ICAI Invites Suggestions for Pre-Budget Memorandum-2018

  ICAI Invites Suggestions for Pre-Budget Memorandum-2018 The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation of ICAI are in the process of identifying issues for inclusion in the Pre-Budget Memoranda – 2018 to be submitted to the Ministry of Finance or respective State Ministry. Suggestions under the following heads are invited on laws relating to Direct Taxes (including International Taxation) and Indirect Taxes: Direct Taxes (including International taxation) Submission details ·         Suggestions for widening the tax base and increasing the tax revenue ·         Suggestions to check tax avoidance ·         Suggestions to reduce/minimize litigations ·         Suggestions for rationalization of the provisions of Direct Tax Laws ·         Suggestions for removing administrative and procedural difficulties Suggestions may be submitted at the link: https://appforms.icai.org/preBudgetSuggestion/index.html   Indirect Taxes   ·         Goods

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Discontinuation of Online Sales Portal www.icaionlinestore.org

  In view of introduction of Centralized Distribution Systems (CDS) https://icai-cds.org for sale of Institute Publications (Board of Studies and Member Publications), the existing online sales portal www.icaionlinestore.org has been discontinued. Members and students are advised to place their requirements on https://icai-cds.org. Noida Stores

ICAI signed MoU with ICA Nepal (ICAN)

  24th August 2017 Press Release ICAI signed MoU with ICA Nepal (ICAN) to establish mutual co-operation for the advancement of accounting knowledge, professional and intellectual development in Nepal and India The Institute of Chartered Accountants of India (ICAI) signed the Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Nepal (ICAN) in the august presence of Shri Narendra Modi, Hon’ble Prime Minister of India and Hon’ble Prime Minister of Nepal Shri Sher Bahadur Deuba today at Hyderabad House, New Delhi during the five day high level delegation visit from Nepal to India. CA. Nilesh S. Vikamsey, President – ICAI and CA. Prakash Jung Thapa, President – ICAN today exchanged the signed copy of MoUs and stated that this MoU would be another milestone between the two Institutes in the

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18% GST on Member Fees Charged by ICAI

  The Institute of Chartered Accountants of India GST on Member  Fees July 28, 2017 The ICAI Head Office vide Advisory No. 1 dated 30th June 2017 has directed that Under Section 7 of the CGST Act, 2017, levy of 9%+ 9% Is applicable on Fees from Members for all payments received In the Institute with effect from 1st July 2017. Accordingly, Members are requested to add GST @ 18% on Institute Fees payable by them for payments made by them from July 1, 2017 onwards and pay the same, If not paid for in payments made till date to the Institute. Considering the above, the Schedule of Fees payable w.e.f. July 1, 2017 are as follows: Members holding Certificate of Practice Member Status Membership Fees (Rs.) COP Fee (Rs.) Associate Member

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ICAI Technical Guide on ICDS

  Technical Guide on Income Computation and Disclosure Standards The Ministry of Finance vide Notification No. 87/2016 dated 29.09.2016 notified ten Income Computation and Disclosure Standards (ICDSs), operationalizing a new framework for computation of taxable income by all assessees (other than individual or a HUF who is not required to get his accounts of the previous year audited in accordance with the provisions of Section 44AB of the Income-tax Act, 1961) following the mercantile system of accounting for the purpose of computation of income under the heads “Profits and gains of business or profession” or “Income from other sources”. These standards became applicable w.e.f. April 1, 2016 and shall apply accordingly to the assessment year 2017-18 and subsequent assessment years. These ICDSs will be a new paradigm for computing taxable income of

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ICAI November 2017 examinations date out

  IMPORTANT ANNOUNCEMENT 23 rd June, 2017 No. 13-CA (EXAM)/N/2017: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following places provided that sufficient number of candidates offer themselves to appear from each centre. Similarly, Examinations in Post Qualification Courses under Regulation 204, viz.: Management Accountancy Course (MAC) Part – I, Corporate Management Course (CMC) Part – I, Tax Management Course (TMC) Part – I, Insurance and Risk Management (IRM), and International Trade Laws and World Trade Organisation (ITL & WTO), International Taxation-Assessment Test (INTT-AT) examinations (which are open to the members of the Institute) will be

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CBDT sends names of 12 CAs indulging in tax evasion to ICAI; govt mulling stricter penalties

  In a move to crackdown on Chartered Accountants indulging in unethical tax evasion, Central Board of Direct Taxes (CBDT) has sent a list of 12 CAs to the Institute of Chartered Accountants of India (ICAI) for action. The move comes a day after Prime Minister Narendra Modi urged CAs to work against tax evasion and not to help those who are trying to evade tax. CNBC-TV18’s Timsy Jaipuria learns from sources that CBDT has pitched for ICAI to take stringent actions against erring CAs. Sources also suggest that a task force has been appointed by the PMO to look into shell companies and is in talks with CBDT, CBEC and ICAI for stricter penalties. Under Income Tax Act, Section 278, any CA found indulging in tax evasion or helping

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ICAI set ups GST Sahayata Desks

  Goods and Services Tax (GST) is all set to be rolled out from July 1, 2017 as India’s biggest federal taxation reform. GST is an integrated tax which works on the concept of “One Nation One Tax”. The biggest benefit of GST implementation would be removal of cascading effect of multiple taxes and seamless flow of Input Tax credit. To facilitate small businessmen, traders, shopkeepers and public at large ICAI GST Sahayata Desks have been made operational by the Institute of Chartered Accountants of India (ICAI), on pro bono basis at all major cities. To begin with, GST Sahayata Desks will be made operational at approximately 200 locations through 5 Regional Councils, 163 Branches and 48 CPE Chapters of ICAI. The GST Sahayata Desks would be operational w.e.f May 28, 2017 till

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ICAI Committed to Smooth Implementation of GST: President

  Message-From The ICAI President-June 2017 My esteemed professional colleagues, It is true that freedom to know, to express and to argue freely according to conscience is divine. The law of our nation, our Constitution, ensures this to the people of India. Our law in that sense is liberating and, at the same time, it binds us in a system that brings an order, cohesion and harmony in our life. But when this liberty, created by law, starts to destruct the system (i.e. order), the situation becomes alarming, since what will follow next is the destruction of freedom itself. Indian Chartered Accountants today enjoy professional autonomy to a great extent, as provided by its constitution, and understand the significance of this privilege. Considering that freedom comes with responsibility and responsibilities begin

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ICAI Constitute Group related to all issues of Bank Audit

  Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit – (16-05-2017) No. M-626/2017   16th May, 2017 ALL MEMBERS OF THE COUNCIL Madam/ Dear Sir, The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs), cooling period, distribution of bank branch audit as well as previous report of CA. Tarun J. Ghia on “Equitable Audit allotments and mechanism to Control Tendering System”, with the following composition:- CA. Prakash Sharma, Convenor CA. Tarun J. Ghia CA. G. Sekar CA. Prafulla P. Chhajed Ms. Seema Gerotra, Joint Director & Secretary, Professional Development

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