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 The appeal was withdrawn wi...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...
ANNOUNCEMENT EXTENSION OF GENERAL AMNESTY SCHEME FOR RETROSPECTIVE RESTORATION OF MEMBERSHIP (ONE TIME DISPENSATION) DATE: 19.03.2015 With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Council has decided to give an opportunity by way of General Amnesty Scheme for […]
Request to give your inputs on inclusion of PAN details of members in ICAI database- As we all are aware, every practicing Chartered Accountant is required to get himself registered on the E-filing portal for submission of various reports prescribed by the Income-tax Act, 1961. For the said purpose, ICAI shares certain limited database with the E-filing website.
CA Amresh Vashisht The latest quote price of Rs 2 per month per panchayat at Madhya Pradesh has once again shattered the profession heart & soul. Thank GOD this time, it’s double to 2012 rates, where the lowest tender for primary school audits was Re 1 per school. Tender system with quoted price of Re […]
With a view to support our members for fast resolution of such queries, the Auditing and Assurance Standards Board (AASB) is pleased to offer an Online support to our members from 23th March, 2015 to 11th April, 2015 for the bank branch audits for the year ended 31st March 2015. The queries can be sent at bankauditfaq@icai.in.
As per the practice and commitment to empower its membership, our Institute (ICAI) has always responsibly disseminated professionally-relevant information among its members. With the help of Direct Taxes Committee, Indirect Taxes Committee, Committee on International Taxation and Committee on Public Finance & Government Accounting, it has prepared an e-flash on the changes proposed by the […]
The Guidance Note provides an overview of reporting requirement u/s 143(12). It also provides detailed guidance wrt various aspects of this reporting requirement like requirements for reporting u/s 143(12), responsibility of management, responsibility of auditor, Issues for consideration by the auditors, Applicability of Standards on Auditing, Audit procedures Technical guidance, Appendices etc.
E Book – Comprehensive ICAI Budget Publication The Direct Taxes Committee of ICAI jointly with Indirect Taxes Committee of the ICAI has come out with E Book on clause wise comprehensive analysis of Tax Proposals of Union Budget 2015 to enable our members and stakeholders in line with ICAI’s well earned position as the Partner […]
CENTRAL EXCISE Rate of excise duty Education Cess and Secondary & Higher Education Cess leviable on excisable goods fully exempted. Further, standard ad valorem rate of excise duty increased from 12% to 12.5%. Amendments in the Central Excise Act, 1944 1. Section 11A proposed to be amended to provide as follows: (i) category of cases […]
Tax Rates No change in the basic exemption limit and the tax rates of individuals Corporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year. The existing rate of tax on Income by way of Royalty and Fees for technical services in case of […]
Proposal outlined by the Union Finance Minister such as Abolishment of Wealth Tax, Rationalization of Corporate Tax Structure, Removing uncertainty over DTC, with clear roadmap for financial discipline and consolidation are the need of the hour. We are also happy that the Government reaffirmed its commitment to introduce GST from April 2016. This will truly revolutionize the indirect tax structure in the Country.
