CA, CS, CMA : Analysis of ICAIs disciplinary action against EY India affiliates for professional misconduct, implications, and insights into reg...
CA, CS, CMA : Discover why valuation services are crucial for Chartered Accountants & professionals. Learn about the scope, significance, and ce...
CA, CS, CMA : Explore how CA firms contribute to shaping finance professionals beyond numbers, their influence on startups, and the importance o...
CA, CS, CMA : ICAI will now conduct the CA Intermediate and Foundation course examinations thrice a year, starting from June 2024. Previously, t...
CA, CS, CMA : Learn about ICAI's Centralized NOC Policy and its benefits for Chartered Accountants (CAs). Streamlining audits for efficiency and...
CA, CS, CMA : Stay updated with ICAI BoS Publications for September 2024 exams. Analysis of Foundation and Intermediate course subjects' edition...
CA, CS, CMA : Ministry of Corporate Affairs invites comments on rules review under CA, CWA, and CS Acts. Participate in the consultation process...
CA, CS, CMA : ICAI penalises CA for not physically visiting registered office of Company before filing its SPICe Form The Institute of Chartered...
CA, CS, CMA : Get ready for CA Foundation June 2024 Exams with Mock Test Papers Series II & III. Check the schedule, modes, and how to register....
Goods and Services Tax : Join our live webinar on Block Credit in GST u/s 17(5) to understand ITC, eligibility criteria, and critical provisions. Expert in...
CA, CS, CMA : Despite concerns over elections, Delhi High Court rejects plea to delay CA exams. Detailed analysis of the judgment provided....
CA, CS, CMA : Delhi High Court ruling upholds disqualification of bid by Sunshine Caterers in IRCTC tender due to non-mention of certified infor...
Income Tax : In the case of Cavalcade Properties Pvt. Ltd. vs. DCIT, ITAT mandates re-evaluation of advances against flat bookings, challenging...
Income Tax : Ahmedabad ITAT quashes Sec 263 order in Soham Buildcon vs PCIT-3 case, citing absence of twin conditions for exercising power unde...
CA, CS, CMA : Naresh Chandra Agrawal Vs Institute of Chartered Accountants of India And Others (Supreme Court of India) In a landmark judgment, ...
CA, CS, CMA : Committee concluded that there were indeed non-compliances in the financial statements audited by Pachkhede, relating to various a...
CA, CS, CMA : The case centers on Pednekar's signing of financial statements on a back date, which is deemed as negligent conduct and a breach o...
CA, CS, CMA : Explore the detailed order by the Disciplinary Committee of the Institute of Chartered Accountants of India against Ravish Shashik...
CA, CS, CMA : CA Solanki failed to work in line with the requirements of the assignment and deliberately adopted a different methodology, causin...
CA, CS, CMA : The case revolves around allegations of negligence and failure to exercise due diligence while certifying Form 8 and reporting fin...
Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the total sales / turnover or gross receipts for previous year exceed the prescribed limits then assessee is required to get his accounts audited by an “Accountant”. This audit is popularly known as Tax Audit.
ANNOUNCEMENT Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949 The Council of the Institute at its 331st meeting held in February, 2014 decided to increase the specified number of tax audits from 45 to 60 and an Announcement dated 11.2.2014 […]
The Uttar Pradesh (UP) Government vide Section 21 of The Uttar Pradesh Value Added Tax Act 2008 and Rule 42 thereof has already recognized Cost Accountants for the purpose of Auditing of Books of every taxable dealers under the Act. Now The UP Government has issued an amendment to Rules vide Government Notification no. Ka.Ni.-2-684/XI-9(295)/07-U.P.VATRULES-08-order-(114)-2014, […]
Clarifying Certain Auditors’ Concerns under Companies Act, 2013 – The Council recently considered the issue of date of applicability of section 143(3)(i) of the Companies Act 2013, requiring the Statutory Auditor to report on adequacy and operating effectiveness of internal financial controls in the Statutory Auditor’s report. It also considered section 143(12) of the said Act, envisaging the Statutory Auditor to report Frauds committed or being committed against the Company to the Central Government.
Advocate B.S.K.RAO 1. Below are the accounting bodies of various country’s world over on date, In spite of this, they have separate bodies/legislation for regulation of Tax Professionals. Reason being, situation similar to that of latest Supreme Court verdict in the case of Bar Council of India Vs A.K.Balaji about Practice of Law by only […]
Section 54- Investment in residential house Several disputes are in existence as to whether an assessee can buy more than one house under provisions of section 54 of the Income-tax Act, 1961. In the recent times High Courts and ITAT have taken a consistent view that in order to avail the exemption u/s 54 of […]
In Its Pre-budget Memorandum on Direct Taxes Apex Accounting Institute ICAI has suggested that deduction in respect of interest on housing loan in case of self occupied property should be increased from Rs. 1.5 Lakhs to Rs. 3 Lakhs. ICAI further suggested that Assessee should be allowed deduction equal to 30% from unrealised rent and ground rent shall be allowed as separate deduction while computing income under the head Income from House property.
Certification of deductions claimed under section 54, 54F, 54EC etc a) At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out. In order to reduce such possibility of furnishing of inaccurate particulars […]
Section 54EC-Capital gain not to be charged on investment in certain bonds Section 54EC provides that the capital gains arising from the transfer of a long term capital assets will be exempt, if the whole or part of the capital gain, is invested in the long term specified assets at any time within a period […]
ICAI Suggestion on Disallowance of expenditure incurred in relation to income not includible in total income under section 14A of the Act: As per the existing provisions of section 14A of the Act, no deduction shall be allowed in respect of expenditure incurred by a taxpayer in relation to income which does not form part […]
