ICAI

NFRA – Adopting Global Best Practices

Company Law - NFRA (National Financial Reporting Authority) has been notified in terms of Section 132 of the Companies Act, 2013. By reading this concise article, you will get to know about the Global Overseeing System (in America, UK and China) and the powers given in India to NFRA....

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ICAI- Be a God of Small Decisions

Company Law - Now a day’s winds are blowing against the ICAI. Large value decisions like NFRA, COE committee findings inherently suggest that the magnitude of the potential consequences will be high. The upper level of Disciplinary has taken out from the ICAI by placing the NFRA and now withdrawing the second level of disciplinary seems to be [&helli...

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Unjustified Discrimination for Small CA Firms/small city firms

Company Law - It is no secret that small and medium-sized CA firms have been neglected by the ICAI since years. There is no motivation for a young CA today to start his/her own practice. A profession which was once chosen by many to become the master of their fate and captain of their souls no longer serves this purpose...

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ICAI- Why surnames used in CA name being prefixed in our organization?

Company Law - Why are surnames used in members name being prefixed in our organization? Does it not lead to promoting caste-ism and why such arrangements are being used in electoral? The electoral be corrected before going for next round of elections....

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POWERS OF NFRA: 5 Key Points

Company Law - Till now ICAI used to make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards but, from now onwards ICAI will act as advisory to NFRA and NFRA will recommend to the Government....

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Committee of Experts report on Regulating audit firms & Networks

Company Law - Committee of Experts submits its report on Regulating audit firms and the Networks The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the...

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ICAI Elections 2018- Manner of Recording of Votes

Company Law - It is brought to the knowledge of all members eligible to vote that the Central Government has notified the amendments made in the Chartered Accountants (Election to the Council) Rules, 2006 in the Gazette of India vide Notification No. GSR 796E dated 23rd August, 2018. One of the amendments so made provide for recording of […]...

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ICAI Single Transferable System of Voting – An Apprisal

Company Law - ICAI Election 2018-The members especially those who are new would, naturally, be interested in knowing how the single transferable vote system under which the elections are held operates. The broad details of the system are given below:-...

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Observations of candidates on question papers of CA exams

Company Law - It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2018, by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 26th Nov...

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Misinterpretation of Data on filing of I-T return by CAs

Company Law - Misinterpretation of Data on filing of I-T return by CAs by Newspapers: ICAI clarifies ICAI has written letter dated 26.10.2018 to the editors of The Pioneer, The Tribune Trust, BBC Hindi and The Times of India in which it has highlighted the fact that they have misinterpreted the Data on direct tax collections related to […]...

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CA Final Result: A mistake & error cannot confer a legal right: HC

Milind Aggarwal Vs ICAI (Delhi High Court) (Delhi High Court) - Milind Aggarwal Vs ICAI (Delhi High Court) The dispute relates to the result declared by the respondent-institute. The appellants claim that they had cleared Group I/II as per the result circulated through Whatsapp messages and uploaded on Facebook. They rely on the screenshots. The appellants howev...

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Alleged Professional Misconduct issue cannot be decided based on law enacted subsequently

Devendraa P. Kapur Vs. ICAI & Others (Appellate Authority) - Devendraa P. Kapur Vs. ICAI & Others (Appellate Authority) The Appellant has also taken a ground of Appeal before us that the Disciplinary Committee has decided these cases in accordance with the law which was not prevalent when the alleged misconduct was committed but came into effect after the...

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ICAI order on Misconduct against Delhi CAs remanded back to it by Appellate Authority

Radhey Shyam Bansal & Anil Kumar Aggarwal Vs. ICAI (Appellate Authority) - A sting operation conducted by Aaj Tak News Channel and aired on 14th November, 2016 under title Jugadu Mechanic Part-3 containing allegations against CA. Radhey Shyam Bansal...

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CA held guilty of Misconduct for failure to exercise due diligence

Mahavir Jain Vs Disciplinary Committee (Appellate Authority) - Mahavir Jain Vs Disciplinary Committee (Appellate Authority) 1. This Appeal has been filed by the Appellant before this Authority against the Order dated 7th November, 2017 passed by the Disciplinary Committee (Bench-I) of the Institute of Chartered Accountants of India under Section 21B (3) of the...

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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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Govt allows appearance via video-conference in CA Misconduct cases

Notification No. G.S.R. 1072(E) - (29/10/2018) - These rules may be called the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Second Amendment Rules, 2018. For the purpose of this rule, the appearance also includes the appearances through video–conference, modalities for which may be...

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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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Recent Posts in "ICAI"

NFRA – Adopting Global Best Practices

NFRA (National Financial Reporting Authority) has been notified in terms of Section 132 of the Companies Act, 2013. By reading this concise article, you will get to know about the Global Overseeing System (in America, UK and China) and the powers given in India to NFRA....

Read More
Posted Under: Income Tax |

ICAI- Be a God of Small Decisions

Now a day’s winds are blowing against the ICAI. Large value decisions like NFRA, COE committee findings inherently suggest that the magnitude of the potential consequences will be high. The upper level of Disciplinary has taken out from the ICAI by placing the NFRA and now withdrawing the second level of disciplinary seems to be [&helli...

Read More
Posted Under: Income Tax |

CA Final Result: A mistake & error cannot confer a legal right: HC

Milind Aggarwal Vs ICAI (Delhi High Court) (Delhi High Court)

Milind Aggarwal Vs ICAI (Delhi High Court) The dispute relates to the result declared by the respondent-institute. The appellants claim that they had cleared Group I/II as per the result circulated through Whatsapp messages and uploaded on Facebook. They rely on the screenshots. The appellants however accept that as per result uploaded on...

Read More

Committee of Experts report on Regulating audit firms & Networks

Committee of Experts submits its report on Regulating audit firms and the Networks The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the...

Read More
Posted Under: Income Tax |

Unjustified Discrimination for Small CA Firms/small city firms

It is no secret that small and medium-sized CA firms have been neglected by the ICAI since years. There is no motivation for a young CA today to start his/her own practice. A profession which was once chosen by many to become the master of their fate and captain of their souls no longer serves this purpose...

Read More
Posted Under: Income Tax | ,

ICAI Elections 2018- Manner of Recording of Votes

It is brought to the knowledge of all members eligible to vote that the Central Government has notified the amendments made in the Chartered Accountants (Election to the Council) Rules, 2006 in the Gazette of India vide Notification No. GSR 796E dated 23rd August, 2018. One of the amendments so made provide for recording of […]...

Read More
Posted Under: Income Tax |

ICAI Single Transferable System of Voting – An Apprisal

ICAI Election 2018-The members especially those who are new would, naturally, be interested in knowing how the single transferable vote system under which the elections are held operates. The broad details of the system are given below:-...

Read More
Posted Under: Income Tax |

Observations of candidates on question papers of CA exams

It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2018, by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 26th Nov...

Read More
Posted Under: Income Tax |

Misinterpretation of Data on filing of I-T return by CAs

Misinterpretation of Data on filing of I-T return by CAs by Newspapers: ICAI clarifies ICAI has written letter dated 26.10.2018 to the editors of The Pioneer, The Tribune Trust, BBC Hindi and The Times of India in which it has highlighted the fact that they have misinterpreted the Data on direct tax collections related to […]...

Read More
Posted Under: Income Tax | ,

Alleged Professional Misconduct issue cannot be decided based on law enacted subsequently

Devendraa P. Kapur Vs. ICAI & Others (Appellate Authority)

Devendraa P. Kapur Vs. ICAI & Others (Appellate Authority) The Appellant has also taken a ground of Appeal before us that the Disciplinary Committee has decided these cases in accordance with the law which was not prevalent when the alleged misconduct was committed but came into effect after the amendment made in the year 2006 [&helli...

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