ICAI

Direct & Indirect Taxes Updates- February 2021

CA, CS, CMA - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends limitation dates for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt. 31st December, 2020 has been extended to 30th Apr...

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Brief Summary – Standards on Internal Audit (SIA)

CA, CS, CMA - THE FIVE ‘I’ APPROACH FOR RISK ADVISORY & INTERNAL AUDIT 1. Innovation – Change is the only constant. 2. Interaction – For good ideas and true innovation, you need human interaction, disagreement, argument and debate. 3. Impact -The only limit to your impact is your creativity and commitment. 4. Information ...

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Exposure Draft Standard for Audit of Smaller & Less Complex Entities

CA, CS, CMA - Exposure Draft Standard for Audit of Smaller and Less Complex Entities (SA-SLCE) Your comments on this Exposure Draft should reach us by March 31, 2021 Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wordin...

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ITR 7 Guidance Note issued by CPC Bengaluru

CA, CS, CMA - Dear Professional Colleague, Sub: ITR 7 Guidance Note issued by CPC Bengaluru The Centralized Processing Center, Bengaluru has conducted an exclusive Webinar on ITR-7 for A.Y 2020-21 on 17.12.2020 from 04.00 PM to 05.30 PM for the benefit of Chartered Accountants, Tax Practitioners & Taxpayers. The following topics were covered du...

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Direct & Indirect Taxes Updates- January 2021

CA, CS, CMA - DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues notification and notifies Faceless assessment scheme 2021 and direction to give effect to the Faceless Penalty scheme,2021 (Notification No. 03/2021 dated 12/01/2021) ♦  Amount of remuneration u/s 9a(3)(m) of the Income Tax Act (Circular No...

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Reg. ICAI relaxation in Requirement To undergo 8 Months Study Period

CA, CS, CMA - Board of Studies The Institute of Chartered Accountants of India 5th March, 2021 ANNOUNCEMENT Sub: Relaxation in the requirement to undergo 8 months Study Period to appear in November, 2021 Intermediate Examination in respect of students who had opted-out from November 2020 Examinations and opted for January 2021 examination after passing...

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Advanced ICITSS – Adv. IT Test – Computer Based Mode

CA, CS, CMA - It has been decided to conduct Advanced ICITSS - Adv. IT Test – in Computer Based Mode (CBT) on Tuesday, the 12th January, 2021 from 10.30 AM to 12.30 PM (IST)....

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ICAI: Special Exams for candidates under MRAs/MoUs with Foreign Accounting Bodies

CA, CS, CMA - Special Examination for Members of Foreign Accounting Bodies with whom the ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU)...

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ICAI declares Time Table of CA Foundation Exam June 2021

CA, CS, CMA - ICAI  declares time table for next Chartered Accountants Foundation Examination  to be held in June 2021 under New Scheme. Exam will be held on 24th, 26th, 28th & 30th JUNE 2021. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) Examination Department The Institute of Chartered Accountants of India 5th...

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ICAI President’s Message – March 2021

CA, CS, CMA - ICAI President message for March 2021 on Public Advocacy: Assisting Government in Matters of Governance, Developing Profession for the Digital Era, Expanding Big, Going Global etc...

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SC transfers petitions challenging validity of Tax Audit Limit of 60

The Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) - The Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) In the writ petitions, which are sought to be transferred, writ petitioners have challenged validity of Chapter VI of Guidelines No.1‑CA(7)/02/2008 dated 08.08.2008 issued by the Council of peti...

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HC Again Rejects Petition by CA seeking to direct Institute of Cost Accountants to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Sivakumar Vs Institute of Cost Accountants of India (Madras High Court) - The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...

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No Change in CA Exam Schedule- SC satisfied with ICAI clarification

Amit Jain & Ors. Vs Union of India & Anr. (Supreme Court) - During the course of hearing, ICAI informed the Hon'ble Court that it had verified the position from the concerned examination centres and was informed by the said examination centres that they are not falling in any containment zones....

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HC rejects Petition by CA seeking to direct Institute of Cost Accountants of India to use acronym ‘ICOAI’ instead of ‘ICAI’

V. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) - The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...

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SC to ICAI: Be Flexible on CA Exam ‘Opt Out’ Option

Anubha Shrivastava Sahai Vs The Institute Of Chartered Accountants of India (ICAI) & Ors. (Supreme Court) - Anubha Shrivastava Sahai Vs ICAI & Ors. (Supreme Court) As per sources During the hearing SC said to ICAI that those students who have not opted out can appear for ICAI exam, but those who cannot appear although not opted out should be considered as an opt out student and be adjusted in November...

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ICAI removes name of 7 CAs from Register of Members

No. PR/62/17-DD/87/17-DC/918/18, No. PR/172/13-DD/178/13/DC/513/2017, No. PR/310/14-DD/329/14-DC/599/17, No. PR/154/14/DD/181/14/DC/433/15, No. PR/G-67/18/DD/70/18/DC/963/18, No. PR/43/15/DD/76/15/DC/511/16, No. PR/237/15-DD/261/15/DC/767/2018 - (15/02/2021) - On 15th February ICAI notified that it has removed name of 7 members from the Register of Members for the period of 15 days to Two Years depending upon the nature of Professional Misconduct. Full text of such notifications are given below- THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Notification...

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No misconduct on accepting assignment as IRP after 31.12.2019 without holding a valid AFA as consent given before 31.12.2019

Notification No. IBBI/DC/56/2020 - (14/12/2020) - In the present matter, Mr. Guddeti was appointed as IRP by National Company Law Tribunal, Delhi Bench, Court – IV (AA) vide order dated 4th February 2020 initiating CIRP of CD on application under section 7 of the Code by M/s Amritvani Exim Private Limited claiming to be financial creditor and...

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ICAI proposes Changes to Form 18- Form for Change in Particulars of CA Firms

F. No. 1-CA(7)/197/2020 - (10/12/2020) - ICAI vide its Draft Chartered Accountants (Amendment) Regulations, 2020 proposed changes to FORM ‘18’ related to PARTICULARS OF OFFICES AND FIRMS (See Section 2(2) of the Chartered Accountants Act, 1949, Regulation 53B and Regulation 190 of the Chartered Accountants Regulations, 1988). THE INSTI...

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CBDT to validate ICAI UDIN during upload of Tax Audit Reports

Release ID: 1676103 - (26/11/2020) - The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was...

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ICAI Allows Provisional Registration in CA Foundation Course after passing Class X Examination

No.1-CA(7)/193/2020 - (19/10/2020) - Public Relations Committee The Institute of Chartered Accountants of India 19th October, 2020 PRESS RELEASE ICAI Allows Provisional Registration in CA Foundation Course after passing Class X Examination With an aim to provide high quality education and keeping the future global business competencies...

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Recent Posts in "ICAI"

Reg. ICAI relaxation in Requirement To undergo 8 Months Study Period

Board of Studies The Institute of Chartered Accountants of India 5th March, 2021 ANNOUNCEMENT Sub: Relaxation in the requirement to undergo 8 months Study Period to appear in November, 2021 Intermediate Examination in respect of students who had opted-out from November 2020 Examinations and opted for January 2021 examination after passing...

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Posted Under: Income Tax |

Advanced ICITSS – Adv. IT Test – Computer Based Mode

Notification No. 13-CA (EXAM)/Advanced ICITSS/December, 2020 (22/12/2020)

It has been decided to conduct Advanced ICITSS - Adv. IT Test – in Computer Based Mode (CBT) on Tuesday, the 12th January, 2021 from 10.30 AM to 12.30 PM (IST)....

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Posted Under: Income Tax |

ICAI: Special Exams for candidates under MRAs/MoUs with Foreign Accounting Bodies

Special Examination for Members of Foreign Accounting Bodies with whom the ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU)...

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Posted Under: Income Tax |

ICAI declares Time Table of CA Foundation Exam June 2021

ICAI  declares time table for next Chartered Accountants Foundation Examination  to be held in June 2021 under New Scheme. Exam will be held on 24th, 26th, 28th & 30th JUNE 2021. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) Examination Department The Institute of Chartered Accountants of India 5th...

Read More
Posted Under: Income Tax |

Direct & Indirect Taxes Updates- February 2021

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends limitation dates for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt. 31st December, 2020 has been extended to 30th Apr...

Read More
Posted Under: Income Tax | ,

ICAI President’s Message – March 2021

ICAI President message for March 2021 on Public Advocacy: Assisting Government in Matters of Governance, Developing Profession for the Digital Era, Expanding Big, Going Global etc...

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Posted Under: Income Tax |

ICAI: Case Study Digest at CA Final level

In the six elective papers at the Final level, the assessment is open book and case-study based. The question paper comprises of five case studies of 25 marks each, out of which candidates have to attempt any four within four hours. Each case study of 25 marks comprises of MCQs for 10 marks (5 MCQs of 2 marks each) and descriptive questio...

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Posted Under: Income Tax |

Empanelment with ICAI to act as Examination Observer

Empanelment Of Members To Act As Observers At The Examination Centres For The Chartered Accountants Examinations May 2021. It is proposed to empanel members to act as Observers for the forthcoming MAY - 2021 Chartered Accountants Examinations scheduled as under:...

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Posted Under: Income Tax |

ICAI further extends Last Date For Waiving-Off Condonation Fees

Further Extension In The Last Date For Waiving-Off Condonation Fees Due To Late Filing Of Various Application Forms Related To Students, Articled Assistants, Amidst COVID-19 Pandemic – (25-02-2021) Members & Students Services Directorate The Institute of Chartered Accountants of India 25th February, 2021 Important Announcement A...

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Posted Under: Income Tax |

ICAI warns Students & members- Issues advisory for ‘objectionable’ social media posts

Institute of chartered Accountants of India, being the supreme institution for CAs, has always tried to protect the interest of the CA profession. Not only this but also the development of all the members and stakeholders by taking many initiatives. Such initiatives are targeted not only for regulating the profession but also to enhance t...

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Posted Under: Income Tax |

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