Posted On:  3 months ago


CA guilty of professional misconduct for failure to report suspicious book entries

The Council of ICAI noted that huge payments were made by PCL on behalf of its subsidiary, Altos India Ltd. (AIL) but no disclosure of the same was made by the auditor. Further, it was also concluded that there were suspicious adjustment entries between AIL and PCL which ought to have raised a doubt about the genuineness of the transactions and ought to have been detected and reported by the CA.

article author CA Chirag Chauhan

Posted On:  3 months ago


Why should you invest in ELSS for 80C and RBI bond before March?

After demonetization, the only asset class which seems to be giving positive double digit returns is equity. The real estate investment has given zero return in last 4 years. With government capping tax exemption on interest on second property, investing in real estate may not give return in coming years. Investment in fixed deposit is meaning less as it gives negative return considering high inflation and if you include taxes it becomes even worst.

article author CA Chirag Chauhan

Posted On:  4 months ago


Pass Percentage CA Final Nov 2016. How to Check your Result

ICAI has changed the way to check your CA Final Result for November 2016 exams. Earlier, CA Final results used to be uploaded on icai.nic.in website. However, this time for Nov 2016, the exam results will be made available at http://icaiexam.icai.org/.

article author CA Chirag Chauhan

Posted On:  4 months ago


GST update on value of taxable supply

Adjudicating Authority means any authority competent to pass any order or decision under this Act, but does not include the Board, the Revisional Authority, Authority for Advance Ruling, Appellate Authority for Advance Ruling, the First Appellate Authority and the Appellate Tribunal

article author CA PRADEEP JAIN

Posted On:  7 months ago


ICAI Request members to improve annual ROC filing compliance

Request for improving of annual filing compliance by pursuing companies so as to help the Ministry of Corporate Affairs in achieving the targeted compliance As the members are already aware that that it is the time of peak filing of Balance Sheet & Annual Return under the Companies Act This is to mention here that to promote high standard of integrity and professionalism it is an essential part of the Professional duty of the Chartered Accountants to ensure compliance of various statutory and other regulatory requirements with regard to the relevant provisions of the Acts which regulate the functioning of Companies and LLPs.

article author One Roof Consultant

Posted On:  8 months ago


ICAI withdraws application Guide on Schedule II to Companies Act, 2013

Application Guide on the Provisions of Schedule II to the Companies Act, 2013 is no longer effective as the Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013 has been issued. The Corporate Laws & Corporate Governance Committee (CL&CGC) of the Institute of Chartered Accountants of India (ICAI)

article author One Roof Consultant

Posted On:  8 months ago


Peak Filing Preparation 2016-MCA 21

As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act. To avoid last minute rush and system congestion on the MCA 21 portal on account of annual filings during October / November 2016, we are quite sure that you might have already taken steps in advising corporates to file balance sheet and annual return of the companies early without postponing it to the last few days permitted for the same.

article author One Roof Consultant

Posted On:  8 months ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant

Posted On:  8 months ago


Guidelines for Issue of Duty Credit Scripts under IEIS Scheme

Guidelines for Issuance of Duty Credit Scripts under Incremental Export Incentivisation Scheme (IEIS) for Quarterly period (01.01.2013 to 31.03.2013) in pursuance of Trade Notice 04 dated 05.05.2016. The Incremental Export Incentivisation Scheme (IEIS) for Quarterly basis (01.01.2013 to 31.03.2013) was introduced vide Notification No.27 dated 28.12.2012. Under this scheme

article author One Roof Consultant

Posted On:  9 months ago


Guidance Note on Special Purpose Certificates & Audit Reports

Exposure Draft of the Revised Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Auditing and Assurance Standards Board Your comments on this Exposure Draft should reach us by September 10, 2016. Comments are most helpful if they indicate the specific paragraph(s) to which they relate

article author One Roof Consultant

Posted On:  11 months ago


Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities

The existing formats prescribed in SEBI Circular dated November 30, 2015 for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet to be submitted by the listed entities, with the stock exchanges, shall continue till the period ending December 31, 2016. For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half Yearly Balance Sheet to be submitted by the Listed Entities, with the stock exchanges, shall be as per the formats for Balance Sheet and Statement of Profit and Loss (excluding notes and detailed sub-classification) as prescribed in Schedule III to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators.

article author One Roof Consultant

Posted On:  11 months ago


Holding company will have to consolidate partnership firm / LLP if that partnership firm / LLP is Subsidiary or Associate or Joint Venture

These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements

article author One Roof Consultant

Posted On:  11 months ago


Hindu Undivided Family (HUF) or its Karta cannot becomePartner in Limited Liability Partnership (LLP)

Ministry of Corporate Affairs, in response to clarification sought by ICAI, states that a Hindu Undivided Family (HUF) cannot become a partner in a partnership firm; MCA states that Karta or any other individual of the HUF can be a partner in his 'individual' capacity and not the HUF; Corporate Affairs Ministry relies on SC ruling

article author One Roof Consultant

Posted On:  12 months ago


FORMAT OF INDEPENDENT AUDIT REPORT FOR F.Y. 2015-16

Very useful for practicing Chartered Accountant

article author Soniya Agarwal

Posted On:  1 year ago


Step for Ease of Doing Business - Clarification on Excise on Jewellery World

Some Important facts of Excise on Jewellary - Path of GST

article author Darshan Jain

Posted On:  2 years ago


Service Tax Penalty u/s 76 & 78

Service tax has become a major source of revenue to the government. Service tax being complicated on many issues and interpretation often lead to litigation.

article author CA. VINEET RATHI

Posted On:  2 years ago


SERVICE TAX ON EDUCATION SECTOR

This article is brief on service tax for education sector.

article author CA. VINEET RATHI

Posted On:  2 years ago


Definition of Indian Tax (Direct and Indirect)

Brief description and details of Indian Taxation (Direct and Indirect)

article author Sidharth Gupta

Posted On:  2 years ago


Campus Related information and CA passing Percentage.

CA Passing % Since last four Attempts and Campus Related information based on ICAI Website. usefull for CA Students

article author Prasanna Ojha

Posted On:  2 years ago


List of benefits available for the members of ICAI.

Members of ICAI get following benefits which they can utilize.

article author CA Chirag Chauhan