LEGAL DECISIONS - DIRECT TAXES
Income - tax Act Section 2(42A) of the Income-tax Act, 1961 � Short-term Capital Asset Where (i) company offered share- holder partly convertible debentures on rights basis, but he renounced his right |
Branch Notifications
...cont (TO BE PUBLISHED IN PART III, SECTION 4 OF THE GAZETTE OF INDIA) Notification (Chartered Accountants) February 9, 2010 No.1-CA(7)/(132) 2010 In pursuance of Regulation 159(1) of the |
Campus Placement Programme for Newly Qualified Chartered Accountants � March, 2010
The Committee for Members in Industry of the Institute organises Campus Placement Programme for newly qualified Chartered Accountants at various centres all over India. The scheme has been evolved to |
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Dealing with Banks Autonomy and New Professional Avenues We have always expressed our reserva- tions in respect of the managerial autonomy granted to Public Sector Banks (PSBs) in respect of appointme |
New Publications ...
Technical Guide on Internal Audit of Treasury Function in Banks Pages: 106 + 20 Initial pages+ 2 cover pages Price: Rs. 150/- (including CD) In this financially globalised volatile times, bank's treas |
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Dear All, Chinese philosopher Confucius had once said, 'The journey of a thousand miles begins with a single step.' As I take this first step as 58th President of the second largest accoun- tancy body |
New Releases
e-Learning CD on Windows, Network & Wi-Fi Security�An Intro The Committee on Information Technology, ICAI has launched e-Learning CD on Windows, Network & Wi-Fi Security�An Intro. More and more such m |
MEETING THE CHALLENGE OF BANK AUDIT
The Institute of Chartered Accountants of India (Set up by an Act of Parliament) Drive to excel and serve the best interests of the nation coupled with commitment to innovate is the hallmarks of the b |
Chartered Accountants Examinations, May, 2010
21st January, 2010 The next Professional Education�II, Professional Competence Course (PCE), Integrated Professional Competence Course (IPCE) and Final Examinations of the Institute will be held from |
CIRCULARS/NOTIFICATIONS
DIRECT TAXES I. Circulars 1. Circular No. 2/2010, dated 29-1-2010 The CBDT, has, vide its Circular No. 2/2010 dated 29/01/10 clarified that any installment of advance tax paid in respect of fringe ben |
Treatment of preliminary expenses incurred on incorporation of a company
A. Facts of the Case 1. A company was incorporated in May 2008 as a wholly owned subsidiary of a Government of India enterprise under the administrative control of the Ministry of Oil and Natural Gas |
New Publications
Technical Guide on IT Migration Audit Pages 58 | Price: Rs. 70/The Committee on Information Technology has issued Technical Guide on IT Migration Audit.
Salient Features a Introduction a Migration |
DISCIPLINARY CASE
Facts of the case Mrs. Lakshmi Rani Hazra, Kolkata, (hereinafter referred to as the "Complainant") filed a complaint against Shri Deepak Parti, Chartered Accountant (Membership No. 83787), New Delhi, |
Common Proficiency Test, June, 2010
st 21 January, 2010 The next Common Proficiency Test (CPT) (Paper-Pencil Mode) of the Institute will be held on 20th June, 2010 at the following centres: 1) Centres in India: Agra, Ahmedabad, Ahmednag |
INDIAN TRUSTS (AMENDMENT) BILL, 2009
After the establishment of the British Rule in India, it was felt all over that there was no comprehensive enactment in India governing the Private Trusts. The very question of enacting a law relating |
Invitation for Research Proposals
Research Committee invites applications for Research Projects from members and others for carrying out research in the field of accounting and other affiliated fields for eg., accounting for chain dep |
DISCIPLINARY C ASE
Summary of a disciplinary case - Council of the Institute of Chartered Accountants of India vs. Lokesh Dhawan1 (Chartered Accountant Reference No. 2 of 2003) decided on 5.11.2007 by the High Court of |
Accounting for foreign exchange variation prior to commencement of
commercial operation.
A. Facts of the Case 1. A company is in the process of setting up a refinery in the State of Madhya Pradesh. The said refinery will have an installed capacity of 6 million metric tonnes per annum (MMT |
Role of Internal Auditors in Transition to IFRS
Overview of IFRS Companies are becoming increasingly global with expansion of their business operations, overseas capital raising and global investor profile through merger and acquisition. This h |
CIRCULARS/NOTIFICATIONS
DIRECT TAXES I. Circular 1. Circular No. 1/2010, dated 11-1-2010 The CBDT has issued this circular giving guidelines to be followed by employers while deducting tax at source from Salaries under se |
LEGAL DECISIONS'
DIRECT TAXES Income-tax Act Section 14A of the Income-tax Act, 1961 - Read with rule 8D of the Income tax Rule, 1962 - Total income - Expenditure incurred in relation to income not includible in Where |
Breach of Regulation 65 & 78 -� Non submission of Form 112
In partial modification of the guidelines as contained in the Announcement dated 14th September 2009, it is hereby notified for the information of all concerned that the Council, in its 291st meeting |
Announcement for the Attention of the Members
The Council of the Institute of Chartered Accountants of India (ICAI), at its 292nd meeting held on January 13, 2010 has decided to require the members of the Institute of Chartered Accountants of Ind |
Forensic Accounting: Process and Scope
Forensic accounting is not a new concept. It is the fastest growing area of accounting today. It is nothing but gathering, investigation and analysis of accounting information for presentation as evid |
DISCIPLINARY CASE
Summary of a disciplinary case - Council of the Institute of Chartered Accountants of India vs. K.K.Gupta & Anr.1 (Chartered Accountant Reference No. 9 of 2005) decided on 25.09.2007 by the High Court |
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President Accountants would be eligible to train one articled assistant, on the same lines as in India. This is a positive step forward in promoting the brand image of Indian CAs abroad while at |
CIRCULARS / NOTIFICATIONS
DIRECT TAXES I. CIRCULARS 1. Circular No. 8/2009, dated 24-11-2009 The CBDT has, through this circular, clarified that TPAs (Third Party Administrator's) who are making payment on behalf of insurance |
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Standards Board has been entrusted with the task of formulating Draft Guidelines proposed to be mandatory for CAs while responding to tenders, advertisements, circulars and various other enquiries for |
L EGAL DECISIONS1 - DIRECT TAXES
Section 9 of the Income-tax Act, 1961 read with Indo-US DTAA Where US Company granted Indian Company a perpetual irrevocable right to use know-how and transferred ownership in tread and sidewalk desig |
EMPOWERING WOMEN �-THE ROAD AHEAD
We are a society on the march. No goal is beyond a person with a resolute will; and, for the person who strides ahead on a path that is righteous and noble. As a nation we are fortunate to have h |
Whether a company registered under section 25 of the Companies Act, 1956, should prepare Income and
A. Facts of the Case 1. A company is a non-profit organisation registered under section 25 of the Companies Act, 1956, with the Central Government holding its 100 per cent shares. It is presently work |
New Publication - COMPENDIUM OF OPINIONS - VOLUME XXVI
The Expert Advisory Committee of the Institute of Chartered Accountants of India has published Compendium of Opinions, Volume XXVI I. This Volume of Compendium of Opinions contains opinions finalised |
Campus Placement Programme for Newly Qualified Chartered Accountants - February-March, 2010
The Committee for Members in Industry of the Institute organises Campus Placement Programme for newly qualified Chartered Accountants at various centres all over India. The scheme has been evolved to |
Invitation for Research Proposals
The Research Committee of the Institute of the Chartered Accountants of India invites applications for Research Projects from members of the Institute and others for carrying out research in the field |
Let us come together to ring in the year 2010
& uphold the principles of Excellence, Independence, Integrity, Objectivity, Transparency, Accountability, Responsiveness |
Invitation for Research Proposals
Research Committee invites applications for Research Projects from members and others for carrying out research in the field of accounting and other affiliated fields for e.g.
accounting for chain |
Determination of current l iabilities
A. Facts of the Case 1. A company is a flagship subsidiary company of another company M/s. XYZ Limited for its energy vertical activities.
The company has diversified interest in energy segment bot |
GOODS AND SERVICES TAX
Economic liberalisation and sectoral reforms have been the chief contributors to India's growth trajectory. Tax reforms too have kept pace and India has moved from the origin based system of taxation |
C IRCULARS / NOTIFICATIONS
DIRECT TAXES 1. Circular No. 7/2009 [F. No.
500/135/2007-FTD-I], dated 22-10-2009 The Central Board of Direct Taxes has, through this circular withdrawn the following circulars with immediate |
Popularizing Brand CA in Gulf Cooperation Council (GCC) Countries MII is organizing the following p
C i n Bahrain and other neighboring GCC Countries for exploring the possibility of enhancing and popularizing Brand CA.
1 HR Meets [Meeting of the HR Executives wherein Roadshow of the Special C |
Invitation for Faculty & Case Studies for Post Qualification Course on Information Systems Audit
T h I e Committee on Information Technology of CAI has been offering the highly popular Post Qualification Course (PQC) on Information Systems Audit (ISA) leading to the designation D.I.S.A. (ICAI) |
IFRS for SMEs in Indian Scenario
The IFRS for small and medium-sized entities (SMEs) is a self-contained standard of less than 255 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs). It is bu |
IFRS for SMEs �- Step Towards Simplification of IFRS Application
The International Accounting Standards Board (IASB) has issued International Financial Reporting Standard (IFRS) for use of small and medium-sized entities (SMEs), which are estimated to represent mor |
Registrations for Next Batch of Certificate Course on Valuation at Delhi, Mumbai, Chennai & Kolkata
Crtificate course on valuation was launched by the Corporate Laws Committee in compliance of the decision of the Council of the Institute of the Chartered Accountants of India for its members. In the |
Exposure Draft of XBRL Banking Taxonomy
XX tensible B usiness R eporting BRL (eX L anguage) is an electronic format for communication of business and financial data which is revolutionising business reporting around the world. XBRL is one o |
CFO Guild (Corporate Accountants Guild) and Members in Industry Guild
This Corporate Accountants Guil l d is for the members who are occupying high positions (CEO/CFO/Treasury Head/Head of Analyst, GM or above) in Industry.
The primary ob |
Single Window Help Desk for Chartered Accountants in Service / Industry
As part of its quality service to the Chartered Accountants in Service / Industry, The Committee for Members in Industry of ICAI has started a single window help desk for the Chartered Accountants wit |
OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for the year 20102011 for appointment as auditors of Government Companies/Corporati |
Invitation for Faculty & Case Studies for Certificate Course on Forensic Accounting & Fraud Detectio
The Committee on Information Technology of ICAI has been offering Certificate Course on Forensic Accounting and Fraud Detection using I T & CAAT's. Further details of the course are available at www.i |
DISCIPLINARY C ASE
Facts of the case The Senior Manager, Punjab National Bank, New Delhi (hereinafter referred to as the "Complainant") filed a complaint against Shri Manoj Kumar Sachdeva, Chartered Accountant (here |
LEGAL DECISIONS
DIRECT TAX Section 32 of the Income-tax Act, 1961 - Depreciation No depreciation is allowable on the stock exchange membership card acquired either by nomination or directly through stock exchange on |
DIRECT TAXES
I. Notification 1. Notification No. 70/2009, dated 22-9-2009 The Central Board of Direct Taxes has through this notification made amendment in the notification of the Government of India, in the M |
Help Line Desk Do you have any query about NOVEMBER, 2009 examination?
This is to inform you that a Help Line Desk has become functional from 16th October and will remain functional till 15th November, 2009 for 24 hours on all days (inclusive of holidays and Sundays) to |
`Women Empowerment' � Request to Contribute Articles
This is to inform all women Chartered Accountants and other women professionals that the January 2010 issue of The Chartered Accountant journal will focus on the theme `Women Empowerment'. Therefore, |
IFRS FOR SMALL AND MEDIUM-SIZED ENTITIES
Around the world, industry is craving for the Standard for Small and Medium-sized Entities (SMEs) in terms of its contents and cost of compliance. In order to address the concerns of the SMEs, in July |
DIRECT TAXES
Section 37 read with Section 31 of the Income-tax Act, 1961 � Business Expenditure In textile mills, each separate machine is an independent entity; replacement of such an old machine with a new one w |
DISCIPLINARY C ASE
Facts of the case: Shri Thampy Mathews, DGM, Industrial Investment Bank of India, New Delhi (hereinafter referred to as the "Complainant") filed a complaint against Shri R.K.Tayal, Chartered Accou |
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Dear CA Parivar, I am sure most of us are still sharing the Diwali happiness and good wishes with friends and family. The New Year Vikram Samvat 2066 has dawned and has already ushered in a posit |
Revenue recognition from sale of WEGs, and providing installation, commissioning and other related services
A. Facts of the Case 1. A company is engaged in the business of manufacture, erection and commissioning of Wind Electric Generators (WEGs). The company is also engaged in the business of providing sal |
Intellectual Capital Reporting An Overview
Value of a firm is based on the markets expectation which in turn depends on the information available to current investors and prospective investors about the firm. The purpose of the annual report i |
Invitation for Expression of Interest for Authoring Publications
The Committee for Members in Industry (CMII) invites Expression of Interest from members of the Institute and other experts who are interested in developing / preparing basic drafts of the publication |
APPEAL FORM THE PRESIDENT, ICAI To All Members and Students
APPEAL FROM THE PRESIDENT, ICAI To All Members and Students Dear CA Parivar, As you are aware, the recent torrential rains and flash floods in Karnataka and Andhra Pradesh have left a trail of death |
NON-RECEIPT OF JOURNAL
NON-RECEIPT OF JOURNAL This is for the information of members/subscribers who fail to receive TheCharteredAccountant journal despatched to them either due to unintimated change of address or postal p |
High Court of Delhi directs to accord exemption to ICAI-ARF under Section 10(23)(c)(iv) of the Incom
The Institute of Chartered Accountants of India (ICAI) set up Accounting Research Foundation (ICAI-ARF) by registering it as a Company under Section 25 of the Companies Act, 1956. Director General of |
Non receipt of policy certificate of "CABF Group Term Insurance Scheme"
Members who have subscribed to "CABF Group Term Insurance Scheme" with LIC run by ICAI, New Delhi under the aegis of CABF and have not yet received the acknowledgement or policy certificate from LIC t |
New Publications Using CAATs/GAS eLearning CD
The Committee on Information Technology has great pleasure in making available the eLearning CD on Using CAATs/GAS � revised version with voice explanations/support, training videos and updated softwa |
Single window help desk for Chartered Accountants in Service/Industry relating to Membership in ICAI
A s s part of its quality service to the Chartered Accountants in Service/Industry, The Committee for Members in Industry of ICAI has started a single window help desk for the Chartered Accountants |
CPE Study Circle for members in Industry of ICAI
ICAI has developed the norms for CPE Study Circles for Members in Industry, which cater exclusively for the members in service. These CPE Study Circles are being contemplated to help Members in indust |
Invitation to Join Panel of Examiners
The Institute is in the process of strengthening its panel of examiners with professionals/ academicians/ resource persons for all the papers in CA IPCE and Final (New Course) Examinations in general |
CIRCULARS / NOTIFICATIONS
I. Circulars: 1. Circular No. 06/2009, dated 31-82009 The CBDT, has, vide its Circular No. 06/2009 dated 31/08/09 made a clarification regarding deduction of tax at source from payments of second |
DISCIPLINARY C ASE
Summary of a disciplinary case - Council of the Institute of Chartered Accountants of India Vs. Dayal Singh FCA & Anr.1 (Chartered Accountant Reference No. 5 of 2005) decided on 10.05.2007 by the High |
Classification of compulsorily convertible debentures in the balance sheet as equity � whether appro
A. Facts of the Case 1. A private limited company is engaged in the business of construction and development of real estate. The company has, during the year ended 31st March, 2008, issued 'Compulsori |
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Dear CA Parivar, It's festival time. By the time you receive this Journal, Eid-ul-Fitr, Dussehra and Navratra will have been celebrated and preparations for Diwali will be in full swing. Each and |
Scholarships From The S. Vaidyanath Aiyar Memorial Fund
The Managing Committee of the S. Vaidyanath Aiyar Memorial Fund has decided to award scholarships to 60 articled assistants of the value of Rs. 500/- per month for a period of one year for the year 20 |
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Constitution of Industry-Specific Groups Our membership strength has grown at a rapid pace during recent years. Moreover, a large number of members are opting to serve in industry. As such there i |
Invitation for Research Proposals
Research Committee invites applications for Research Projects from members and others for carrying out research in the field of accounting and other affiliated fields for example: accounting for chain |
LEGAL DECISIONS
eboard@icai.org. DIRECT TAX Section 28 read with Sections 22 and 56 of the Income-tax Act, 1961 � Business income Where letting/leasing out of property was part of business object of a concern/person, |
ICAI AWARDS FOR EXCELLENCE IN FINANCIAL REPORTING Invitation to Participate in the Competition for t
th Last date for receipt of entries: 15 October, 2009 Objective To recognise and encourage excellence in the preparation and presentation of financial information with the mission of greater accountab |
Recognition of Cost and Revenue of Computer Software
In software industry an entity provides end-to-end business solutions that leverage technology. The company provides solutions that span the entire software life cycle encompassing technical consultin |
Campus Placement Programme for Newly Qualified Chartered Accountants - August-September, 2009
The Committee for Members in Industry of the Institute organises Campus Placement Programme for newly qualified Chartered Accountants at various centres all over India. The scheme has been evolved to |
Editorial - CHALLENGES BEFORE INDIAN ECONOMY
As rightly pointed by Finance Minister Pranab Mukherjee, there are indeed three primary challenges before the Indian economy which are � `to again achieve the high GDP growth rate of 9 per cent per an |
C IRCULARS / NOTIFICATIONS
DIRECT TAXES I. Notifications 1. Notification No.
58/2009-FT & TR-II [F.No. 503/10/95-FT & TR-II], dated 16-7-2009 The Agreement between the Government of the Republic of India and the Government o |
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Accountants, and at the same time casts a lot of responsibility on them for the conduct of affairs of the companies. Articulation of shareholders democracy with protection of the rights of minority st |
Accounting for expenditure incurred on evacuation of accumulated ash in the ash dyke.
A. Facts of the Case 1. A Government of India enterprise was incorporated in the year 1975 as a company under the Companies Act, 1956, to engage in the business of electricity generation by setting up |
DISCIPLINARY CASE
Facts of the case: Hony. Secretary, Delhi Prashasan Adhikari Co-operative Group Housing Society Ltd., Delhi (hereinafter referred to as the "Complainant") filed a complaint against Shri Rajesh Ra |
Amendment to SQC 1 - Retention Period for Engagement Documentation (Working Papers)
Paragraph 83 of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and RelatedServices Engageme |
Launch of ISA Course eLearning
The Committee on Information Technology, ICAI has launched eLearning facility for the Post Qualification Course on Information Systems Audit. To begin with, the first module on "Network Security � An |
Invitation for Research Proposals
Research Committee invites applications for Research Projects from members and others for carrying out research in the field of accounting and other affiliated fields, for e.g.
accounting for chain |
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Alignment document from Infosys. This document has extensively covered our various processes. With ICAI at the forefront in the implementation of XBRL and IFRS convergence, the regulatory bodies are l |
Invitation for Expression of Interest: Services of Marketing
Agencies for ICAI Job Portal and Campus
Background of the Committee for Members in Industry The Committee for Members in Industry of the Institute of Chartered Accountants of India is meant to encourage and enhance close links between the I |
Accounting for Intangible Assets and Depreciation in India
Innovative activities and capabilities are essential for economic growth and development of a country. A country can make good progress, if it spends a significant amount of its resources on various R |
L EGAL DECISIONS1 - DIRECT TAX
Section 37 of the Income-tax Act, 1961 - Business expenditure Allowability of Where standard warranty was required to be given during sell and assessee made provision for warranty which exceeded actua |
ICAI Awards for Excellence in Financial Reporting Invitation to Participate in the Competition for t
Objective To recognise and encourage excellence in the preparation and presentation of financial information with the mission of greater accountability and well-informed decision making.
Categories |
For kind attention of all members of the Chartered Accountants Benevolent Fund
No. CABF/AGM/49/2009 This is to inform you that as required under Rule 28 of the Chartered Accountants Benevolent Fund Rules and Regulations, th the 49 Annual General Meeting of the Fund will be held |
For kind attention of all members of the S. Vaidyanath Aiyar Memorial Fund
No. SVAMF/AGM/48/2009 This is to inform you that as required under Rule 27 of the S.Vaidyanath Aiyar Memorial Fund Rules and Regulations, th the 47 Annual General Meeting of the Fund will be held at 1 |
Formation of Industry Specific Groups of Members in Industry
ICAI has achieved recognition as a premier accounting body in India and globally as well, for its contribution in the fields of education, professional development, maintenance of high accounting, aud |
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Dear CA Parivar, The enthusiasm of our members and students throughout the country in celebrating our Diamond Jubilee Year has indeed been overwhelming and I would also like to take this opportun |
New Publications
FROM THE AUDITING AND ASSURANCE STANDARDS BOARD nd What is an Audit � Understanding the Audit of Financial Statements (2 edition) |
Announcement
CMII has released its first issue of eNewsletter `Corporate Communique' on 11th July 2009 in the august hands of Hon'ble Shri. K. Rehman Khan, Deputy Chairman, Rajyasabha. � The newsletter can be view |
