Can Introduction of weekly exams be a alternative for ICAI, ICSI and other institutes to conduct exams smoothly - A White Paper

 Currently all institutes ICAI, ICSI and others are carrying out Biannual examinations spanning just little over 30 days in a year for almost over 10 lakh students combined across India and abroad. In earlier years ICAI used to conduct Sunday tests for Intermediate and foundation students for eligibility test only on passing which students could appear Intermediate or foundation or final exams. If the same is applied in current pandemic situation for conducting for eg Foundation, IPCC and Final exams every Sunday it will

CBDT issues circular extending various Income Tax compliance due dates on 25/6/21

Circular_No_12_2021.pdf (incometaxindia.gov.in)

PIL for CA exams postment now listed for 28/6/21 in Supreme Court hearing

 As per SC diary case status the PIL is listed for hearing on 28/6/21. Click here for further details https://main.sci.gov.in/case-status. Dairy No. 13269

NEW RBI Norms for CA – Audit Giants Can’t Continue Their Cosy Arrangements with Private Banks and NBFCs

 

EXECUTIVE SUMMARY. The integrity of audits in private sector banks and non-bank financial companies (including housing finance) has received a major boost, while large global and domestic audit firms have been dealt a body blow by the Reserve Bank of India’s new  guidelines for the

Extension of various Due Dates under Income Tax w.e.f 1st May 2021

 

With 3.50 lakh new Covid positive cases per day in India will ICAI be able to conduct CA exams in May 2021 on schedule?

 Well the situation on ground is very grim with hospitals running out of beds and oxygen in major cities as far as covid virus spread is concerned. The situation is much more worst than in April 2020. The lockdowns than had helped limit the spread but so called second wave of this pandemic has outnumbered the spread by five times what it was last year same time around. 

Students will clearly remember that last year May 2020 attempt had to be cancelled after multiple postponements by ICAI up to August 2020. ICAI than tried to conduct the November 2020 exams on

Clause 44 of Income Tax Audit Form 3CD requiring GST expenditure details made applicable from 1st April 2021

 

Extended due dates of Income returns, ITR and GSTR 9 and GSTR9C as on 30th December 2020

 

TAX AUDIT AND ITR DUE DATE EXTENDED ON PORTAL|GST PORTAL NOT WORKING

 

Writ Petition filed in Bombay High court wrt extension of ITR due date

 

Income tax site crashes 5 days before due date of filing returns

 

GST: Restriction on utlization of ITC credit (Electronic Credit Ledger) U/r 36(4) & 86B

 

Please take note of the following important amendments. 

Rule 86B: Restriction on utilization of Electronic Credit Ledger w.e.f. 1st Jan 2021:

CA dies at 40 due to high work pressure

 

GST and Income Tax due date extention almost certain

CA arrested in Mumbai in GST fraud case

Central Goods and Services Tax, Mumbai West, Investigation team has announced the arrest of Mr. Chandraprakash Pandey, Partner of M/s. C.P. Pandey & Associates. He was arrested on account of indulging in

Big Diwali Dhamaka in Gst return filing wef 10/11/2020

https://youtu.be/91hDxCPcrbw

Another CA removed by ICAI for professional misconduct

 The Institute of Chartered Accountants of India (ICAI) notified the removal of a Chartered Accountant after finding him guilty of professional misconduct. The CA was

Important notification wrt to CA exams

 

TaxAudit Checklist u/s 44AB of Income tax Act, 1961 brought out by Direct Taxes Committee & Taxation Audit Quality Review Board of ICAI

Institute of Chartered Accountants of India - ICAI (@theicai) Tweeted:

#TaxAudit Checklist u/s 44AB of Income tax Act, 1961 brought out by Direct Taxes Committee & Taxation Audit Quality Review Board of ICAI

CA guilty of Non Reporting of non-compliance of section 40A(3) & 40(a)(ia) ICAI remove name of CA from Register of Members

CA Ishaq Esmail Lakkadghat Versus Income Tax Officer, 11 (3) -1 Mumbai vide APPEAL NO. 10/ICAI/2018  wherein the Tax auditor was held guilty by the disciplinary committee of ICAI of lack of exercising due