NEVER LET YOU DECIDE THE EASIEST WAY TO YOUR DESTINATION, BECAUSE IT’S ONLY THE TOUGH MOMENTS WHICH YOU KEEP REMEMBER

SBI wins over Rs. 1,000 cr income tax case

The Income Tax Appellate Tribunal has held that
State Bank of India was not required to deduct
any tax at source (TDS) on over Rs. 11,000 crore
in the Site Restoration Fund (SRF) account
maintained by Oil and Natural Gas Corporation
(ONGC) from 2002.
Total stakes involved in his case including tax,
interest and penalty in all the assessment years
from 2003 could well exceed Rs.1, 000 crores.
As a sequel to this verdict, SBI would be entitled
to receive refund of whatever amount had been
coercively recovered by the Income Tax
Department.
SRF account was opened by ONGC with SBI
Dehradun branch in 2002. SBI did not deduct
any tax at source on interest credited on these
deposits from 2002 and the corpus of the SRF
account swelled into thousands of crores
including interest.
In February 2013 Income Tax Department
initiated proceedings against SBI on account of
TDS default for several assessment years. While
some assessments were completed,
assessments for several years were still pending.
The assessing officer observed that the
assessee/ deductor had not deducted TDS on
the above payments under Section 194A of the
I.T. Act. The dispute whether TDS should be
deducted or not for the deposits maintained in
the SRF account was taken to the ITAT by way of
appeals by both the SBI and the department.
The ITAT comprising C.M. Garg, Judicial Member
and S.V. Mehrotra, Accountant Member, in its
order said “it is evident that there is no fixed
period prescribed in regard to these deposits in
SRF account and that an assessee has to give
notice to the bank for making withdrawal from
this deposit account. The withdrawal is to be
made as per requirement of subsection (3) to
section 33ABA. Therefore, it cannot be said to be
for a fixed period.”
Agreeing with the submissions of senior counsel
Bishwajit Bhattacharya, appearing for the SBI,
the ITAT pointed out that there was no maturity
period and, therefore, it was not ‘time deposit’.
Therefore, if a deposit was not in the nature of
time deposit, then it was not amenable to the
provisions of section 194A of the IT Act. Further
not even a single paisa had been withdrawn for
the last 12 years from the corpus of the fund that
had now swelled approximately to Rs. 11,000
crores. This was assessable as income from
other sources and not as business income and
hence not liable for TDS, the Tribunal held. It
dismissed the department’s appeal and allowed
the one filed by SBI.

Key Changes in New / Revised Tax Audit Report Form 3CD

The CBDT has notified Income-tax (7th
amendment) Rules, 2014 which substitutes the
existing Form No. 3CD with a new form. The new
Form 3CD prescribes certain new reporting
clauses and substitutes some existing clauses
with new ones. The new form requires tax
auditor to furnish more and detailed information
in the new form for tax audit report.
Unlike old form 3CD which required auditor to
report only those inadmissible payments which
were debited to Profit and loss account, the new
Form 3CD requires reporting of all disallowable
payments even if they are not debited to profit
and loss account.
With the substitution of Form No. 3CD, reporting
in the new form would be a time taking job for
the Chartered Accountants. Here is the list of
additional reporting requirements as prescribed
in the new Form No. 3CD:
(1) Registration number in case of indirect
tax liability:
Assessees liable to pay indirect taxes (like excise
duty, service tax, sales tax, customs duty, etc.)
shall furnish their registration number or any
other identification number allotted to them
[clause 4 of Part A] .
(2) Relevant clauses of section 44AB:
The relevant clauses of section 44AB shall be
reported under which audit has been conducted
[clause 8 of Part A] .
(3) Location at which books of account are
kept:
New Form seeks details of the address at which
books of account of assessee have been kept
[clause 11(b) of Part B] .
(4) Nature of documents examined by the
auditor:
The auditor is required to specify the nature of
documents examined by him in the course of tax
audit [clause 11(c) of Part B] .
(5) Change in method of accounting/stock
valuation:
A tabular format is specified for reporting of
financial impact of changes in method of
accounting and method of stock valuation [clause
13 and clause 14 of Part B] .
(6) Transfer of land/building for less than
stamp duty value:
Details of land or building transferred by
assessee for less than stamp duty value (under
section 43CA or under section 50C) shall be
reported in new Form 3CD [clause 17 of Part B] .
(7) Deduction allowable under Sections
32AC/35AD/35CCC/35D:
Deductions allowable under sections 32AC,
35AD, 35CCC and 35DDD are also required to
be reported in revised Form No. 3CD [clause 19
of Part B] .
(8) Disallowances:
Old Form3CD required reporting of inadmissible
payments only when they were debited to Profit
and loss account. However, the new Form 3CD
requires reporting of following disallowable
payments, even if they are not debited to profit
and loss account[clause 21 of Part B] :
(i) Disallowance for TDS default under Section 40(a)
(ii) Disallowance for cash payments under section
40A(3)
(iii) Disallowance for provision for gratuity under
section 40A(7)
(iv) Disallowance under Section 40A(9)
(v) Particulars of any liability of a contingent nature
(vi) Amount of deduction inadmissible under section
14A
(vii) Interest inadmissible under the proviso to section
36(1)(iii)
(9) Deemed income under Section 32AC:
Section 32AC of the Act provides for investment
allowance of 15% for investment in plant and
machinery. New form provides for reporting of
deemed income which results from sale or
transfer of new asset, (if asset was acquired and
installed by the assessee for the purpose of
claiming deductions under Section 32AC) within
a period of five years from the date of its
installation [clause 24 of Part B] .
(10) Receipt of unlisted shares:
A new clause is inserted in the Form 3CD which
requires reporting of all unlisted shares which
were received by assessee either for inadequate
consideration or without consideration in view of
section 56(2)(viia) [clause 28 of Part B] .
(11) Issue of shares above fair market value:
A new clause is inserted in the Form 3CD which
requires reporting of all transactions of issue of
shares where consideration received by
assessee exceeds its fair market value in view of
section 56(2)(viib) [clause 29 of Part B] .
(12) Speculation losses:
New Form No. 3CD provides for reporting of
losses from speculation business as referred to in
Section 73[clause 32(c) of Part B] .
(13) Losses from business specified under
section 35AD:
Assessee shall furnish details of losses incurred
as referred to in Section 73A in respect of
specified businesses mentioned in Section 35AD
[clause 32(d) of Part B] .
(14) Reporting of deductions claimed under
Sections 10A and 10AA:
If any deduction has been claimed by assessee
under Sections 10A and 10AA then it shall be
reported in new Form No. 3CD [clause 33 of Part
B] .
(15) Compliance with TCS provisions:
Old Form 3CD required reporting on compliance
with TDS provisions only. However, New Form
No. 3CD requires reporting on compliance with
TCS provisions as well [clause 34(a) of Part B] .
(16) Filing of TDS/TCS statements:
The tax auditor shall report on the compliance by
the assessee with the provision of furnishing of
TDS or TCS statement within prescribed time
[clause 34(b) of Part B] .
(17) Assessee-in-default:
If assessee is deemed as an assessee-in-default
and he is liable to pay interest under Section
201(1A) or 206C(7), the tax auditor shall furnish
the TAN of assessee, interest payable and
interest actually paid[clause 34(c) of Part B] .
(18) Dividend Distribution Tax:
Revised Form No. 3CD requires reporting of
following reductions as referred to in clause (i)
and clause (ii) of Section 115-O(1A) [clause 36 of
Part B] :
i) Dividend received by domestic company from its
subsidiary, and
ii) The amount of dividend paid to any person for or
on behalf of the New Pension System Trust
referred to in Section 10(44).
(19) Audits:
(i) Cost audit: Old Form No. 3CD required
reporting only when statutory cost audit was
carried out under Section 233A of the Companies
Act, 1956. However, the revised Form No. 3CD
specifies reporting requirement even when cost
audit has been carried out voluntarily. The
requirement of attachment of copy of cost audit
report along with Form has been substituted with
reporting of qualifications in cost audit report
[clause 37 of Part B] .
(ii) Cost Audit under Central Excise Act: The
requirement of attachment of copy of cost audit
report along with Form has been substituted with
reporting of qualifications in cost audit
report [clause 38 of Part B] .
(iii) Special Audit under Service Tax: If any
service-tax audit is carried out in relation to
valuation of taxable services, the tax auditor shall
report any qualifications made in relation to
valuation of taxable services[clause 39 of Part
B] .
(20) Ratios:
Unlike old form which required reporting of
certain ratios pertaining to current year only, the
new Form requires reporting of ratios of
preceding financial year as well. Further, total
turnover is to be reported for the previous year
as well as for preceding financial year [clause 40
of Part B] .
(21) Demand raised or refund issued:
The new Form seeks details of demand raised or
refund issued under any tax laws (other than
Income Tax Act, 1961 and Wealth Tax Act, 1957)
along with details of relevant proceedings[clause
41 of Part B] .

New Curriculum for Chartered Accountants to be Modern, Global - ICAI

The new curriculum for chartered accountants will be modern and globally accepted as per the expectations of the industry and regulators, President of the Institute of Chartered Accountants of India, K Raghu said. A committee set up to discuss and prepare the new curriculum was holding discussions to ensure that the ICAI curriculum to be introduced from 2016 is best in the world. "We held special council meets to discuss curriculum in Delhi, Chennai, Mumbai, Kolkata and in Jaipur.

We are taking into account expectations of the industry as well as regulators and needs for the future to make it globally acceptable," he told reporters here after attending a convocation function. "Large number of Indian CAs are working in Gulf countries and there is huge scope and demand for our CA professionals in other countries also like Singapore, Australia and we want to empower our youths in making a global career ," he said.

Raghu also welcomed the Union government's budget announcement for adoption of Indian accounting standards converged with International Financial Reporting Standards. "We are ready to enter into the new regime of accounting reforms," he said.

The ICAI President also highlighted the initiatives of the institute to improve the education quality, campus placements of students and other activities. (PTI - Economic Times)

Ranking of TOP firms in the world

The 20 Top Accounting Firms In The World
Each year the worlds largest accounting firms
grow a little larger. With mergers and
acquisitions the never ending competition for
global supremacy seems to never end.
With that said, as of 2014, these are the 20
biggest global accounting firms, all things
considered.
And the Winner is…
1. Deloitte
Deloitte CPA Firm
It comes as no surprise that Deloitte holds the
number one global position. It’s hold on the
top spot seems secure for the time being.
Deloitte is located in more than 150 countries,
and has over 600 offices in the world. The firm
is headquartered in New York City, New York.
They have most recently reached the 100-
partner milestone when they merged with
Curtis Mclean.
Deloitte specializes in audit & assurance, tax,
advisory, and risk. They offer a wide range of
services that include strategy, financial and
technical, and human capital.
2. PwC
Deloitte’s closest competition over the last few
years has and continues to be PwC
(PricewaterhouseCoopers). PwC comes in as
the second largest accounting firm in the
world.
PwC has locations in more than 150 countries
and more than 750 offices worldwide. Unlike
Deloitte, they are headquartered in London.
The firm has most recently merged with Booz &
Co, a medium sized consulting firm. The
merger was approved on December 23rd,
2013. They offer a wide range of services but
they specialize in audit & assurance, tax, and
consulting.
3. Ernst & Young
Ernst & young earns the number three position
in global accounting firms. This firm operates in
more than 150 countries, utilizing more than
700 offices worldwide.
They are globally headquartered in London. In
recent history the firm has acquired Greenwich
Consulting, adding 7 more offices to its roster,
and more experience in strategy consulting.
4. KPMG
Holding firm at number four, KPMG comes in
as the last of the big 4, but still far ahead of
the number five firm on our list.
The firm operates in over 650 offices located in
over 150 countries around the world. They are
headquartered in Amsterdam, Netherlands.
In recent news, the company has recently
merged its Denmark operations with those of
Ernst & Young. The merger will allow the
company to offer more services to its clients
while providing more support for that particular
region.
5. Grant Thornton
Grant Thornton UK is number five in the top 20
firms and is an arm of Grant Thornton
International. The firm has 26 offices spread
across the UK and specializes in audit, tax and
advisory services.
Most recently they merged with PFK to bring
more services and locations to its clients in the
UK. The firm is headquartered in London.
6. BDO
BDO ranks number six and is headquartered in
Makati City, Philippines. The firm has more
than 1,200 offices in 138 countries. They
recently added to their capabilities and offices
through the acquisition of Alpern Rosenthal.
The merger will allow BDO to expand its
operations in both Pittsburgh and Florida. The
firm specializes in audit, tax, and advisory
services but has much more to offer its clients.
7. RSM Tenon
(Acquired by Baker TIlly in August 2013)
RSM Tenon Group comes in at number seven
out of the top 20 firms in the world.
They are headquartered in London, and
currently operate out of more than 700 offices
located in more than 100 countries. The firm
recently announced the merger of its China firm
with that of Crowe Horwath’s Chinese firm to
create a new firm called Ruihua China CPA’s.
The new firm has requested to be a member of
both Crowe Horwath China and RSM China.
8. Smith & Williamson
Smith & Williamson holds the number eight
position in the world. They are headquartered
in London, and hold more than 550 offices in
over 100 countries.
The company hasn’t merged with any other
firms in recent history but is a part of M&A
International and Nexia International.
9. Baker Tilly
Baker Tilly is number nine on the top 20 list in
the largest firms in the world. They are
headquartered in Chicago, hold more than 580
offices in more than 110 countries.
In June 2013 the firm merged with Holtz
Rubenstein Reminick LLP. The merger will add
25 firms to Baker Tilly’s already larger list.
10. Moore Stephens
Moore Stephens UK holds the tenth spot on the
top 20 list of firms and is headquartered in
London.
They are a part of Moore Stephens
International which has more than 620 offices
in more than 100 countries. The UK division
recently merged with Winx, corporate finance,
and X-Stra, business consulting.
The merger will allow the firm to expand their
corporate finance sector.
11. Mazars
Mazars, headquartered in London, holds the
number eleven position. The firm has more
than 13,000 employees in more than 70
countries.
They recently merged with Chadwick at their
Liverpool and Manchester branches. The
merger will allow the company to expand in the
area where they did not have a great presence
before.
12. Haines Watts
Haines Watts holds the number twelve position
on the top 20 firms in the world. They are
currently headquartered in London, have more
than 60 offices in the region.
The firm is part of Geneva Group international.
The company recently merged with Ocean
Consultancy Limited.
13. Crowe Clark Whitehill
Crowe Clark Whitehill is headquartered in
London, and has more than 160 firms operating
in more than 105 countries. They specialize in
audit, tax, and advisory services. The firm has
not completed any mergers recently, however
they did win the Accountancy Firm of the Year
award in 2012.
14. Saffery Champness
Saffery Champness is headquartered in London
and currently operates out of 12 offices. They
are part of Nexia international which has a very
large network of firms throughout the world.
Saffery Champness specializes in audit, tax,
and advisory services. The firm recently
acquired 4 other firms in 2012, boosting their
performance and rankings.
15. Begbies Traynor
Begbies Traynor is currently ranked as the
number fifteen firm out of the top twenty. They
are headquartered in Manchester England.
The firm currently operates out of 30 offices
across the UK. They specialize in insolvency
and global risk partners. They recently sold
their tax division to Smith & Williamson
16. UHY Hacker Young
UHY Hacker Young is headquartered in
London, and currently operates out of 260
offices across the UK. They are ranked at
sixteen out of the top 20 firms in the world.
The firm specializes in tax planning and
business growth. Although the firm has grown
over the years they haven’t acquiesced or
merged with any other firms in recent history.
17. Kingston Smith
Kingston Smith is number seventeen on the list
of top twenty accountancy firms. They are
currently headquartered in London and has 7
offices across London and the Southeastern
portion of England. In December 2013 the firm
merged with PFK.
18. Zolfo Cooper
Zolfo Cooper specializes in advisory and
restructuring services. They are headquartered
in London and have a plethora of offices
around the globe including the UK, US, and
other countries. They recently merged with
Kroll Inc.
19. MHA MacIntyre Hudson
MHA MacIntyre Hudson is located in
Buckinghamshire, UK. They currently operate
out of 40 offices across the UK.
They specialize in audit, tax, and governance.
The firm most recently merged with Kent firm
Larkings which has added six new partners
and 2 offices.
20. Johnston Carmichael
Johnston Carmichael is number twenty out of
the top 20 accountancy firms in the world.
They are headquartered in Aberdeen, Scotland
and have 11 offices across the region. The
company merged with PFK in September 2013.
The firm specializes in audit, tax, and advisory
services.

My fight My choice

Every battle is not yours to fight. Every
baggage is not yours to carry.
Today, choose your battles and pick your
fights. Because not every issue is worth
spending your precious energy on.
Today, make a choice - a great warrior or a
perfect worrier.

PPF minimum subscription fixed at Rs. 100 and online payment allowed

The Central Government vide NOTIFICATION NO. GSR 225(E) [F.NO.2/7/2012-NS-II], DATED 13-3-2014 fixes an amount of initial minimum subscription of Rs. 100 for every individual desirous of subscribing to PPF for the first time either on his own or on behalf of a minor of whom he is the guardian. Earlier there was no minimum fixed amount of deposit for opening of PPF account. Further, online/electronic payments in PPF Account have been allowed if account holder is maintaining account with a Bank or Post Office working on Core Banking Platform.  

Study tips for CA students. .

1. Firstly go through the syllabus to get a fair idea as to what chapters are there and the coverage under each chapter. This will help you to decide the priority of topics to be read and also the chronological order in which topics are to be read. 
2. After selecting the topic, start reading the topic. There are 3 stages of reading i) Basic Reading -to get a brief idea of the topicii) Slow Tour- to understand the topic in depthiii) Final Ride- consolidating all the major points getting a conceptual clarity and grip over the topic. 
3. In case you don’t understand the topic thoroughly, repeat the above steps. It will improve your understanding about the topic and you will also remember it. 
4. If you are confident of understanding what you have just read, go ahead and write down a gist of it instantly. Many times especially while studying Law and Taxation it happens, that after reading a topic for the 2nd or 3rd time, your perception / understanding of the topic changes, so when you have finally understood it right, WRITE IT DOWN, it will be time saving for you during revision. For all the complicatedSections/sentences/ paragraphs do write brief notes. It will serve two purposes. Firstly it would be easy and time saving at the time of revision and secondly it will improve you writing skills. Working Notes/ Assumptions-Always make a habit to write detailed working notes and assumptions even during your practice sessions so that you will be habituated to prepare proper WN/ assumptions in the exam. 
5. Revise all your previous topics at least once in a week especially THEORY and TAXATION, rather allocate a day in a week for revision and evaluating your performance. This will help you memorize topics and find out shortcomings in your preparation. 
6. Try to connect the subject with the practical work/ situations e.g. Notices/Minutes/Auditors Report/ Circulars/ Notifications /Various Forms etc with the practical work at your office. Emphasizing on the language used in these documents will help you to get good marks and have a strong command on your professional language. If you come across a topic which is connected to more than one subject, study that topic together for all the subjects. For example, while studying Issue of Fresh shares/Bonus shares provisions in company lawalso go through the accountingprocedures & presentation, auditobservations to be done and TaxImplications of the same. This will give you an overall idea of the subjec and a firm grip over it. Always link the subjectswherever it is possible, e.g. while reading Income Tax...Profits Gains of Business or Profession you come across partner’s remuneration u/s sec 40(b) but in our books, it is covered under separate chapter of Taxation of firms. I suggest while reading that Section go to that chapter, complete it and then come back to business income. Similarly few sections covering Deductions under chapter VI of IT Act will also feature while studying Salary, PGBP, etc. Link these topics at the time of preparation itself. In Exams, the questions are not section wise or serial wise, they cometopic wise. You should be able to recollect all the relevant sections/points connected with this topic and consolidate all the things in a Nut Shellat Exam Hall and this can be done only if you link the subjects there itself. 
7. Do solve the practice manual and at least 2-3 recent RTP’s. Also refer to theinstitute pronouncements for that particular exam published on ICAI website. 8. Review your progress once in a week so that you can keep a track of your schedule and revise your plan accordingly. 9. A day before exams don’t study any new things rather revise thoroughly whatever you have learnt, refer your brief notes, write down all the important formulas, sections, case laws at one place so that you can refer it immediately before entering the exam hall. THE D-DAY How to utilize the 15 minutes given for reading Question paper in best possible manner? 
• Have a brief look over the paper to decide the sequence in which questions are to be answered, start with the question which you think you can answer correctly. Don’t Read all the questions thoroughly rather just have a glance at all the questions to determine the question that can be left as a choice and now read thoroughly the question you want to answer and prepare yourself for the question and as soon as the paper is received don’t waste time in writing Roll No, etc. First complete the 1st question and then do all the formalities.
 • The reason for not reading all the questions in depth is you cannot remember the questions you are reading after solving 1st question so it is better not to read in depth and waste precious 15 minutes. So just have a glance on all and read any 1 question in depth to solve it immediately. 
• Now straightaway answer the questions. Don’t waste time in decorating the answer sheet by drawing 4 sided margins and all...it won’t fetch you marks rather try to utilize the same in reviewing your answers andcalculations at the end of exam say last 15 minutes. 
• Try to attempt maximum question in the exam, 6 average answers will fetch you more marks than 5 best answers. So instead of adding unnecessary stuff to answer you know well do write answer which you don’t know perfectly. Marks are allotted for even partly completed answers proportionately. 
• Now just 5 minutes before the exam ends review the QP and check whether you have answered all the questions and made corresponding tick in the answer sheet and then note down the final answers with pencil on the question paper against each question. 
• After returning from exam hall evaluate your performance yourself but don’t be too generous in allotting marks. Allot the least possible marks to your answers and count the probable marks you think you will get in the worst scenario.  
• Don’t waste time in discussing the paper with your friends, instead, sharpen your weapons for the next battle or take some rest and start preparing for next exam.
 POINTERS 
• Whenever you come across new words,underline the relevant word and write the meaning (synonym) at the top/bottom of that page itself instead of writing it on last page of the book. 
• Write the link (page no) of your notes in your book and vice-versa so that you can link both your own notes and the material. • Never avoid any subject /topic because you need to pass all the subjects. Even though you hate a subject you need to get acquainted with it to clear exams. So kill the procrastination towards studies. • Don’t postpone a particular topic/subject till the last hour rather do those topics with priority so that you will get more time for them and once you get grip on them your confidence level will boost up. 
• Follow only 1 author at a time, though u can keep 1 more book for reference but don’t try to read 2-3 books you will get confused and will not be able to concentrate on syllabus and will end up wasting time in comparing them...so 1 book is sufficient. 
• Institutes publications are an essential prerequisite. You must refer them in addition to various authors. There are certain subjects/topics where Study Material and Practice Manual are the best tools like Auditing and Assurance, Info Tech and Strategic Mgmt in IPCC. 
• Most importantly create a learning atmosphere, find the best time when you are fully active and can concentrate without any disturbance. Some are comfortable in studying early mornings while some prefer Late Nights. It depends from person to person. So do some experimentation and find the best suitable time and don’t follow someone else’s schedule -customize it for yourself. 
• Don’t prepare detailed schedulechapter wise. It is a waste of time. Just allocate time broadly like 7 days for SM. 5 days for IT and 2 days for contingency i.e. 15 along with proper revision. 
• Do watch CA T.N.Manhoran sir’s videofor exam tips available on YouTube - it’s worth watching and inspiring as well. 

GENERAL POINTS 
• Never compare yourself with anyone else because everyone is unique. Don’t follow footsteps of others, you know very well what suits you, so customize others suggestions/tips for yourself. • Coaching is not an essential prerequisite for passing exams. Many people have a misconception that coaching is a must for all the subjects. There are few subjects which can be dealt with on your own and few are where coaching would be required. 
• Do try self study first and if you are not comfortable coaching is always available. • Update yourself with latest publications and regularly visit ICAI Site for various notifications.
 • Time Management is a very important aspect, both; while preparing for exams and writing the exams so keep a watch on your watch. So that’s all for now…hope you will find the article helpful…do share your feedback and in case of any queries feel free to contact me. Wishing you All the Very Best for your Exams and Career. “Don’t let the fear of losing be greater than the excitement of winning.” -Robert Kiyosak

Akshay Khurana
akshaykhurana.ca@gmail.com
asshii.wordpress.com (blog)

Icai updates

The Institute of Cost Accountants of India signs two Memorandums of Understanding with the Bharatiya Mahila Bank for the Students and Members of the Institute respectively. The MoUs were signed by CMA SC Mohanty, President of the Institute and Mrs Usha Ananthasubramanian, CMD of Bharatiya Mahila Bank on 18th April 2014 at Chennai during the Regional Cost Convention of the SIRC of ICAI. Dr. TV Somanathan, Director, Special Projects, World Bank, CMA (Dr.) AS Durga Prasad, Vice-President, ICAI, CMA M Gopalakrishnan, Past President & CCM, CMA PVS Jagan Mohan Rao, CCM, CMA DLS Sreshti, CCM and CMA P Raju Iyer, Chairman, SIRC of ICAI and other RCMs of SIRC were the dignitaries present at the function amongst others. As per the MoUs, the Bharatiya Mahila Bank has tie-up arrangement with the Institute for overall banking relationship and for assisting the Institute, its students and its members, whether individuals / firms, for availing various banking facilities including financial assistance/accommodation or any other banking services from the Bank. The Institute nominates the Bank as one of its preferred financiers for financing its students and members for availing financial assistance and the Bank accepts its nomination as one of the preferred financiers for the Students of the Institute for availing the Bank’s prevailing education loan scheme for students pursuing the course of Cost Accountancy and for members of the Institute for availing the Bank’s loan scheme specially designed for Cost Accountants or any other retail loan schemes. The details of the MoUs and schemes will be hosted on the website of the Institute shortly.

As the members are aware, the Direct Taxes Code, 2013 has proposed to widen the scope of the definition “Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961 under which chartered accountants have been given the responsibilities to undertake audit and certification of accounts of various entities have the emphasis on “audit” of the relevant accounts which is the exclusive domain of Chartered Accountants. The Council of ICAI is aware that the proposed change is a cause of major concern to the entire profession. In this regard, ICAI has through a representation to Ministry of Finance, placed on record its concern not only for the profession, but for the country as a whole since issuance of audit certificates by persons having limited knowledge of audit of accounts will not only be professionally incorrect and but will raise many concerns including causing huge revenue leakages. A meeting in this regard was held with Mr. Rajiv Takru, Revenue Secretary and Mr. R.K.Tewari, Chairman, CBDT on 16.4.2014, wherein CA. K. Raghu, President, ICAI and CA. Manoj Fadnis, Vice President, ICAI emphasized on the fact that there is a very significant difference in the area of expertise of other professionals vis-a-vis Chartered Accountants. Members be assured that the Council of ICAI is equally concerned and will not leave any stone unturned to save the profession and the nation.  Secretary, Direct Taxes Committee