ICAI

Multi-Disciplinary Partnership (MDP) – ICAI

CA, CS, CMA - 1.’MDP CAs in Practice’ is an abbreviation of the term ‘Multi-disciplinary Partnership Firm of Chartered Accountants in Practice’. The provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations 1988   amended way back and permit the members of the Institute of Chartered Accountant...

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MDP CA – Eligibilties and Empanelments

CA, CS, CMA - Multi-disciplinary Partnership Firm of Chartered Accountants in Practice means the firm which has been approved to practice in its name by the Council of ICAI under Regulation 53B read with Regulation 190 of the Chartered Accountants Regulations, 1988 hereafter referred to as MDP. The Institute of Chartered Accountants of India has issued...

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Analysis of amendment in section 16 & Rule 33A of Companies (Incorporation) Rules, 2014

CA, CS, CMA - Pursuant to amendment in section 16 of the Act, the Central Government has incorporated Rule 33A in the Companies (Incorporation) Rules, 2014 for prescribing provisions for allotment of a new name to the existing company under section 16(3) of the Act....

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CA- Decoding Sharing of Fees & Profits

CA, CS, CMA - Chartered Accountants generally team up with Lawyers, Company Secretaries, Cost Accountants, Actuaries, Values, Software Professionals, Venture Capitalists, and Retired Entrepreneurs and execute their professional assignments by utilizing their services as employees or on a contractual basis. With the notification dated July 08, 2021, the...

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Relaxation From Regulatory Compliances – August 2020 to June 2021

CA, CS, CMA - To overcome the impact of challenges being faced by the corporates, Indian Government along with MCA and SEBI has taken several measures like deferment of CARO's applicability, extension of filing annual audited financial statements; relief for MSMEs & NBFCs, fiscal stimulus of upto Rs. 2 lakh crores to needy people through Aadhar based t...

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ICAI President’s Message – August 2021

CA, CS, CMA - Institute of Chartered Accountants of India My Dear Professional Colleagues, For too long mankind, indiscriminately extricating natural resources has treated nature as a limitless source for its needs. In the process, what nature took millions of years to create is being used up and destroyed in a flip in the geological lifetime of the ea...

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Exposure draft of Disclosures of Accounting Policies – Amendments to Ind AS 1

CA, CS, CMA - The Exposure Draft of Amendments to Ind AS 1 requires companies to disclose their ‘material accounting policy information’ rather than their ‘significant accounting policies’. To assist an entity in determining whether accounting policy information is material to its financial statements amendments are proposed to Ind AS 1....

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ICAI supports Cabinet decisions to approve 30 amendments to LLP Act 2008

CA, CS, CMA - ICAI endorses & supports Cabinet Decisions to approve the 30 amendments to LLP Act 2008 through the LLP (Amendment) Bill 2021 which will provide more traction & pace to ease of doing business policy. Cabinet approves the LLP (Amendment) Bill, 2021 for carrying out 30 amendments to the LLP Act, 2008. Cabinet approves de-criminaliza...

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ICAI: Registration for Online Home Based Practical Training Assessment

CA, CS, CMA - The next practical training assessment is being conducted online from March 13-15, 2021. The students who have completed their 1st/ 2nd year of practical training during July 1, 2019 – December 31, 2020 are eligible to appear in this test....

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ICAI: Applicable date of certain deferred provisions of Revised Code of Ethics, 2019

CA, CS, CMA - As the members are aware, the revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. It is accessible on www.icai.org. It may further be recalled that the Council at its 393rd Meeting held on 30th June and 1st July, 2020 decided that due to the prevailing situation due to Covid-19, the effective date of the follo...

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SC dismisses plea against use of acronym ‘ICAI’ by Institute of Cost Accountants of India

CA V. Venkata Sivakumar Vs The Seretary, Institute Of Cost Accountants Of India & Ors. (Supreme Court of India) - CA V. Venkata Sivakumar Vs. The Secretary, Institute Of Cost Accountants Of India Use of acronym ICAI by Institute of Cost Accountants of India, Hon’ble Supreme Court disposed off the case filed by CA V. Venkata Sivakumar against Institute of Cost accountants in the first hearing itself. Writ ...

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CA Exam July 2021- SC gives relief to Students (Read Order)

Anubha Shrivastava Sahai Vs Union of India and Ors. (Supreme Court) - Anubha Shrivastava Sahai Vs Union of India and Ors. (Supreme Court) Initially, multiple issues were agitated before us, but eventually, we have confined our consideration only to one aspect of making the comprehensive scheme for optout. The Institute in response to the deliberations in Court yesterd...

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Who can use the acronym ICAI- HC to hear the matter on 27th July, 2021

The Institute of Chartered Accountants of India Vs The Institute of Cost Accountants of India (Delhi High Court) - Institute of Chartered Accountants of India Vs The Institute of Cost Accountants of India (Delhi High Court) Institute of Chartered Accountants of India has filed a writ with the Delhi high court against use of acronym ICAI by Institute of Cost Accountants of India. The Result will be of Interest to...

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Withholding of CA Student Result for Criticism of ICAI; HC Grants relief

Risha Lodha D/O Bhagwat Singh Lodha Vs Institute Of Chartered Accountants of India (Rajasthan High Court) - Risha Lodha D/O Bhagwat Singh Lodha Vs Institute Of Chartered Accountants Of India (Rajasthan High Court) (1)  The petitioner, a young girl-student of 21 years of age, has knocked at the doors of this Court being aggrieved by extreme oppressive action of a professional body-The Institute of Charter...

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Disputes between CA Firms partners not governed by CA Act but by Partnership Act: Kerala HC

Disputes between the partners of a chartered accountants firm are not governed by the Chartered Accountants Act but by the Indian Partnership Act - High Court of Kerala...

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ICAI renames Jammu Branch of NIRC of ICAI

Notification No. 1-CA(7)/(199)/2021 - (29/07/2021) - Name of ‘Jammu Branch of NIRC of ICAI’ has been changed and the same shall now be known as ‘Jammu and Kashmir Branch of NIRC of ICAI’. The jurisdiction of Jammu and Kashmir Branch shall now cover all members and students within the jurisdiction of Union Territory of Jammu and...

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ICAI notifies Revised FORM 18; Allows Partnership with CA, CS, CMA etc.

Notification No. 1-CA(7)/197/2021 - (08/07/2021) - ICAI vide Notification No. 1-CA(7)/197/2021 dated 8th July, 2021 notifies revised format of FORM 18 which is a form to Intimate PARTICULARS OF OFFICES AND FIRMS and Changes in the same. Revised form 18 is applicable from 8th July 2021. Regulation by which form is modified is called Chartered Account...

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Companies (Accounting Standards) Rules, 2021

Notification No. G.S.R. 432(E). - (23/06/2021) - MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021. vide this notification has amended definition of Small and Medium Sized Company for applicability of Accounting Standards as recommended by the Institute of Chartered Accountants of India from 01.04.2021. Central Gover...

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ICAI notifies changes related to Training of articled assistant

Notification No. 1-CA(7)/196/2021 - (22/06/2021) - An articled assistant who has passed the Intermediate (Professional Competence) Examination or Professional Education (Examination-II) or Intermediate examination and has completed a minimum of eighteen months of practical training according to these regulations shall be eligible for industrial trai...

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Draft Chartered Accountants (Amendment) Regulations, 2021

Notification No.1-CA(7)/198/2021 - (27/05/2021) - 1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2021. (2) They shall come into force on the date of their final publication in the Official Gazette....

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Recent Posts in "ICAI"

Multi-Disciplinary Partnership (MDP) – ICAI

1.’MDP CAs in Practice’ is an abbreviation of the term ‘Multi-disciplinary Partnership Firm of Chartered Accountants in Practice’. The provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations 1988   amended way back and permit the members of the Institute of Chartered Accountant...

Read More

ICAI President’s Message – August 2021

Institute of Chartered Accountants of India My Dear Professional Colleagues, For too long mankind, indiscriminately extricating natural resources has treated nature as a limitless source for its needs. In the process, what nature took millions of years to create is being used up and destroyed in a flip in the geological lifetime of the ea...

Read More

MDP CA – Eligibilties and Empanelments

Multi-disciplinary Partnership Firm of Chartered Accountants in Practice means the firm which has been approved to practice in its name by the Council of ICAI under Regulation 53B read with Regulation 190 of the Chartered Accountants Regulations, 1988 hereafter referred to as MDP. The Institute of Chartered Accountants of India has issued...

Read More

Exposure draft of Disclosures of Accounting Policies – Amendments to Ind AS 1

The Exposure Draft of Amendments to Ind AS 1 requires companies to disclose their ‘material accounting policy information’ rather than their ‘significant accounting policies’. To assist an entity in determining whether accounting policy information is material to its financial statements amendments are proposed to Ind AS 1....

Read More

ICAI supports Cabinet decisions to approve 30 amendments to LLP Act 2008

ICAI endorses & supports Cabinet Decisions to approve the 30 amendments to LLP Act 2008 through the LLP (Amendment) Bill 2021 which will provide more traction & pace to ease of doing business policy. Cabinet approves the LLP (Amendment) Bill, 2021 for carrying out 30 amendments to the LLP Act, 2008. Cabinet approves de-criminaliza...

Read More

ICAI renames Jammu Branch of NIRC of ICAI

Notification No. 1-CA(7)/(199)/2021 29/07/2021

Name of ‘Jammu Branch of NIRC of ICAI’ has been changed and the same shall now be known as ‘Jammu and Kashmir Branch of NIRC of ICAI’. The jurisdiction of Jammu and Kashmir Branch shall now cover all members and students within the jurisdiction of Union Territory of Jammu and Kashmir. THE INSTITUTE OF CHARTERED [&h...

Read More

ICAI: Registration for Online Home Based Practical Training Assessment

The next practical training assessment is being conducted online from March 13-15, 2021. The students who have completed their 1st/ 2nd year of practical training during July 1, 2019 – December 31, 2020 are eligible to appear in this test....

Read More

ICAI: Applicable date of certain deferred provisions of Revised Code of Ethics, 2019

As the members are aware, the revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. It is accessible on www.icai.org. It may further be recalled that the Council at its 393rd Meeting held on 30th June and 1st July, 2020 decided that due to the prevailing situation due to Covid-19, the effective date of the follo...

Read More

ICAI reschedule one Paper of Foundation exam for absent students of few cities of Maharashtra

ICAI has been informed about the adverse weather conditions in the cities of Ichalkaranji, Kolhapur, Ratnagiri, Sangli and Satara. Due to exceptional natural calamities and circumstances beyond the control of the examinees of the entry level examination, it has been decided that an opportunity be given to the examinees who are absent in F...

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Analysis of amendment in section 16 & Rule 33A of Companies (Incorporation) Rules, 2014

Pursuant to amendment in section 16 of the Act, the Central Government has incorporated Rule 33A in the Companies (Incorporation) Rules, 2014 for prescribing provisions for allotment of a new name to the existing company under section 16(3) of the Act....

Read More

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