

Regarding memorandum to be given to Home Ministry & Police Head Quarters of the Country as well as respective states including all IG, DM & SP before any FIR or Arrest of a Chartered Accountant....

Read More
Posted Under: Fema / RBI |

Statutory branch audit of branches of PSU banks- In wake of recent developments/ irregularities in PNB

Environment created after change in policy of appointment of branch statutory auditors (giving autonomy to bank management) has not yielded desired results for the banking industry. Our regulatory body, the Institute of Chartered Accountants of India (ICAO has been opposing this change from the very beginning....

Read More
Posted Under: Fema / RBI |

Can Only Advocates Practices Law or Other Professions Like CA, CS can also Practices It ?

The Apex Court in its landmark judgement on whether the foreign law firms / lawyers are permitted to practice in India held that practicing of law includes not only appearance in courts but also giving of opinion, drafting of instruments, participation in conferences involving legal discussion....

Read More
Posted Under: Fema / RBI |

Govt clarifies on undue advantage due to 20:80 scheme of gold imports

Government Issues Clarification on Gold Imports Scheme The past few days have seen some misapprehensions being generated on the scheme of gold imports known as the 80:20 scheme.  The factual position is being clarified. The increase in gold imports had put pressure on the current account deficit in 2012-13.  A series of steps were taken...

Read More
Posted Under: Fema / RBI | ,

7 FAQs about NFRA

The constitution of NFRA is enshrined in the section 132 of the Companies Act, 2013. NFRA stands for National Financial Reporting Authority (NFRA), The NFRA will act as an independent regulator for the auditing profession which was one of the key changes brought in by the Companies Act 2013....

Read More
Posted Under: Fema / RBI |

Bank Branch Auditors’ Panel of CAs/ firms for 2017-18

We are pleased to inform that the Draft Bank Branch Auditors Panel of Chartered Accountants/firms for the year 2017-18 has been prepared alongwith the category of the applicants. The Draft Panel contains the following:...

Read More
Posted Under: Fema / RBI |

Action taken by ICAI on PNB matter- An Update

The ICAI has also set up High Power Group to study the issues in PNB matter and suggest remedial measures and improvements in the banking system. The Group has written to various officials of the bank including the Chairman of the Audit Committee and a member to provide relevant information in the matter so as to help the Group to underst...

Read More
Posted Under: Fema / RBI |

Waiting for NFRA Like Regulatory Bodies for Banks, Beurocracy, Political Parties, Taxation Authorities, & Medical, Legal & Company Secretary Profession!!!

The progressive measures, being undertaken by the Government in curbing corruption, have always been taken in positive spirit by honest and diligent members of ICAI, and as such the constitution of NFRA, will infact reinforce and reinstate the perception about the dignity and integrity of the noble profession of Chartered Accountancy. How...

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Posted Under: Fema / RBI |
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