2 ICAI

ICAI

ICAI has suo moto powers to initiate disciplinary actions against CAs without written complaint

CA, CS, CMA - HC held that ICAI can exercise Suo Moto powers and initiate disciplinary proceedings against its member Chartered Accountants without a written complaint....

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Non-Compliances of Financial Reporting – Assets (Part-2)

CA, CS, CMA - OBSERVATIONS  1. INVESTMENTS IN EQUITY SHARES It was observed from the note to the financial statements on Non-Current Investments that the value of investments in equity shares of a company was same as at the end of reporting year and previous year. It was viewed that such investment increased in terms of number of shares […]...

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Common Non-Compliances of Financial Reporting (Part – 1)

CA, CS, CMA - The common non-compliances in reporting requirements of various applicable Statues as observed by the Financial Reporting Review Board (FRRB) constituted by ICAI during the review proceedings. OBSERVATIONS RELATED TO ASSETS 1. SUBSEQUENT EXPENDITURE It would be recognized in the carrying amount of PPE when that cost/ expense would meet th...

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What are Professional Misconducts of a Chartered Accountant – Part -3

CA, CS, CMA - Professional Misconducts of a Chartered Accountant – Don’ts 1. CA in practice shall be deemed to be guilty of professional misconduct, if he expresses his opinion on financial statements of any business or any enterprise in which he, his firm or a partner in his firm has substantial interest 2. A member is a director […]...

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Clause 44 Clarifications – As Per New Tax Audit Guidance Note – AY 22-23

CA, CS, CMA - Article explains Clause 44 of Tax Income Tax Audit Report as applicable to Assessment Year in view of Recent ICAI Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 AY 2022-23. Clause 44 deals with Break-up of total expenditure of entities registered or not registered under GST....

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ICAI President’s Message – February 2023

CA, CS, CMA - As we approach the conclusion of the Council year 2022-23, this is my last communication in the journal as the President of the Institute. I am really mesmerized by the strength of the profession, its pursuit of continuous growth, working steadfastly to inspire trust and confidence amongst stakeholders....

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ICAI Empanelment to act as Observers at Examination Centres

CA, CS, CMA - ICAI proposed to empanel members to act as Observers for the forthcoming May/June -2023 Chartered Accountants Examinations...

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Applicability of Standards/Guidance Notes/Legislative Amendments May, 2023 CA Exam

CA, CS, CMA - Board of Studies The Institute of Chartered Accountants of India Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 – Foundation Course Examination Paper 2, Section A: Business Laws for May 2023 examination (1) (2) (3) S. No. in the syllabus Chapters/ Topics of the syllabus Inclusions 1. Chapter 1: The I...

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ICAI enters in Asia Book of Records for-Maximum Number of Students Participation in Super Mega Career Counselling Programme

CA, CS, CMA - ICAI enters in Asia Book of Records for-Maximum Number of Students Participation in Super Mega Career Counselling Programme...

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Exposure Draft of International Non-Profit Accounting Guidance (INPAG)- Part 1

CA, CS, CMA - Non-Profit organizations (NPOs) have grown by leaps and bounds with larger magnitude. In view of their growing significance, ensuring accountability and transparency for NPOs becomes important. Sound financial reporting aids in ensuring accountability and transparency for NPOs....

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ICAI guidance for calculating turnover in case of derivatives is valid

Sanjay Marotrao Modak Vs DCIT (ITAT Mumbai) - Validity of the ICAI guidance for calculating the turnover in case of derivatives has been reiterated by various judicial precedence. ICAI as an expert body of accountants and guidance note on tax audit issued by them can be relied upon in absence of any statutory provision for computation of turno...

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Chartered Accountant Institute can suo moto initiate disciplinary proceedings against its member

C.A. Sanjay Jain Vs Institute of Chartered Accountants of India & Ors. (Delhi High Court) - Delhi High Court held that Section 21 of the Chartered Accountants Act, 1949 provides suo moto power to the institute to initiate disciplinary proceedings against its member without any written complaint/ allegation....

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Rule 12 of CA rules not debar Director of Discipline from entertaining 7 year old complaint

Ashish Agarwal Vs Institute of Chartered Accountant of India (Delhi High Court) - Held that rule 12 Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 does not expressly debar the Director Discipline from entertaining a complaint merely because it may relate to acts of misconduct committed seven years prior to...

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CA Exam Paper Leak Case of 2007: Court convicts 3 persons

State Vs Bhawna Malik & Ors. (Dwarka District Courts) - State Vs Bhawna Malik & Ors. (Dwarka District Courts) Succinctly stated, the Institute of Chartered Accountants of India (hereinafter referred to as ‘ICAI’) conducts various exams and one such exam Common Proficiency Test (herein after referred to as ‘CPT’) was to be conducted on 05.08.2...

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HC upheld removal of CA member for other misconduct

Institute of Chartered Accountant of India Vs Shri. P.P. jay (Karnataka High Court) - Institute of Chartered Accountant of India Vs Shri. P.P. jay (Karnataka High Court) ICAI submitted that the report of the Institute be accepted as the respondent has been found to be guilty of grave misconduct and the penalty has been imposed on the respondent commensurate to the misconduct, which h...

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ICAI removes name of 10 Members with effect from 16th December, 2022

Notification No. PR/91/14/DD/118/14/DC/469/2016, No. PPR/P/63/16/DD/32/INF/16/DC/1290/2020, No. PR/211/12/DD/104/13/DC/454/16, No. PR/76/14/DD/96/14/DC/554/17, No. PPR/NP/76/18/DD/204/INF/18/DC/1375/2020, No. PPR/P/191/17/DD/175/TAMC/INF/17/DC/1111/2019, No. PPR/P/81/16/DD/62/INF/16/DC/1073/2019, No. PR/G/266/17/DD/232/17/DC/1248/2019, No. PR/G/26/18/DD/49/18/DC/1142/2019, No. PPR/P/121/17/DD/105/TAMC/INF/17/DC/1306/2020 - (16/12/2022) - ICAI removes name of 10 Members with effect from 16th December, 2022 In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Case...

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ICAI removes name of 12 Members for Professional & Other Misconduct

Notification No. PPR/P/30/W/13/DD/36/INF/2015/DC/701/2017 and 11 other notifications - (11/11/2022) - ICAI removes name of 12 Members for Professional & Other Misconduct vide various notifications issued on 11th November, 2022 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 11th November, 2022 (CHARTERED ACCOUNTANTS) No. PPR/P/30/W/13/...

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Companies (Acceptance of Deposits) Amendment Rules, 2022

Notification No. G.S.R. 663(E). - (29/08/2022) - Vide Companies (Acceptance of Deposits) Amendment Rules, 2022 MCA provides for complete reconciliation of each item in DPT-3 to be provided as opening, addition, repayment, adjustment and closing balance as well as Aging and it further notified revised Form DPT-3 and Form DPT-4. Analysis by Corporat...

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MCA notifies rule for signing of Form CHG-1, CHG-4, CHG-8 & CHG-9 by IRP or liquidator

Notification No. G.S.R. 664(E). - (29/08/2022) - MCA vide Companies (Registration of Charges) Second Amendment Rules, 2022 notifies rule 13 for Signing of charge e-forms by insolvency resolution professional or resolution professional or liquidator for companies under resolution or liquidation. It further notifies revised Form No. CHG-1, Form No....

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MCA notifies revised form DIR-3-KYC & DIR-3-KYC-WEB

Notification No. G.S.R. 662(E). - (29/08/2022) - Vide Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2022 MCA notifies revised form DIR-3-KYC & DIR-3-KYC-WEB....

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Recent Posts in "ICAI"

ICAI President’s Message – February 2023

As we approach the conclusion of the Council year 2022-23, this is my last communication in the journal as the President of the Institute. I am really mesmerized by the strength of the profession, its pursuit of continuous growth, working steadfastly to inspire trust and confidence amongst stakeholders....

Read More
Posted Under: Income Tax |

ICAI Empanelment to act as Observers at Examination Centres

ICAI proposed to empanel members to act as Observers for the forthcoming May/June -2023 Chartered Accountants Examinations...

Read More
Posted Under: Income Tax |

Applicability of Standards/Guidance Notes/Legislative Amendments May, 2023 CA Exam

Board of Studies The Institute of Chartered Accountants of India Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 – Foundation Course Examination Paper 2, Section A: Business Laws for May 2023 examination (1) (2) (3) S. No. in the syllabus Chapters/ Topics of the syllabus Inclusions 1. Chapter 1: The I...

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Posted Under: Income Tax |

ICAI enters in Asia Book of Records for-Maximum Number of Students Participation in Super Mega Career Counselling Programme

ICAI enters in Asia Book of Records for-Maximum Number of Students Participation in Super Mega Career Counselling Programme...

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Posted Under: Income Tax |

Exposure Draft of International Non-Profit Accounting Guidance (INPAG)- Part 1

Non-Profit organizations (NPOs) have grown by leaps and bounds with larger magnitude. In view of their growing significance, ensuring accountability and transparency for NPOs becomes important. Sound financial reporting aids in ensuring accountability and transparency for NPOs....

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Posted Under: Income Tax |

SAS 1500 Bridging digital divide in internet and mobile phone access, addressing issues of misinformation & data protection

SAS 1500 Bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection relates to the thematic area of “Bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection...

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Posted Under: Income Tax |

SAS 1300 Promotion of financial inclusion

SAS 1300 Promotion of financial inclusion relates to the thematic area of Promotion of financial inclusion...

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Posted Under: Income Tax |

SAS 1100 Slum area development, affordable housing and other interventions to build sustainable and resilient cities

SAS 1100 Slum area development, affordable housing and other interventions to build sustainable and resilient cities relates to the thematic area of Slum area development, affordable housing and other interventions to build sustainable and resilient cities...

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Posted Under: Income Tax |

SAS 1000 Promoting Livelihoods for rural and urban poor including enhancing income of Small and Marginal Farmers and workers in the non-farm sector

SAS 1000 Promoting Livelihoods for rural and urban poor including enhancing income of Small and Marginal Farmers and workers in the non-farm sector relates to the thematic area of Promoting Livelihoods for rural and urban poor including enhancing income of Small and Marginal Farmers and workers in the non-farm sector...

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Posted Under: Income Tax |

SAS 900 Supporting other platforms that strengthen non-profit ecosystem in fundraising & capacity building

SAS 900 Supporting other platforms that strengthen the non-profit ecosystem in fundraising and capacity building relates to the thematic area of Supporting other platforms that strengthen the non-profit ecosystem in fundraising and capacity building...

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Posted Under: Income Tax |

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