About the President CMA Biswarup Basu has been elected as President of the Institute for the period 2020-2021. CMA Biswarup Basu is a Fellow Member of the Institute of Cost Accountants of India and an alumnus of South Point High School, Kolkata. He started his Professional career in 1985 as Management Trainee in a Multinational Company of repute and thereafter joined Bharat Coking Coal Limited in 1988 as Finance Officer. Subsequently he joined a wholly owned company of Government ..
Update: UDIN generation in bulk for Certificates is now available on UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300) in one go. The complete System of UDIN (Unique Document Identification Number) is designed and developed for ICAI by New Delhi Based Software Company Binarysoft Technologies. The system of Unique Document Identification Number has been launched as it was being noticed that financial documents and certificates were bein..
Stress is not an enjoyable word. This is because, every time we approach any Doctor or on social media everywhere it, I mentioned that lot of abnormalities in health & mindset in today's day to day life is because of stress which is eighter due to our work style or lifestyle. We as a CA Professional face this issue of stress in olden days only in the month of Aug, Sept, & Mar., this is because eighter the last date or extended last date of filing the return or completion of eighte..
Dear Professional Colleagues, "Excellence is never an accident. It is always the result of high intention, sincere effort, and intelligent execution; it represents the wise choice of many alternatives — choice, not chance, determines your destiny." - Aristotle The reputation carved by the profession over the years was not a stroke of luck but a result of a deliberated and concerted efforts as partner in nation building, continuous initiatives in national interest, and ..
Professional Development Committee The Institute of Chartered Accountants of India 30th May, 2023 Empanelment with the O/o C&AG of India for the year 2023-2024 FROM MAY 30, 2023 TO JUNE 8, 2023 Provisional empanelment status of the firm along with provisional point score for the year 2023-2024 will be available on the website www.care.cag.gov.in from 30th May 2023 to 8th June 2023. Representations, if any, for rectification of clerical mistakes in the dat..
Members & Students Services (Grievances Handling and e-Sahaayataa) Directorate The Institute of Chartered Accountants of India 26th May, 2023 ANNUAL FEE CIRCULAR 2023-24 M&SS/Fee-Circular/2023-24 Members are advised to remit Annual Membership/Certificate of Practice fees for the year 2023-2024, which became due for payment on 1st April, 2023 and needs to be paid on or before 30th September, 2023. All Members are requested to pay the fee immediately as Tax Invoi..
In honour of the inauguration of the new Parliament building, the Union Finance Ministry has announced the minting of a special Rs 75 coin. With the inscription 'Parliament Complex' and an image of the new building, this commemorative coin aims to mark the historic occasion. Set to be unveiled on May 28 during the inauguration ceremony, this commemorative coin holds symbolic significance and serves as a tangible representation of the new chapter in India's democratic journe..
Committee for Development of International Trade, Services & WTO The Institute of Chartered Accountants of India ANNOUNCEMENT SEEKING INPUTS FOR MEASURING COST OF REGULATION - AS REQUESTED BY DPIIT This is with reference to the communication received from Department For Promotion of Industry and Internal Trade (DPIIT) which is the Nodal Department for the Ease of Doing Business initiative of Government of India. Cost of Regulation (CoR) is a critical component i..
Central Government vide its notification dt: May 3, 2023 and May 9, 2023 has amended the definition of 'Persons carrying on Designated Business or Profession' under Section 2(1)(sa) of Prevention of Money Laundering Act ['PMLA']. Section 2(1)(sa)(vi) of PMLA provides power to Central Government to notify Designated Businesses or Profession. It states as follows, "person carrying on such other activities as the Central Government may, by notification, so designate, from time to ti..
Peer Review Board The Institute of Chartered Accountants of India 10th May, 2023 ANNOUNCEMENT Deferment of second phase of Peer Review Mandate The Council at its 407th Meeting held from 7th to 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review process. An Announcement dated 12.02.2022 in this regard was hosted on the website at https://www.icai.org/post/peer-review-mandate-roll-out . Further clarifications on th..
SHORT SUMMARY In this article, the author shall discuss about Latest amendment made by the Central Government in the Prevention of Money Laundering Act (PMLA). This notification has been issued under sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003). EFFECTS OF THE NOTIFICATION The Centre has taken another big step towards tightening the enforcement rigor of the anti-money laundering law. The Purpose of notific..
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 3rd May, 2023 S.O. 2036(E).— In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies that the financial transactions carried out by a relevant person on behalf of his client, in the course of his or her profession, in relation to the f..
Dear Professional Colleagues, As, I reflect over the recent developments and emerging trends shaping the future of the profession, I understand that one of our profession’s main premise is about building better future and supporting economic progress of society. As professionals, our role is to facilitate the development of society by effectively linking various aspects of performance, value creation, trust-building reforms, and innovative transformations that foster growth in a constan..
Research Committee The Institute of Chartered Accountants of India 12th April, 2023 ICAI Awards for Excellence in Financial Reporting 2022-23 organised by Research Committee (Last Date: October 15, 2023) Announcement Entry Form ..
Uncoordinated business systems can be costlier than you might think. Let's consider the scenario of an accounting ﬁrm led by CA Manish Shinde, which offers services like bookkeeping, year-end ﬁling, business advisory and more. Manish's clients are predominantly small and medium-sized enterprise owners. As CA Manish's client base grew and the number of transactions he had to record increased, he realized that the conventional method—uploading the new lead information in a ..
As per the Council's new requirements, members who are required to complete a minimum of 20 structured CPE hours in a calendar year need to complete at least two structured CPE hours each on the topics of "Standards on Auditing" and "Code of Ethics" (total 4 Structured CPE Hours) through Digital Learning Hub/Physical mode every calendar year. These requirements came into effect from January 1, 2023, onwards. The following are the details of the requirements for each ca..
Due to the rapid advancement of technology, the accounting profession is experiencing a profound transformation. Chartered Accountants (CAs) are no longer restricted to manual accounting and number crunching. The advent of technology has created new opportunities for CAs to extend their services, improve their operations, and provide clients with more value. There are several advantages to implementing technology in a CA office, including greater productivity, accuracy, improved efficiency, d..
Dear Professional Colleagues, The global economy is facing headwinds, and it is envisaged that India shall be emerging as the global growth engine with its strong economic performance as the fastest growing economy and a bright spot amidst the global economic uncertainties. India due to its strong prudential norms and regulatory policies has largely remained resilient from the global economic crisis of the past. As per IMF, the emerging markets and developing economies are expected to contrib..
Legal Directorate The Institute of Chartered Accountants of India 28th March, 2023 Announcement Restraint order against Institute of Cost Accountants of India In a civil suit filed by the Institute of Chartered Accountants of India (ICAI) for the infringement of its Trademark 'ICAI', the Hon'ble High Court of Delhi vide judgment dated 21.03.2023 has restrained the Institute of Cost Accountants of India from using 'ICAI' as an acronym for its Institution o..
1. What is ICAI Know your Member (KYM)? Ans. ICAI know your member is a newly developed Form in which member is required to provide certain information as desired in the KYM Form on an annual basis online through Self Service Portal login. 2. Who is required to fill KYM form? Ans. All Active members are required to fill KYM Form annually. 3. What is the procedure to submit the KYM form? Ans. The procedure to submit the KYM form is as under: Login into Self Service Porta..
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