ICAI

Tax Audit Report & its penalty for non filing

Income Tax - Tax Audit ensures the correctness of Books of Accounts maintained by tax payer & Income is computed as per Income Tax Act. It is required to by conduct by a whole time practicing Chartered Accountant. It makes the Income Computation for filling the return easy. It is furnished in Form no. 3CA/3CB & Form no. 3CD....

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An Open Letter to FM for Tax Audit Due date extension

Income Tax - I would like to attract your attention for seeking an extension of the Tax Audit date of 30th September 2018 being totally unjustified to look towards the fraternity of Chartered Accountants to complete their job within few days against the statutory availability of 180 days. ...

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Blockchain Technology adoption trends & Implications for Accountancy Profession

Income Tax - Worldwide emerging technologies are going mainstream and drastically changing business landscape. Blockchain is one such revolutionary technology, and Indian government in the 2018 Union Budget has shown interest in exploring use of blockchain technology proactively for ushering digital economy....

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Raising finger on exam evaluations conducted by ICAI- Don’t be disheartened

Income Tax - There have been lot many controversies and chatters around about the system/ protocols that are being followed by India’s premier accounting body i.e. ICAI. When I personally visualise myself about the issues that have been discussed a lot in this front, I realised that there are some gaps between what is right and what has […]...

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Extend Tax Audit Due Date to 31st October, 2018: ICAI

Income Tax - ICAI requests CBDT   for extension of Due Date for submission of Tax Audit Reports and related Income Tax returns from 30th September, 2018 to 31st October, 2018. Read ICAI Representation on extension of Tax Audit Due Date, Dated: 17th September 2018 Read ICAI Representation on extension of Tax Audit Due Date, Dated: 10th September, 201...

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Extend Tax Audit due date to 31 October 2018: BJP economic Cell (Rajasthan)

Income Tax - BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay has requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that quality of Tax Audits may […]...

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Extend due date to submit Tax Audit Reports & ITR: ICAI requests 3rd time

Income Tax - ICAI has for the third time in less than a month made a request for Extension for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018 and 10th September, 2018. Read ICAI 1st Representation on […]...

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Embracing Robotic Process Automation – Opportunities & Challenges for Accountancy Profession

Income Tax - ICAI Concept Paper on Embracing Robotic Process Automation Opportunities and Challenges for Accountancy Profession EMBRACING ROBOTIC PROCESS AUTOMATION Introduction The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 194...

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Taxation of Non-Residents

Income Tax - ICAI released an e-book on Taxation of Non-Residents  based on the law as amended by the Finance Act, 2018. The book contains following topics- Chapter 1. Residential Status Chapter 2. Income Deemed to Accrue or Arise in India Chapter 3. Income not to be included in the total income Chapter 4. Presumptive Taxation Chapter 5. […]...

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ICAI invites suggestions on FORM GSTR-9C Reconciliation Statement & Certificate

Income Tax - Government vide Notification No. 49/2018 – Central Tax dated 13th Sept, 2018 has notified Part A- FORM GSTR-9C – Reconciliation Statement, Part B-Certificate to be certified by the Chartered Accountants....

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Technical error cannot be treated as Professional Misconduct or gross negligence

Ramchandra Y. Kulkarni Vs Disciplinary Committee of icai (Appellate Authority) - Ramchandra Y. Kulkarni Vs Disciplinary Committee of icai (Appellate Authority) complainant is an Asset Reconstruction Company and the only grievance of the Complainant is that the Appellant who was auditor of M/s AV Forging Private Limited, a company which had taken loans from M/s Axis Bank amountin...

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Not reporting as per revised 3CD report is Professional Misconduct

Ishaq Esmail Lakkadghat Vs Income Tax officer (Appellate Authority) - Being aggrieved by the Report dated 14thOctober, 2015 and Order dated 27 th May, 2017 (Impugned Order), passed by the Disciplinary Committee of the Institute of Chartered Accountants of India under Section 21B (3) of the Chartered Accountants Act, 1949 read with Rule 19 (1) of the Chartered Accoun...

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AA confirms Punishment to CA for failure to exercise due diligence

V. Ajay Vs Disciplinary Committee (ICAI) - V. Ajay Vs Disciplinary Committee, ICAI (Appellate Authority) 1. This Order deals with the above mentioned two appeals filed by the Appellant before this Authority. First appeal has been filed against an Order dated 20th January, 2017, passed by the Disciplinary Committee of the Institute of Char...

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CA held guilty of arranging Bogus Bills through Dummy Concerns

Durga Prasad Sarda Vs. ICAI (Appellate Authority) - Appellant was undoubtedly involved in arranging bogus bills through dummy concerns and charged commission for the same and therefore he was rightly held guilty under the aforementioned clauses for committing the Professional and Other Misconduct by the Board of Discipline of the Institute of Charter...

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Exemption claimed cannot be denied for mere wrong Punching in ITR due to Oversight

The Institute of Chartered Accountants of India Vs ACIT (ITAT Delhi) - The appeal by the assessee is directed against the order dated 09.03.2017 of the learned CIT(A)-40, Delhi. Following grounds have been raised in this appeal ...

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Chartered Accountants (Election to the Council) Rules, 2006

G.S.R. 534(E) - (05/09/2006) - The Election to the ICAI Council shall be held on a date or dates to be determined by the Council, which shall, in any case, not be less than one month before the expiry of the term of the existing Council:...

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Chartered Accountants (Election to the Council) Amendment Rules, 2018

Notification No. G.S.R. 796(E) - (23/08/2018) - G.S.R. 796(E). Central Government hereby makes following rules further to amend Chartered Accountants (Election to the Council) Rules, 2006 namely Chartered Accountants (Election to the Council) Amendment Rules, 2018....

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Time Table of CA Final / IPC / Foundation / Intermediate Exams

No. 13-CA (EXAM)/N/2018 - (25/07/2018) - ICAI announces timetable, Examination Centre, Fees, Forms and Last date of Form submission for next CA Foundation, IPC, Intermediate, CA Final (Existing & Revised Scheme) Examinations etc. to be held in November, 2018....

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ICAI declares date of Common Proficiency Test (CPT) Exams

No.13-CA (EXAM)/CPT/December/2018 - (25/07/2018) - ICAI announces timetable, Examination Centre, Fees, Forms and Last date of Form submission for next Common Proficiency Test which will be held on Sunday, 16th December, 2018 in two sessions....

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IBBI signs a MOU with Indian Institute of Corporate Affairs

No. IBBI/PR/2018/17 - (10/04/2018) - The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Indian Institute of Corporate Affairs (IICA). The MoU was signed by Ms. Geeta Singh Rathore, Chief Administrative Officer of the IICA and Mr. K. R. Saji Kumar, Executive Director of the IBBI...

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Recent Posts in "ICAI"

Extend Tax Audit due date to 31 October 2018: BJP economic Cell (Rajasthan)

BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay has requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that quality of Tax Audits may […]...

Read More

Tax Audit Report & its penalty for non filing

Tax Audit ensures the correctness of Books of Accounts maintained by tax payer & Income is computed as per Income Tax Act. It is required to by conduct by a whole time practicing Chartered Accountant. It makes the Income Computation for filling the return easy. It is furnished in Form no. 3CA/3CB & Form no. 3CD....

Read More

Extend Tax Audit Report Filing Due Date: SGTTA

South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry....

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An Open Letter to FM for Tax Audit Due date extension

I would like to attract your attention for seeking an extension of the Tax Audit date of 30th September 2018 being totally unjustified to look towards the fraternity of Chartered Accountants to complete their job within few days against the statutory availability of 180 days. ...

Read More

Extend due date to submit Tax Audit Reports & ITR: ICAI requests 3rd time

ICAI/DTC/2018-19/Rep–36 (17/09/2018)

ICAI has for the third time in less than a month made a request for Extension for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018 and 10th September, 2018. Read ICAI 1st Representation on […]...

Read More

Blockchain Technology adoption trends & Implications for Accountancy Profession

Worldwide emerging technologies are going mainstream and drastically changing business landscape. Blockchain is one such revolutionary technology, and Indian government in the 2018 Union Budget has shown interest in exploring use of blockchain technology proactively for ushering digital economy....

Read More

Embracing Robotic Process Automation – Opportunities & Challenges for Accountancy Profession

ICAI Concept Paper on Embracing Robotic Process Automation Opportunities and Challenges for Accountancy Profession EMBRACING ROBOTIC PROCESS AUTOMATION Introduction The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 194...

Read More

Taxation of Non-Residents

ICAI released an e-book on Taxation of Non-Residents  based on the law as amended by the Finance Act, 2018. The book contains following topics- Chapter 1. Residential Status Chapter 2. Income Deemed to Accrue or Arise in India Chapter 3. Income not to be included in the total income Chapter 4. Presumptive Taxation Chapter 5. […]...

Read More

ICAI invites suggestions on FORM GSTR-9C Reconciliation Statement & Certificate

Government vide Notification No. 49/2018 – Central Tax dated 13th Sept, 2018 has notified Part A- FORM GSTR-9C – Reconciliation Statement, Part B-Certificate to be certified by the Chartered Accountants....

Read More

ICAI invites Suggestions on evaluation of examination answer books system

The Group formed to review the evaluation of examination answer book system invites Suggestion/ Feedback of the CA students on the evaluation of examination answer books system through the following link:-...

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