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 The appeal was withdrawn wi...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 role that the chartered accountants are expected to play by way of audit/ certification of financial/ non financial information under various laws and regulations is only an indicator of the trust that the Government and the society places in us to take our country forward on the road of development. Given this, it is imperative that the quality of the work that we do as auditors is such that it upholds the trust reposed in our Profession and justifies the respect that it commands.
The Committee on Public Finance & Government Accounting, a non-standing committee of Institute of Chartered Accountants of India, has been constituted in the year of 2008 with the objective to review, analyze, recommend and suggest measures to the Local, State & Central Government, PSUs and other organisations in policy assessment, planning and execution in public finance, reforms in Government accounting system and maximizing public fund’s utility to augment and vitalize economic growth for end beneficiaries.
Economists across the globe have extended countless explanations for the recurring trend of economic meltdown, now a part of business cycle. Uneven sharing of profit, i.e. less return of profit money to lower and middle level workers, has also been cited as one of the reasons. Generally it is seen that industries give back less money and, thereby, share very less profit with their workers in terms of their remunerations than the goods manufactured by them, i.e. price at which goods are sold at. Industries share this profit mainly with the top rung of their workers, i.e. management or policy-/strategy-makers, apart from putting it for fundamental investments.
As per CPE learning which is eligible for CPE credit for Unstructured Learning Activities(ULAs), the members are required to submit their Self-declaration in the form enclosed once in a year before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous year. These forms would have to be submitted to the concerned Decentralized Offices. The members could also submit the same to the Sub-Decentralized Offices for onward submission to the concerned Decentralized Offices.
Section 209(1) (d) of the Companies Act, 1956, incorporated in 1965, is the backbone of statutory cost accounting in the Indian corporate sector. This framework put to practice, through promulgation of Cost Accounting Records Rules by the Government, has inculcated a sense of cost consciousness in large number of industries/companies. The mechanism of maintenance of cost records, to a very large extent, has helped industry to face the fierce competitive forces arising out of post-1991 liberalization and globalization. It also served well the legal and non-legal requirements of various regulatory authorities, government agencies, tariff/price fixation bodies, research organisations, etc.
Once it is held that the office of a chartered accountant or of a firm of chartered accountants does not come within the expression of shop or commercial establishment as defined in the Act of 1961, the corollary would be that the provisions of the Act of 1961 cannot be applied to the office of a chartered accountant or of a firm of chartered accountants.
The Principal Judge, Small Causes Court, Pune, and thereafter the District Judge, Pune, negatived the contention of the Corporation holding that profession of Chartered Accountant is neither a trade nor a business. Advocate for the Respondents drew my attention to the judgment reported in Current Tax Reporter Volume 80 Phillipos & Company, Chartered Accountants & Ors. versus State. This is the Judgment of the Karnataka High Court, wherein it is held that Office of the Chartered Accountant or of a firm of a Chartered Accountant is not an establishment within the meaning of Section 2(i) of the Karnataka Shops and Commercial Establishments Act, 1961, it is neither a shop nor a commercial establishment.
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available. In view of this, it is not possible to accede to the requests of the candidates for transfer to an examination centre in a particular zone of the city opted by them.
In terms of the decision of the Finance Committee taken at its 23rd meeting on the recommendations of the Examination Committee, it has been decided to henceforth charge a sum of Rs.500/- per person as the education verification fee from the companies/agencies seeking such verification of qualification. The fee shall be payable by way of a demand draft drawn in favour of the Secretary, The Institute of Chartered Accountants of India and payable at New Delhi.
The Group has the following terms of reference: To examine the feasibility and develop a draft Common Code for Central Excise and Service Tax that can be implemented under the present Constitutional scheme, keeping however, in view the challenges in the context of the impending goods and Services Tax (GST);
