ICAI

Have we Chartered Accountants become Easy Punching Bag in India?

Income Tax - Recently CA fraternity has been allegedly criticized by a Pr. CIT from Pune and this made me think whether we Chartered Accountants (CAs) have become a Punching Bag in India? Can we be held responsible for any wrong-doing in India? If any Government implemented policy fails, we CAs are held responsible for its failure. Demonetization [&he...

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FAQs on ethical issues relating to GST

Income Tax - Q1. Whether a member in practice can engage as GST practitioner? A. Yes, a member in practice can engage as GST practitioner , as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Chartered Accountants Act, 19...

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 12

Income Tax - Ind AS Transition Facilitation Group’ (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015...

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Twitter reply or FAQ by CBEC in few cases contradictory & Creating confusion: ICAI

Income Tax - Solution provided through Twitter and /or FAQ in some cases are contradictory in nature and even FAQ are having disclaimer which is creating confusion. Supply of Business Assets on which Credit has not been availed is subject to tax again Twitter has clarified that tax on the sale of capital assets is not subject to […]...

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GST: Provide Adhoc transitional credit to all Manufacturer / Service provider: ICAI

Income Tax - Transitional credit not being available to some manufacturers/ service providers would be discriminatory and impact the margins. Needs to be provided to all if the goods/ services earlier were not liable to tax....

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Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961

Income Tax - ICAI has released the 6th Edition (November 2017) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013 , August 2013 and October 2016. The ICAI has revised Guidance note on Report under Section 92E of the Income Tax […]...

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CVC Code of Ethics for Chartered Accountants

Income Tax - This function of attestation is done by professional accountants, who are Chartered Accountants in our country. It has been however, observed that there have been a number of cases in banks and financial institutions wherein due to the erroneous/ambiguous advice tendered by the respective Chartered Accountants, borrowal accounts have had ...

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ICAI CPE hours requirements for 1-1-2017 to 31.12.2019

Income Tax - CPE Hours Requirements for Chartered Accountants for the Block Period of 3 years (1-1-2017 to 31.12.2019) to be complied with by different categories of Members...

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Report on Audit Quality Review (2016-17) of the Quality Review Board

Income Tax - The Board has issued a Report on Audit Quality Review (2016-17) providing findings, analysis and summary of observations made by the Technical Reviewers in review reports during the period which is available at the website of the Quality Review Board...

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NFRA to be set-up soon; Will take disciplinary action against errant CAs, CSs & Cost Accountants

Income Tax - Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;. Around 3.09 lakh Directors disqualified who were on the Board of Companies that have failed to file Financial Statements and/or Annual Returns for a continuous period of three (3) financial years during 2013-14 to [&hel...

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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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CA guilty of misconduct for allowing use of his name in Prospectus despite Resignation

TChartered Accountants Act, 1949 & 2 Ors Vs. CA. Satish Kumar Gupta (Allahabad High Court) - Chartered Accountant Satish Kumar Gupta had resigned as Director of BLF before opening of the public issue of BLF irrespective of the fact that his resignation was allegedly accepted on 9.9.1997, in respect whereof no material was brought on record. Having resigned before the commencement of the pub...

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SC quashes appeal against CA for issue of alleged wrong certificate based on manipulated figures

ICAI Vs M.S. Rathi Civil Appeal (Supreme Court of India) - The present appeal arises out of the order dated 12.08.2004 passed by the Division Bench of the High Court of Judicature at Bombay in Chartered Accountants Reference No. 5/2000....

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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"

Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961

ICAI has released the 6th Edition (November 2017) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013 , August 2013 and October 2016. The ICAI has revised Guidance note on Report under Section 92E of the Income Tax […]...

Read More
Posted Under: Income Tax |

CVC Code of Ethics for Chartered Accountants

This function of attestation is done by professional accountants, who are Chartered Accountants in our country. It has been however, observed that there have been a number of cases in banks and financial institutions wherein due to the erroneous/ambiguous advice tendered by the respective Chartered Accountants, borrowal accounts have had ...

Read More
Posted Under: Income Tax | ,

ICAI CPE hours requirements for 1-1-2017 to 31.12.2019

CPE Hours Requirements for Chartered Accountants for the Block Period of 3 years (1-1-2017 to 31.12.2019) to be complied with by different categories of Members...

Read More
Posted Under: Income Tax |

Have we Chartered Accountants become Easy Punching Bag in India?

Recently CA fraternity has been allegedly criticized by a Pr. CIT from Pune and this made me think whether we Chartered Accountants (CAs) have become a Punching Bag in India? Can we be held responsible for any wrong-doing in India? If any Government implemented policy fails, we CAs are held responsible for its failure. Demonetization [&he...

Read More
Posted Under: Income Tax | ,

FAQs on ethical issues relating to GST

Q1. Whether a member in practice can engage as GST practitioner? A. Yes, a member in practice can engage as GST practitioner , as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Chartered Accountants Act, 19...

Read More
Posted Under: Income Tax |

Report on Audit Quality Review (2016-17) of the Quality Review Board

The Board has issued a Report on Audit Quality Review (2016-17) providing findings, analysis and summary of observations made by the Technical Reviewers in review reports during the period which is available at the website of the Quality Review Board...

Read More
Posted Under: Income Tax |

ICAI Submits 217 Suggestion on GST Law, Policy & Procedural issues

1. The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on GST Implementation Issues. We have segregated the 217 suggestions in 3 parts: Policy related issues Law Related Issues Procedural Issues We shall be pleased to discuss suggestion in meeting to illustrate the points made by us. 2. We [&...

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Posted Under: Income Tax |

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 the Council it cannot re-appreciate the ...

Read More

NFRA to be set-up soon; Will take disciplinary action against errant CAs, CSs & Cost Accountants

Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;. Around 3.09 lakh Directors disqualified who were on the Board of Companies that have failed to file Financial Statements and/or Annual Returns for a continuous period of three (3) financial years during 2013-14 to [&hel...

Read More
Posted Under: Income Tax |

Hand Book on GST for Service Providers by ICAI

Indirect Taxes Committee of ICAI has decided to come up with a 'Hand Book on GST for Service Providers' which has been specifically developed to provide in-depth knowledge of provisions pertaining to services i.e Levy and exemption, Input service distributor, Registration, Time and place of supply, Valuation, Input tax credit, and Job wo...

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Posted Under: Income Tax | ,
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