chartered accountants

Penalty on CA & professionals for incorrect report or certificate

CA, CS, CMA - It is proposed to insert a new section 271J so as to provide that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of ten thou...

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CA and Economic Patriotism

CA, CS, CMA - Amidst, the pandemic with a firm hope to come out from this unexpected spell of hitting the world economies, Prime Minister Narendra Modi Ji addressed the nation on 12 May 2020 and declared to fight the pandemic coupled with the opportunity to be self-reliant. Thus, he has marked the national goal to become self-reliant with […]...

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Story of Chartered Accountant…!!

CA, CS, CMA - Everybody wants to be famous, but nobody wants to do the work. You grind hard so you can play hard. At the end of the day, you put all the work in, and eventually it will pay off. It could be in a year, it could be in thirty years. Eventually, your hardwork will pay off....

Read More

Top 7 Tips on Cracking CFA Exam

CA, CS, CMA - So, you have finally registered for the Chartered Financial Analyst (CFA) as a candidate, Welcome! In the beginning, facing the first challenge of your CFA journey can be overwhelming and exciting. A CFA exam is not only a test of aspirant’s intellect but also their creativity, patience, and will power. Like any other standardized exam,...

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Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI

CA, CS, CMA - Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI All CAs celebrate 1st July as CA Day but it is also celebrated by all doctors and Agriculturists. India is a leading agri-oriented country wherein agricultural sectors continue to remain the biggest employer since ancient times. Given the cyclical nature of agriculture, ...

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Law and taxation books at 40% Discount

CA, CS, CMA - CHECK OUT OUR EXCLUSIVE DEALS ♠ Kanga & Palkhivala Law And Practice Of Income Tax, 2020 = 37% ♠ GST Law Analysis & Procedure 2020 2 Vol. Set Up to date commentary by CA. Chitresh Gupta & CA. Shilpi Gupta, August 2020 = 40% ♠ Chaturvedi & Pithisaria’s Law Of Income Tax,2020 = 30% ♠ […]...

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

CA, CS, CMA - 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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ICAI to provide Medical Financial Assistance to Members & their dependents suffering from CORONA

CA, CS, CMA - The Managing Committee of the Chartered Accountants Benevolent Fund (CABF) ICAI has considered the difficulties being faced by Members in the time of pandemic and has decided to grant Medical Financial Assistance to the Members and their dependents suffering from CORONA....

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Request to ICAI to offer fees relief to all CAs amid Covid 19

CA, CS, CMA - Being conservative professionals, many CAs have not taken loans and so, they are not eligible for any additional loans under Atmanirbhar package. We had repeatedly highlighted this issue to you since last couple of months with a request to make arrangements to offer fees relief to all CAs besides financial assistance through banks....

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ICAI issues revised Code of Ethics applicable from 1st July 2020

CA, CS, CMA - ICAI issued revised 12th edition of Code of Ethics which  has come into effect from 1st July, 2020. Code of Ethics are in 3 Volumes. Due to the prevailing situation due to Covid-19, few provisions of Volume-I of Code of Ethics, 2020 are been deferred till further notification. Ethical Standards Board The Institute of Chartered […]...

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Bail to CA who formed firms which later allegedly claimed fake ITC

Anup Ashopa Vs Union of India (Rajasthan High Court) - Anup Ashopa Vs Union of India (Rajasthan High Court) High Court allowed bail application of the petitioner who is a Chartered Accountant. The allegation against the petitioner who is a Chartered Accountant is of making fake firms who later on claimed input tax credit. Bail is subject to the conditio...

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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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Appellate Authority explains Rule 3(4) of CA Professional Misconduct Rules

Ashok A Jain Vs Director (Discipline), ICAI (Appellate Authority of ICAI) - Ashok A Jain Vs Director (Discipline) (Appellate Authority of ICAI) Now coming to the question if this Board Resolution satisfies the requirement of Rule 3 (4) of the Rules. It has been contended on behalf of the Appellant that this Resolution is a general Resolution in favour of Simon Tippet and no...

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Look out Circular against CA despite co-operation in Investigation not justified

Lakshmi Satyanarayana Dutt Tadikonda Vs Union of India & Ors. (Delhi High Court) - Lakshmi Satyanarayana Dutt Tadikonda Vs Union of India & Ors. (Delhi High Court) In the given case, the petitioner is seeking the withdrawal of the Look Out Circular (LOC) issued against him and no other prayer has been pressed during the course of the arguments by the Ld. Sr. counsel for the  ...

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ICAI – Clear Assessment if applying for membership after 3 years

Notification No.1-CA(7)/195/2020 - (14/09/2020) - ICAI proposes following Draft Regulations which provides that A Chartered Accountants has to appear and pass the Assessment if applying for membership after 3 years of clearing CA Finals or Members who have not renewed their membership for 3 years....

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NFRA bans another auditor in IL&FS case for 5 Years & levied penalty

NFRA Order No. NF-20012/1/2020 - (23/07/2020) - NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Five Lakhs is levied upon CA Rukshad Daruvala. (ii) In addition, CA Rukshad Daruvala is debarred for a period of five years from being appointed as an auditor or internal auditor or unde...

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NFRA bars ex-Deloitte CEO for 7 years & levies Penalty

File No.NF-200121112020-1/o Secy-NFRA - (22/07/2020) - NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Twenty Five lakhs is levied upon CA Udayan Sen. (ii) In addition, CA Udayan Sen is debarred for a period of seven years from being appointed as an auditor or internal auditor or undertak...

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Ten Years Imprisonment with Fine to then ITO in A Bribery Case

NA - (30/06/2020) - The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Amrish Kumar Singh, then Income Tax Officer, Khatima, District Udham Singh Nagar (Uttarakhand) to undergo ten years Rigorous Imprisonment with fine of Rs.1.10 lakh in a bribery case....

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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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Recent Posts in "chartered accountants"

Law and taxation books at 40% Discount

CHECK OUT OUR EXCLUSIVE DEALS ♠ Kanga & Palkhivala Law And Practice Of Income Tax, 2020 = 37% ♠ GST Law Analysis & Procedure 2020 2 Vol. Set Up to date commentary by CA. Chitresh Gupta & CA. Shilpi Gupta, August 2020 = 40% ♠ Chaturvedi & Pithisaria’s Law Of Income Tax,2020 = 30% ♠ […]...

Read More
Posted Under: CA, CS, CMA | ,

ICAI – Clear Assessment if applying for membership after 3 years

Notification No.1-CA(7)/195/2020 (14/09/2020)

ICAI proposes following Draft Regulations which provides that A Chartered Accountants has to appear and pass the Assessment if applying for membership after 3 years of clearing CA Finals or Members who have not renewed their membership for 3 years....

Read More

Penalty on CA & professionals for incorrect report or certificate

It is proposed to insert a new section 271J so as to provide that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of ten thou...

Read More
Posted Under: CA, CS, CMA |

CA and Economic Patriotism

Amidst, the pandemic with a firm hope to come out from this unexpected spell of hitting the world economies, Prime Minister Narendra Modi Ji addressed the nation on 12 May 2020 and declared to fight the pandemic coupled with the opportunity to be self-reliant. Thus, he has marked the national goal to become self-reliant with […]...

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 |

Story of Chartered Accountant…!!

Everybody wants to be famous, but nobody wants to do the work. You grind hard so you can play hard. At the end of the day, you put all the work in, and eventually it will pay off. It could be in a year, it could be in thirty years. Eventually, your hardwork will pay off....

Read More
Posted Under: CA, CS, CMA |

ICAI to provide Medical Financial Assistance to Members & their dependents suffering from CORONA

The Managing Committee of the Chartered Accountants Benevolent Fund (CABF) ICAI has considered the difficulties being faced by Members in the time of pandemic and has decided to grant Medical Financial Assistance to the Members and their dependents suffering from CORONA....

Read More
Posted Under: CA, CS, CMA |

Bail to CA who formed firms which later allegedly claimed fake ITC

Anup Ashopa Vs Union of India (Rajasthan High Court)

Anup Ashopa Vs Union of India (Rajasthan High Court) High Court allowed bail application of the petitioner who is a Chartered Accountant. The allegation against the petitioner who is a Chartered Accountant is of making fake firms who later on claimed input tax credit. Bail is subject to the conditions that he should furnished a […]...

Read More

NFRA bans another auditor in IL&FS case for 5 Years & levied penalty

NFRA Order No. NF-20012/1/2020 (23/07/2020)

NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Five Lakhs is levied upon CA Rukshad Daruvala. (ii) In addition, CA Rukshad Daruvala is debarred for a period of five years from being appointed as an auditor or internal auditor or undertaking any […]...

Read More

Top 7 Tips on Cracking CFA Exam

So, you have finally registered for the Chartered Financial Analyst (CFA) as a candidate, Welcome! In the beginning, facing the first challenge of your CFA journey can be overwhelming and exciting. A CFA exam is not only a test of aspirant’s intellect but also their creativity, patience, and will power. Like any other standardized exam,...

Read More
Posted Under: CA, CS, CMA |

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