ICAI

Amendment Booklet for CA-IPCC Income Tax (May 2018 Attempt)

Income Tax - In case of every Individual (resident or non-resident) or HUF or Association of Persons or Body of Individuals or any other artificial juridical person...

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What the Statutory Auditors of PNB have Assured Stake Holders in their Audit Report for the Year Ended 31-03-2017

Income Tax - There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018 ...

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6 Latest Instances Maligning an Honourable Profession of CA

Income Tax - There are a number of issues directly linked to maligning the image of Chartered accountants which started from Satyam , Reddys, Lodhas and we are being found mediatory in almost all the cases of bribes caught red-handed by the enforcement agencies. However, an attempt is being made here through this article to look for the last six incid...

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Budget 2018 Proposed Amendments in International Tax- Synopsis

Income Tax - Consequent to the proposal for withdrawal of exemption under section 10(38) of the Act, the FIIs will be liable to tax on long term capital gains arising from transfer of long term capital asset being equity shares of a company or a unit of equity oriented fund or a unit of business trusts only in respect of amount of such gains exceeding...

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Highlights of Income Tax Provisions in Budget 2018 by ICAI

Income Tax - A new cess named “Health and Education Cess is proposed to be levied @ 4% of income-tax including surcharge, if applicable, in place of existing cess of “Education Cess and Secondary and Higher Education Cess on income-tax...

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ICAI issued Show Cause Notices to Auditors of PNB & Gitanjali Gems

Income Tax - The Disciplinary Directorate of ICAI has issued Show Cause Notices to all Central Statutory Auditors of PNB. Similarly, Central Statutory Auditors who have done quarterly review of PNB have also been issued Show Cause Notice. Auditor of Gitanjali Gems Ltd., has also been issued the Show Cause Notice in the matter....

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Implementation Guide to Standard on Auditing (SA) 701

Income Tax - In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report...

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Steps initiated by ICAI on Punjab National Bank Matter

Income Tax - The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularity happened in Punjab National Bank (PNB) revealing that the Bank has detected a $1.77 billion (about Rs.11,400 crore) wrongdoing where a Jeweller Nirav Modi allegedly acquired fraudulent Letters of Undert...

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ICAI elects President and Vice-President for the year 2018-19

Income Tax -  CA. Naveen N. D. Gupta elected as President, ICAI & CA. Prafulla Chhajed as Vice-President, ICAI for the year 2018-19. CA. Naveen N. D. Gupta, President ICAI for 2018-2019 A man of professional wisdom, vision and strong organisational skills with a firm belief in inclusive growth of Indian accountancy profession, CA. Naveen ND Gupta...

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Exposure Draft of Ind AS 117, Insurance Contracts

Income Tax - Following is the Exposure Draft of Ind AS 117, Insurance Contracts, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft....

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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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Date, Schedule,Center & Fees for December 2017 ICAI CPT Exams

No.13-CA (EXAM)/CPT/Dec./2017 - (07/08/2017) - Institute of Chartered Accountants of India is pleased to announce that Common Proficiency Test will be held on Sunday, 17th December, 2017 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre....

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List of Students Passed CA CPT June 2017 Exams

NO.13-CA-EXAM/RESULT/CPT/JUNE 2017 - (18/07/2017) - Name Of The Candidates Who Have Been Declared Successful In The Common Proficiency Test (Examination) Held In June 2017 As Per Syllabus Specified By The Council Under Regulation 25d(3) Of The Chartered Accountants Regulations,1988 Are Hereby Published For General Information...

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List of Students Passed CA Final May 2017 Exams

NO.13 -CA EXAM/RESULT/FINAL/MAY, 2017 - (18/07/2017) - Names Of The Candidates Who Have Been Declared Successful In The Final Examination Held In May, 2017 As Per Syllabus Specified By The Council Under Regulation 31(Ii) Of The Chartered Accountants Regulations, 1988 Either In Both Groups Or In Group-1 Or In Group-2 As Indicated Against Their Names, Are...

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CA Final & IPC November-2017 Examinations dates & centres

Notification No. 13-CA (Exam)/N/2017 - (23/06/2017) - ICAI is pleased to announce that Intermediate (IPC) and Final examinations for November 2017 will be held on the dates given below at the following places provided that sufficient number of candidates offer themselves to appear from each centre....

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ICAI notifies Revised Scheme of Education and Training

Notification No.1-CA(7)/178/2016 - (25/05/2017) - ICAI notified Chartered Accountants (Amendments) Regulations, 2017 regarding New Scheme of Education and Training by amending Chartered Accountants Regulations, 1988....

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Recent Posts in "ICAI"

Amendment Booklet for CA-IPCC Income Tax (May 2018 Attempt)

In case of every Individual (resident or non-resident) or HUF or Association of Persons or Body of Individuals or any other artificial juridical person...

Read More
Posted Under: CA, CS, CMA |

ICAI issued Show Cause Notices to Auditors of PNB & Gitanjali Gems

The Disciplinary Directorate of ICAI has issued Show Cause Notices to all Central Statutory Auditors of PNB. Similarly, Central Statutory Auditors who have done quarterly review of PNB have also been issued Show Cause Notice. Auditor of Gitanjali Gems Ltd., has also been issued the Show Cause Notice in the matter....

Read More
Posted Under: CA, CS, CMA |

What the Statutory Auditors of PNB have Assured Stake Holders in their Audit Report for the Year Ended 31-03-2017

There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018 ...

Read More
Posted Under: CA, CS, CMA |

Implementation Guide to Standard on Auditing (SA) 701

In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report...

Read More
Posted Under: CA, CS, CMA |

Steps initiated by ICAI on Punjab National Bank Matter

The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularity happened in Punjab National Bank (PNB) revealing that the Bank has detected a $1.77 billion (about Rs.11,400 crore) wrongdoing where a Jeweller Nirav Modi allegedly acquired fraudulent Letters of Undert...

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

ICAI elects President and Vice-President for the year 2018-19

 CA. Naveen N. D. Gupta elected as President, ICAI & CA. Prafulla Chhajed as Vice-President, ICAI for the year 2018-19. CA. Naveen N. D. Gupta, President ICAI for 2018-2019 A man of professional wisdom, vision and strong organisational skills with a firm belief in inclusive growth of Indian accountancy profession, CA. Naveen ND Gupta...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Ind AS 117, Insurance Contracts

Following is the Exposure Draft of Ind AS 117, Insurance Contracts, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft....

Read More
Posted Under: CA, CS, CMA |

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...

Read More

6 Latest Instances Maligning an Honourable Profession of CA

There are a number of issues directly linked to maligning the image of Chartered accountants which started from Satyam , Reddys, Lodhas and we are being found mediatory in almost all the cases of bribes caught red-handed by the enforcement agencies. However, an attempt is being made here through this article to look for the last six incid...

Read More

ICAI clarifies regarding incorrect news reported in media – I-T refund racket in Bengaluru

The Institute of Chartered Accountants of India (ICAI) has come across a news-item titled I-T busts B’luru CA’s tax refund racket with clients from top tech cos’ published in media dated January 26, 2018...

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Posted Under: CA, CS, CMA |
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