BCAS - JhanCAr - Togetherness Networking Carnival for Chartered Accountants | 13th & 14th December 2014

JhanCAr - 'Togetherness & Networking Carnival' for Chartered Accountants An Event filled with Fun, Frolic and Networking for Chartered Accountants of all age group LET’S MAKE THIS EVENT A HUGE SUCCESS – WE AWAIT YOUR ACTIVE PARTICIPATION BCAS strives to evolve continuously, adapt and remain relevant in changing times that has contributed to the longevity of the organization over the last six decades. As a premier voluntary group of Chartered Accountants, BCAS is...

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CAI clarification on applicability of SA 700 on tax audit reports_44AB of ITA - SA 700 deferred by a year only for the limited purpose of tax audit report (emphasis supplied)

ICAI Announcement Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961. - (05-07-2013)  As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI has been receiving mails seeking clarification...

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Announcements - Definition of Relative in Chapter-IV of the Council General Guidelines, 2008 - (29-07-2011)

ANNOUNCEMENT No. ICAI/ESB//2011/02 All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its  decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the  term “relative” for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Statements  when there is substantial interest) will have the same meaning as assigned to it in...

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Announcements - Amendment in Council General Guidelines , 2008 - (29-07-2011)

ANNOUNCEMENT No. ICAI/ESB/2011/01 All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011 1.Visit us at www.taxpertindia.blogspot.com 2.FOLLOW...

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Announcement of KYC Norms -ICAI

No. ICAI/ESB/2011/03 Announcement of KYC Norms All the members of Institute of Chartered Accountants of India (ICAI), who are in practice,  are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms)  at it’s 307 th Meeting held on 13thJuly,2011, which shall be recommendatory in nature, and apply only in case of attest function. ...

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ITAT case:HUF is a “relative” for gifts exemption u/s 56(2)(v), (vi) & (vii)

CASE OF: Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot) The assessee received a gift of Rs.60 lakhs from his HUF. The AO & CIT(A) held that as HUF was not covered by the definition of “relative”, the gift was chargeable to tax u/s 56(2)(v). The alternate submission that gift was exempt u/s 10(2)was rejected on the basis that s. 10(2) applied only to amounts received “out of income of the estate” on partial or total partition of the HUF. On appeal by the assessee, HELD...

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Registration Of Lawyers For Service Tax Stayed By Madras High Court

The Revenue Bar Association, Madras, filed a Writ Petition in the Madras High Court challenging the validity of levy of service-tax on “legal consultancy services”. The Court has passed an order of interim injunction dated 24.06.2011 restraining the Ministry of Finance from compelling the members of the Petitioner from registering themselves with the service tax authorities andcollecting service-tax from them until further orders. Click here to download Madras HC order dated...

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