Goods and Services Tax : ICAI clarified that ITC wrongly reversed under Table 4(B)(1) instead of Table 4(B)(2) can still be reclaimed within statutory time...
CA, CS, CMA : The FAQs explain how the 60 Tax Audit assignment ceiling will operate through the UDIN system from 1 April 2026. ICAI clarified wh...
CA, CS, CMA : Banks are asking CAs to issue end-use and KYC certificates without regulatory support. RBI confirms no such requirement exists, hi...
Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Corporate Law : The Bar Council of India has officially confirmed that the IGNOU-ICAI B.Com (Accountancy & Finance) degree meets all eligibility c...
CA, CS, CMA : ICAI has announced Live Virtual Revisionary Classes for CA Intermediate students appearing in the September 2026 examinations. The...
CA, CS, CMA : ICAI's Board of Studies has invited Expressions of Interest from qualified professionals and academicians for empanelment as facul...
CA, CS, CMA : ICAI has notified the Information Systems Audit (ISA) Assessment Test for 25 July 2026 in CBT mode. The announcement specifies eli...
CA, CS, CMA : ICAI has clarified that members coaching students or having relatives appearing in the examinations are not eligible for Observer ...
CA, CS, CMA : The Sales Tax Bar Association requested reconsideration of Bar Council of India rules prohibiting advocates from entering partners...
CA, CS, CMA : The Delhi High Court held that one of the meetings relied upon for automatic vacation of the petitioner’s seat was convened with...
CA, CS, CMA : The Court examined whether a complaint arising from a family dispute can be entertained in misconduct proceedings. It held that su...
CA, CS, CMA : The High Court held that a direct appellate challenge to the final removal order was not maintainable. The appeal was withdrawn wi...
CA, CS, CMA : The court affirmed disciplinary action where an auditor failed to detect ever-greening of assets and misreporting in audit account...
Income Tax : The ITAT Delhi has deleted a ₹25,000 penalty under Section 271A, ruling that F&O turnover for a trader should be calculated base...
CA, CS, CMA : ICAI notifies removal of 12 chartered accountants from membership rolls, with suspension periods, fines, and reprimands in select ...
CA, CS, CMA : ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not...
CA, CS, CMA : The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory r...
CA, CS, CMA : The issue involved disciplinary action for professional and other misconduct under the Chartered Accountants Act. The authorities ...
Corporate Law : The amended guidelines mandate minimum CPE hours for all practicing members. Non-compliance will lead to discontinuation of the Ce...
The Institute of Chartered Accountants of India has submitted a representation on 6th January, 2022 to Chairman, CBDT requesting to consider waiver of penalty and other consequences for furnishing of Report of Audit under any provision of the Income-tax Act, 1961 for the A. Y. 2021-22 after January 15, 2022.
Campus for Newly Qualified Chartered Accountants (NQCAs) – February-March, 2022 Maintaining strong and spontaneous relationship with the industry and other business houses remains the main focus of the Committee for members in Industry & Business (CMI&B) of the Institute of Chartered Accountants of India (ICAI). An initiative to that effect remains the Campus Placement Programme […]
Introduction: Recently I had an interesting conversation with one of my NRI CA friends whose daughter who was a Rank holder in CA Nov 2020 Exams has been gainfully employed in one of the Big E-Commerce sellers as a financial analyst in Bengaluru who was asking me what are the avenues for saving taxes for […]
ICAI, Indore has requested CBDT Chairman to consider waiver of penalty for delay in furnishing of Report of Audit under any provision of the Income-tax Act, 1961 for the A. Y. 2021-22. Full Text of their representation is as follows:- THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of parliament) Indore (CIRC) Indore/2021-22/Rep-1 […]
Exposure Drafts of following revised AS have been issued by the ASB for comments with the last date being February 3, 2022: AS 111, Financial Reporting of Interest in Joint Ventures, AS 28, Accounting for Associates and Jointly Controlled Entities, AS 103, Accounting for Amalgamations and AS 110, Consolidated and Separate Financial Statements
Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers, regardless of the structures or forms under which the joint venture activities take place.
Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities set out principles and procedures for recognising the effects of the investments in associates and to set out the requirements for application of the equity method when accounting for investments in associates and joint controlled entities.
Exposure Draft of AS 110, Consolidated and Separate Financial Statements shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent.
Exposure Draft- Accounting Standard (AS) 103- Accounting for Amalgamations deals with accounting for amalgamations (including business acquisitions) and the treatment of any resultant goodwill or reserves.
Elections to the 25th Central Council and 24th Regional Councils were held successfully on 3rd and 4th December 2021 across 832 notified polling booths. A total of 228 candidates, including 73 for Central Council and 155 for Regional Councils, have contested in the elections. The counting of the votes of the Central and Regional Councils commenced concurrently from 16th December 2021 at all respective Regions.
