How will ICAI conduct CA exams in light of section 144 imposed in many states of India?

In light of Section 144 imposed in many states of India after SC verdict in Ayodhya case further postponement of CA exams is a possibility. The situation on the basis of data from electronic media

Has ICAI faulted in not publishing CA exam postponement in newspapers

Has Twitter , Facebook and whatsapp become the new communication channels of ICAI. The news of postponement was first broken by Twitter handle of Mr Dheeraj Khandelwal at midnight of 8th and 9th morning around 12:30 am sending Social media networks like Facebook Whatsapp abuzz with the news. This left students confused on whether to believe the authenticity of the news. Almost

MCA launches new online portal for replying to Show Cause Notice

Ministry of Corporate Affairs has come up with a new initiative in the form of online portal known as Compliance Monitoring System - MCA. The purpose of this portal is to monitor the compliance based on automatic intelligence and to

All CA FINAL EXAMINATIONS TO HELD ON 9th NOVEMBER 2019 postponed: says Dheeraj Khandelwal

This may be Precautionary measure in light of Supreme Court verdict on Ayodhya case. 

Also read: https://canewsbeta.blogspot.com/2019/11/how-will-icai-conduct-ca-exams-in-light.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+blogspot/tFkcK+(CA+NeWs+Beta*)&m=1

Also read: https://canewsbeta.blogspot.com/2019/11/has-icai-faulted-in-not-publishing-ca.html?m=1

DHFL auditors filed a fraud complaint with MCA in August

MUMBAI : Auditors of Dewan Housing and Finance Corp. Ltd filed a fraud complaint with the corporate affairs ministry as early as August, a crucial piece of information that the lender’s management withheld from bank and

Court allows taxpayers to avail disputed pre-GST tax credits

An order from the Punjab and Haryana High Court has paved the way for carry forward of CENVAT credit and VAT input credits to the Goods and Services Tax (GST) regime for taxpayers who could not do so due to non-filing or incorrect

GST taxpayers alert! CBIC is going to use this unique number from Friday, here’s how it will benefit you

Document Identification Number (DIN): In order to protect GST taxpayers from any harassment at the hands of errant tax officials, the Central Board of Excise and Customs (CBEC), is going to use a unique number in every communication with taxpayers from Friday. Initially, the department will use this unique document identification number (DIN) mostly for investigation related communications such as arrest warrants

Independent Directors Needs to Pass MCA Exam with 60% Marks - New Rules

Recently on October 22, 2019 the Ministry of Corporate Affairs has came out with a much-awaited Notification Concerning Appointments and Qualification of Independent Directors.

The New norms sets out certain standards which a Person who is already acting as an Independent Director or wishes to be appointed as such of specified companies which falls under the category are required to adhere these norms.

A STEP TO CURB FAKE APPOINTMENTS

It is observed sometimes that certain unethical companies follows the practice of appointing person as their Independent Directors who actually don't deserves to be appointed as Such.

FIRST WE SHALL UNDERSTAND WHY DO COMPANIES RESORT TO SUCH PRACTICES?

The answer is explained below:

i) To Dominate Control- Most of the Companies in India are closely held and some promoters never wants an outsider to participate in the board.

ii) To maintain Secrecy- Some Companies do not wants that their business secrets be shared with an Independent Person who is not related to them.

iii) To Promote Non- Corporate Culture- It is a fact that if an educated and qualified person joins a Company then he will endeavor to bring a Corporate Culture to the board which some Promoter Directors never wants.

iv) Compliance Part-If a Company actually appoints an Independent Director then it has to follow all the required laws of the land in true letter and spirit because real Independent directors are well versed with applicable laws and they will insist the Promoter's to Comply with the relevant laws otherwise they may face severe liabilities of an Independent Directors not acting diligently. 

v) Monetary Factor-If a Company appoints qualified person as Independent Directors then it has to pay them sitting fees and other reimbursements for attending the meetings which some promoters considers a wastage of money.

So mainly for these practical reasons, instead of appointing qualified person as an Independent Director on the board some Companies makes person closely associated with them at least not on paper but in reality and some other ineligible Person who are not qualified and experienced to become an Independent Director which demolishes the basic structure of Corporate Governance in an organization and results in to several scams and dishonest business practices.

It is harmful not only for the interest of stakeholders connected with the company but also to the economy as a whole.

PROVISIONS OF NEW RULES

Having been discussed about reasons behind appointment of ineligible person as independent directors now we shall discuss the Provisions of new rules:

The New rules introduces amendments to Companies (Appointment and Qualification of Directors) Rules,2014,Companies(Accounts)Rules, 2014 and introduction of Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.

The Provisions in brief are as follows:

Amendment to Companies (Appointment and Qualification of Directors) Rules, 2014

i) Every individual,

• who has been appointed as an Independent Director in a Company shall within

Rs 12,000-Crore Tax Blow: I-T Department Cancels Registration of 6 Tata Trusts

The Trusts clarified that this order of cancellation is a culmination of the decision taken by these six Trusts in 2015 to surrender, of their own volition, their registration under the Income Tax Act and to not claim the associated IT exemptions.

New Delhi: The Income Tax Department has cancelled the registration of six trusts operating under Tata Trusts, a move that could result in tax liability of about Rs 12,000 crore for the organisation. The cancellation order was on account of activities (performed by trusts) that are not commensurate with Articles of Association, according to an official.

The concerned entities are the Jamsetji Tata Trust, RD Tata Trust, Tata Education Trust, Tata Social Welfare Trust, Sarvajanik Seva Trust, and Navajbai Ratan Tata Trust. While these are not the main shareholding trusts, they hold 39,000 shares in Tata Sons, the parent company of the group, a person in the know said. Sir

ICAI Campus Placement Programme: CA Fresher bags ₹36 lakhs Annual Salary Package

In a Campus Placement drive conducted by the Institute of Chartered Accountants of India ( ICAI ), a newly qualified Chartered Accountant has bagged ₹ 36 lakhs Annual Salary Package.

In order to connect and bring together the Newly Qualified Chartered Accountants and the recruiters on a common platform, ICAI has recently

New filings with the MCA show business is booming for Jay Amitbhai Shah

According to long-overdue filings recently uploaded to the ministry of corporate affairs website, the business of Jay Shah, the home minister Amit Shah’s son, is flourishing. The Caravan accessed trade documents filed by Kusum Finserve

MCA extends due date of filing Annual Return and Financial Statement

The Ministry of Corporate Affairs ( MCA ) has extended the due date of filing of Forms MGT-7 ( Annual Return ) and AOC-4 ( Financial Statement ) under the Companies Act,2013.

The MCA also relaxed additional fees of non-filing of MGT-7 and AOC-4.

The Circular said that, “it has been decided to extend the due date for filing of e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto

Chartered accountants sweat over hyperinflation reporting

ZIMBABWEan chartered accountants (CAs) are in a fix as to which data to use for hyperinflation financial reporting (IAS 29) following the suspension of inflation data by government.

As such accountants are now considering the use of exchange rate in place of the general price index in the restatement of financial statements or both.

This follows a communique from the Public Accountants and Auditors Board (PAAB) a fortnight ago allowing preparers of financial statements to exercise professional judgment in considering the presentation of historical financial information as supplementary information which would be inflation-adjusted in terms of the requirements of IAS 29.

The IAS 29 lists factors that indicate an economy is in a hyperinflationary cycle. One of the indicators of hyperinflation arises when cumulative inflation over a three-year period approaches, or is in excess of 100%.

Presenting at the hyperinflation reporting workshop yesterday Chartered Accountants Academy chief executive Anesu Daka highlighted the pros of using the general price index which include that it is understood to be linked to inflation and also reflects change in general purchasing power.

Daka pointed out that delays in publishing monthly data, suspension of year-on-year inflation figures militate against the use of general price index.He further opined that prices of goods and services were not moving at the same rate as inflation as such it was difficult to employ the index.

According to Daka, using the exchange rate was noble as data is available on a daily basis, as well prices in Zimbabwe move in line with the exchange rate.He, however, said practitioners were wary of using the exchange rate as an index as it was not commonly used in normal cases.

“The ministry of finance said it will not be publishing year-on-year inflation. So what will happen? In one sentence of your financial statement you will say the finance ministry has stopped announcing year-on-year inflation figures. And them on another hand you say from my own calculation year-on-year inflation is like this. While government has stopped announcing figures people are using the month-on-month to

Bombay High Court haults all payments Dhfl to its FD holders

Dhfl sends following sms to its fd holders:

Government virtually rules out any cut in income tax rates

NEW DELHI: The government has virtually ruled out a reduction in personal income 

tax

, including in the forthcoming Budget, with well-placed sources citing examples of higher rates in several countries such as China, the US and the UK, apart from the lack of fiscal space to reduce the levy.

The government’s decision to slash corporation tax rate to 15% for new

PM and FM meeting going tax cut on cards

Lakshman Roy

CNBC Awaaz

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman are planning a series of tax alignments for equities in the coming weeks in a bid to further boost investor

Vacancy for CA in Amazon India

DESCRIPTION

JOB DESCRIPTION Amazon is seeking a Senior Tax Analyst to share the indirect tax compliance responsibilities to be based out of Bangalore, India. The job responsibilities would include the below:

Indian chartered accountants in UK to benefit as ICAI renews pact with ICAEW

NEW DELHI : The apex body for chartered accountants, Institute of Chartered Accountants of India, has renewed qualification reciprocity agreement with the Institute of Chartered Accountants in England and Wales (ICAEW) in order to increase mobility of professionals.
The pact, that was renewed on Wednesday, "demonstrates the strengthening ties and further

Service Of Notice On The Chartered Accountant Of A Company Who Acts As Its Agent Is Due Service : SC

Justice Uday Umesh Lalit and Justice Indu Malhotra

Holding that service of notice on the Chartered Accountant of a company who is acting as its agent is valid service of notice, the Supreme Court refused to recall a judgment which was passed ex-parte.
The order was passed by a bench comprising Justices U U Lalit and Indu Malhotra in the case

Ex CC member raises queries on ANNUAL Audited Accounts of ICAI for 2018-19

Very sorry state of affairs of Audited Accounts of 2018-19, looking to the nature of queries raised. Will any body reply....If in the Institute accounts, so many discrepancies are pointed out, how members can be expected to make compliances......

Queries on ANNUAL Audited Accounts of ICAI,.for 2018-19, published in Gazette of India..... By ex CC member Shashi kant Barve ji.....

I have requested clarifications from ICAI, New Delhi, in respect of a few  matters relating to  Annual Accounts for 20118-19. Have any other CA members requested for explanations on any other points please?

1. UNAUDITED accounts of the Northern India Regional Council have been consolidated—Serious