Category: Queries

Clause (5) Secures either through the services of a person who is not an employee of such Chartered Accountant or who is not his partner or by means which are not open to a Chartered Accountant, any professional business.   By this the institute Explains that, a member in Practice must seek work NOT through…

The Clauses have been broken down to make perfect meaning for the students. But during this we have not changed the meaning of the content. Students are expected to use the same language in the Exams. PART 1 SCHEDULE I   A Chartered Accountant in practice is deemed to be guilty of professional misconduct if…

Significance of the Certificate of Practice   Once the person concerned becomes a member of the Institute, he is bound by the provisions of the Chartered Accountants Act and its Regulations A member to practice must have a certificate of practice. He cannot accept any engagement for services without the valid certificate of practice. If…

  Can a Member in Practice form a Company and use it for Auditing projects? NO A Member in Practice can only form the following to Practice as a Chartered Accountant specifically for Audit. A member in Practice can approach or Undertake Professional work (allowed as per the institute, mentioned in members who are deemed…

1939 Appellate functions separated from inspecting functions. A class of officers known as AACs came into existence. Jurisdiction of Commissioners of Income tax extended to certain classes of cases and a central charge was created at Bombay. 1940 Directorate of Inspection (Income-tax) came into being. Excess Profits Tax introduced w.e.f. 1-9-1939. 1941 Income-tax Appellate Tribunal…

The organisational history of the Income-tax Department starts in the year 1922. The Income-tax Act, 1922, gave, for the first time, a specific nomenclature to various Income-tax authorities. (nomenclature – choosing of names for things) The foundation of a proper system of administration was thus laid. In 1924, Central Board of Revenue Act constituted the…

In India, the system of direct taxation as it is known today, has been in force in one form or another even from ancient times. There are references both in Manu Smriti and Arthasastra to a variety of tax measures. Manu, the ancient sage and law-giver stated that the king could levy taxes, according to…

VOUCHING CAN BE OF INCOME AND EXPENDITURE    

Meaning of Vouching. Vouching is the process of recognising obligation and authorizing cash disbursements. It deals with the examination of PROFIT AND LOSS items. For example, you see that a company has said to make a payment for that particular object. To ensure this, you need to “find evidence” by vouching it to things like…

Well, Finally it has been confirmed by a notice form Mumbai University that SEMESTER 1, 2, 5 & 6. will be university exams.  But the difference is that, SEM 1 & 2 will have No CAP assessment, It means the Exams will happen in their respective colleges itself, where the college will check the Papers, but the Papers…