ICAI - ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017 - (10-12-2016) - http://resource.cdn.icai.org/44165icai-kyc-esb.pdf
07 November 2016
This refers to the earlier announcements of ICAI regarding the updation of PAN details by the members in the Institute’s records to avoid blocking of e-filing account by the Income Tax Department. Inspite of the earlier said announcements and reminder emails sent from time to time, it has been observed that many members have still not updated their PAN details in the Institute’s record.
It is pertinent to mention that in the recent past the Income Tax authorities have blocked the e- filing accounts of the members who either have not submitted their PAN details to the Institute or of those, in whose cases discrepancies have been found between records as available with the Institute and the database of the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’. These blocked accounts have been reactivated after a lot of efforts by the Office as during this period members had to face lot of hardships.
To avoid such a situation in future, we urgently appeal to all practicing members who have not yet submitted their PAN details to submit the same to their respective Regional Offices at the earliest .Those members in whose cases mismatches (in Name, Date of Birth or PAN) have been found between ICAI records and those as per Income Tax Department are also advised to settle the discrepancies at the earliest. Individual communications for all such cases have already been sent through e-mail to all the members as per Institute’s records.
The members who have not yet provided their PAN details for ICAI records or members in whose records the discrepancy exists in the ICAI and Income Tax Authorities records, can also submit the same through the following link: http://appforms.icai.org/panupdate/index.html
Members who have already furnished details need not do again.
For more details please visit
03 November 2016
26 August 2016
Request to provide/update PAN details to avoid blocking of e-filing account by the Income Tax Department. - (24-08-2016)
|Request to provide/update PAN details to avoid blocking of e-filing account by the Income Tax Department. - (24-08-2016)|
08 August 2016
ICAI's "Technical Guide to CENVAT Credit 2016" with inclusion of changes made by Finance Act, 2016Union Budget 2016-17 has brought n plethora of changes in CENVAT Credit Rules, 2004. These cover expansion of definition of Exempted Services, Doing away with FIFO method for utilization of credit under Rule 14(2), allowing ISDs to distribute credit to outsourced manufacturing units, etc.
A major change has taken place in process of reversal of credit wherein entire Rule 6 has been redrafted to make it unambiguous and practical. With these changes it can be gathered that the budget is much in line with the aim and vision of the Government to capitalize on the future with minimal changes in the legislation and maximum emphasis on the implementation.
Accordingly, the Indirect Taxes Committee of ICAI has thoroughly revised "Technical Guide to CENVAT Credit 2016" with inclusion of changes made by Finance Act, 2016. This revised Guide is immensely useful as new illustrations, case studies and recent judicial pronouncements have also been incorporated in the Guide to facilitate easy understanding of the provisions of amended CENVAT Credit Rules.
17 July 2016
In case you are unable to register your DSC on MCA portal because your name in the PAN card is not as per the ICAI records, you may send fill up the form in the given link :-
And kindly attach a scanned copy of your PAN card along with copy of any of the documents in which your name is as in your PAN card
Bank passbook with a photo affixed and duly signed by the bank
Voters' Identity card
This will enable us to carry out the necessary alignment to ICAI records to share the same to MCA for their further actions.
16 July 2016
Govt. ready to appoint independent regulators for ICAI, ICSI and MCI
In order to improve standards of professions, the Central Government has planned to appoint regulators for the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India, Medical Council of India (MCI) and other professional bodies. Key points of this development are as follows:
1. The Ministry of Commerce is working on this proposal with objective that having independent regulators, like SEBI, CCI, etc., for professional bodies would help to make India globallya potential services hub in the upcoming years.
2. At present, ICAI, ICSI and MCI have their own councils of elected or nominated members, which regulate their respective professions. ICAI Council has 40 members, ICSI has 15 and MCI has 100-odd members.
3. From the point of view of number of membership, ICAI is considered as second-largest professional accounting and finance body worldwide.
4. But after appointment of regulators all the professional bodies, including ICAI, ICSI and MCI, would cease to regulate theirrespective professions. However, power to manage internal professional matters will continue to vest in them.
5. The Govt. has taken such step after unravelling of various cases like Kingfisher, Sahara, Saradha and Satyam.
6. On the one hand, it will help these professional bodies to improve the standards in their respective professions and to remove any conflict of interest in their respective roles, on the other hand it will also help in taking quick action against the members of their own professional fraternity on any complaint.
10 July 2016
06 July 2016
By: FE Bureau | New Delhi | Published: July 5, 2016 6:36 AM
According to the PIL filed by CPIL, PwC and its network firms indulged in activities in breach of various statutes and policies. (PTI)
The Supreme Court on Monday asked the Institute of Chartered Accountants of India (ICAI), the regulatory body for chartered accountants in India, to file a status report as to what action it has taken against top foreign multinational accounting firms which, in the guise of providing management consultancy services, have expanded to other fields such as accounting, auditing, book-keeping and taxation. Such operations cannot be undertaken by non-Indian entities.
A bench headed by Justice Dipak Misra also sought response from the Centre on an appeal filed by Bengaluru-based tax consultant S Sukumar, alleging violation by various accounting firms like PricewaterhouseCoopers, KPMG, Deloitte, Haskins & Sells, and Ernst and Young.
While lawyers representing the top firms denied any wrongdoing, counsel Prashant Bhushan alleged that some MNCs are providing auditing services in India through “surrogate companies”, thus violating the Chartered Accountants Act.
The ICAI told the court that it has already initiated action against 170 entities in India. Sukumar has sought direction to the ICAI to probe the functioning of these Indian firms that have tie-ups with foreign firms for breach of Code of Professional Conduct prescribed in the Chartered Accountants Act, 1949.
Referring to the 2009 Satyam scam, Bhushan pointed out that PwC has been found guilty of fabricating the accounts of Satyam and the same firm is the auditor for Kingfisher Airlines. He demanded an inquiry into the firm’s alleged financial malpractices and fudging of accounts.
According to the PIL filed by CPIL, PwC and its network firms indulged in activities in breach of various statutes and policies.
24 June 2016
HUF cannot be a partner but its karta or any individual of HUF can be a partner in a partnership firm in its individual capacity and not the HUF
22 July 2015
With a view to contain the tendering system for attest functions, the Council at its special (338th) meeting considered the report of the Group constituted under the convenorship of CA. Tarun Jamnadas Ghia, Member, Central Council and decided as under:
1. Tendering has been prohibited in the exclusive areas of practice of chartered accountants like audit and attestation services. i.e. those areas where the assignments can be performed only by chartered accountants. In those areas, where alongwith chartered accountants, the other professionals can also apply for the tender, there is no restriction for the chartered accountants to respond to the tenders floated by authorities from time to time.
2. Members are advised to adhere to the recommended scale of fees prescribed by ICAI in the context of various professional assignments. To ensure such adherence, a member responding to a tender should be required to furnish to ICAI at the designated e-mail address firstname.lastname@example.org with estimated hours to be devoted by the partner/proprietor, paid CAs, other staff and the fees quoted in the tender. Such details will be furnished by the member within a period of fifteen days of his responding to the tender. If the member is successful in securing the tendered assignment, then the member will also furnish the actual hours devoted by the partner/proprietor, paid CAs and the staff within two months of completion of the assignment.
3. Members are required to maintain cost sheet in the given format while submitting any tender/bid. The format of the same can be viewed at http://18.104.22.168/38366pdc28039.pdf
4. Members are required to maintain the cost sheet compulsorily and submit a soft copy of the bid submitted by them in response to any tender within 15 days to ICAI. The office can check whether recommended scale of fees has been followed or not in those bids, to ensure adherence to quality standards.
25 May 2015
FYI - ICAI Notifications
New CA Course applicable from 2016 ( drafted by ICAI ) :
1. Change in CA Foundation :-
- Name changed from CPT to CA Foundation
- Duration increased to 9 months
- Number of Papers 4
Paper 1 - Fundamentals of Accounting (100
Paper 2- Quantitative Aptitude (100 Marks)
Paper 3A - Mercantile Law (60 Marks)
Paper 3B - General Economics (40 Marks)
Paper 4A - General English (50 Marks)
Paper 4B - Business Communication (50 Marks)
- Partly descriptive & partly MCQ paper.
2. Change in CA Intermediate :-
- Cost Accounting & FM to be 2 different subject.
- Duration increased from 9 months to 12 months.
- ITSM removed
- Number of Papers 8
Paper 1 - Accounting ( 100 Marks)
Paper 2 - Company Law, Other law and Ethics
Part I : Company Law (60 Marks)
Part II: Other Law (20 Marks)
Part III: Ethics (20 Marks)
Paper 3 - Cost Accounting (100 Marks)
Paper 4 - Direct Taxes (100 Marks)
Paper 5 - Advanced Accounting (100 Marks)
Paper 6 - Auditing & Assurance (100 Marks)
Paper 7 - Financial Management (100 Marks)
Paper 8 - Indirect Taxes (100 Marks)
3. Change in CA Final :-
- New subject added Capital Markets & Financial Services.
- ISCA removed.
- Eligibility to appear to CA Final only after
completion of articleship.
- Number of Papers 8
Paper 1 - Financial Reporting (100 Marks)
Paper 2 - SFM (100 Marks)
Paper 3 - Advance Auditing & Professional Ethics (100 Marks)
Paper 4 - Corporate & other economic law (100 Marks)
Paper 5 - Advance Management Accounting (100 Marks)
Paper 6 - Financial Services & Capital Market (100 Marks)
Paper 7 - Advance tax management (60 Marks) & International Taxation (40 Marks)
Paper 8 - Indirect Taxation (100 Marks)
Note : New course is expected to be introduced somewhere in 2016, ICAI has also previously announced that both the existing as well as new course will continue for the next few years after which ICAI will gradually shift to the new course.
The existing students need not to worry as they would be given ample time to clear their exams.
Forwarded as received
CA. Ashwin Nagar
24 May 2015
Draft norms for range concept in transfer pricing
16 May 2015
12 May 2015
ICAI has issued today Guidance note on Accounting for Derivatives.
This Guidance Note is an interim measure to provide recommendatory guidance on accounting for derivative contracts and hedging activities considering the lack of mandatory guidance in this regard with a view to bring about uniformity of practice in accounting for derivative contracts by various entities.
Please refer link to view / Download GN on Accounting for Derivatives http://22.214.171.124/37597research27174.pdf
01 May 2015
ICAI has today issued illustrative formats of an auditors’ report on CFS, covering some of the clauses of section 143(3) of the Companies Act, 2013 (and where the auditor does not have the responsibility for reporting on internal financial controls over financial reporting under section 143(3)(i) of the Companies Act, 2013).
These formats may be applied for the FY 2014-15 and until further announcement.
Format of Auditor's Report
(a) Unmodified opinion on the consolidated financial statements : 126.96.36.199/37520aasb27034-cfs-co.pdf
(b) Modified opinion on the consolidated financial statements: 188.8.131.52/37521aasb27034-cfs-qo.pdf
11 April 2015
ICAI issues Guidance for application of Schedule II of Companies Act 2013.
It includes guidance on component accounting, continuous process plant, Double/Triple Shift working,
12 March 2015
FYI-General Amnesty Scheme for retrospective Restoration of Membership
With a view to remove the hardship of such members whose name stood removed due to non-payment of membership fee, the Council has decided that such members be given an opportunity under the General Amnesty Scheme as one time dispensation for retrospective restoration of name keeping membership in continuity.An ANNOUNCEMENT regarding the scheme has already been hosted on our website icai.org Accordingly, such members may apply for restoration of their name retrospectively, irrespective of the period of such removal on payment of applicable membership fee for the intervening year(s), along with Form ‘9’ and the restoration fee of Rs. 1200/-. The said scheme shall be in force till 31st March 2015.The fees can also be remitted through on-line payment (visit www.icai.org) or through cheque/demand draft drawn in favour of ‘The Secretary, The Institute of Chartered Accountants of India’ payable at Mumbai and Form ‘9’ can be downloaded from the link http://184.108.40.206/8593form%209_final.pdfFor further assistance may please call us on 33671400/500.Please avail the benefits of this General Amnesty Scheme and restore your membership retrospectively.
12 February 2015
Structural changes in CA Course
New Proposed Scheme of Education and Training applicable from May 16 onwards was released at the Annual Function held yesterday i.e. February 11th 2015 at Delhi. A complete booklet outlining the Scheme and also significant changes along with reasons thereof can be checked at
ISCA is discontinued
Financial Services and Capital Markets to replace it
Direct Tax to be divided into Advanced Tax Management (60 Marks) and International Taxation (40 Marks)
1. Fundamentals of accounting 100
2. Quantitative aptitude 100
3a. Mercantile law 60
3b. Economics 40
4a. English 50
4b. Business communication 50
1. Accounting 100
2. Company law 60 + other laws 20 + ethics 20
3. Cost accounting 100
4. Direct taxes 100
5. Advanced accounting 100
6. Auditing and assurance 100
7. Financial management 100
8. Indirect taxes 100
1. Financial reporting 100
2. Strategic financial management 100
3. Advanced auditing and professional ethics 100
4. Corporate and other economic laws 100
5. Advanced management accounting 100
6. Financial services and capital markets 100
7. Advanced tax management 60 and international taxation 40
8. Indirect tax laws 100
24 January 2015
Classification of the normal place of service of the articled assistant
During the first year of training
During the second year of training
During the remaining period of training
(i) Cities/towns having a population of twenty lakhs and above
(ii) Cities/towns having a population of four lakhs and above but less than twenty lakhs
(iii)Cities/towns having a population of less than four lakhs
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