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Chartered accountants' apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting to the tune of Rs 2,100 crore. On March 10, the private sector lender disclosed some discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024, as per its internal review. Analysts peg the discrepancy at Rs 2,100 crore in absolute terms. Against this backdrop, the Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is likely to review the bank's financial statements. "As a proactive measure, ICAI-FRRB may undertake a review of the financial statements of IndusInd Bank," ICAI President Charanjot Singh Nanda told PTI on Thursday. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, am
Chartered accountants' apex body ICAI on Thursday submitted its suggestions to the Lok Sabha Select Committee examining the new Income Tax Bill, including seeking lesser number of sections and simplifying the language in the proposed legislation. The 31-member committee, headed by BJP MP Baijayant Panda, has been mandated to submit its report by the first day of the next Parliament session. The Institute of Chartered Accountants of India (ICAI) has suggested reducing the number of sections in the proposed bill by 90 to 100, its President Charanjot Singh Nanda said. Currently, the bill has 536 sections. Besides, the institute has made suggestions on ways to reduce litigations and simplify the language of the bill further, he added. "We want to support the government," Nanda said at a briefing in the national capital. The bill was introduced by Finance Minister Nirmala Sitharaman in Lok Sabha last month.
The Institute of Chartered Accountants of India (ICAI) has expressed its interest to the government to be part of the Prime Minister's Internship Scheme whereby youth can be offered opportunities in various areas of accounting and finance. The scheme, being implemented by the corporate affairs ministry, was launched on October 3, 2024 and aims to provide internship opportunities to 1.25 lakh youth in the current financial year. An ICAI official on Thursday said the institute has written to the ministry seeking to be part of the scheme. After getting the ministry's in-principle approval, the ICAI Central Council will discuss on the modalities related to participating in the scheme, the official said and added that the aim is to provide internship opportunities for the youth at chartered accountant firms in the areas of accounting and finance. The scheme, announced in the 2024-25 Budget, aims to provide internship opportunities to 1 crore youth in top 500 companies in 5 ...
The Institute of Chartered Accountants of India (ICAI) on Saturday said the Budget focuses on ease of doing business, promote domestic manufacturing and position India as a more competitive player in global trade, supporting economic resilience and growth. "Suggestions by ICAI in Pre-Budget memorandum regarding the finance bill 2025, phasing out of alternative tax regime, rationalisation of TDS and TCS regime, exemption of withdrawal from NSS and taxation of business trusts have also been accepted," ICAI President Ranjeet Kumar Agarwal said in a statement. Finance Minister Nirmala Sitharaman on Saturday presented her eighth consecutive Budget. Sitharaman announced significant income tax cuts for the middle class and unveiled a blueprint for next-generation reforms for Viksit Bharat as she treaded a fine line between fiscal prudence and providing a thrust to growth. ICAI also said deeming the annual value of two self-occupied house property as nil instead of erstwhile one, is a great
Chartered accountants' apex body ICAI has sought tax benefits for promoting climate change mitigation strategies and a separate section for income from shares and securities in the income tax returns form. Besides, the Institute of Chartered Accountants of India (ICAI) has sought a special tax regime for partnership firms and limited liability partnerships (LLPs) as well as simplification of income tax return forms. The institute on Friday said it has advocated for prudent tax reforms aimed at fostering economic growth and encouraging environmental sustainability in the pre-Budget Memorandum 2025. "Provision of tax benefits for promoting climate change mitigation strategies, which will not only contribute to India's climate change goals but also drive economic growth by promoting sustainable business practices is a suggestion in this direction," it said in a release. Among other suggestions, ICAI has proposed a new head to show income from shares and securities that will have ...
ICAI expects to finalise the international networking guidelines for Indian chartered accountant firms this fiscal, its President Ranjeet Kumar Agarwal said on Monday, as efforts continue to have big domestic CA firms that can compete globally. Currently, there are no guidelines for international networking of Indian CA firms. The Institute of Chartered Accountants of India (ICAI), which has more than four lakh members, is also working on ways as part of larger efforts to make the country a global accounting and auditing hub. Agarwal said at a briefing in the national capital that the institute is working on the international networking guidelines as the target is to make Indian CA firms bigger and global. With respect to aggregation of CA firms, the institute has charted out some strategies and steps have already been taken in this regard. For instance, if two CA firms are merging, they were earlier not allowed to demerge after five years of the merger. The time period has been .