ICAI announces Capacity Building Initiatives for Chartered Accountant in Practice

ICAI announces various capacity building initiatives taken for Chartered Accountant in Practice.

ICAI in a Live Webinar held today, declared number of initiatives for members in practice in view of the due to Covid-19 pendemic.

The President, ICAI outlined the challenges faced by the practicing CAs / firms particularly small and medium sized ones.

ICAI Capacity Building Initiatives for CAs in Practice

Key features of the initiatives declared are as under:

1. Working Capital / Loan need

The committee for members in Practice (CMP) has taken initiative to bring out the Term Loan facility for the practitioners as under: 

(a) Minimum Loan amount Rs. 2 Lakhs and max Rs. 30 lakhs
(b) No collateral security or processing fee
(c) Takeover of high cost loans

2. Credit Card by BoB Financial Services Ltd.

(a) Lifetime free
(b) Minimum credit limit Rs. 1 lakhs
(c) Airport Lounge facility and add on card facility
(d) Professional Indemnity Insurance up to credit limit 

3. Papilio Office Management Software – practically free of cost

(a) Secured cloud based software
(b) Available in Mobile App. 
(c) Work management, client management, document management, Time Management, Invoicing & Collection Tracking, elaborate dash board, expenses management, notification, user management, detailed audit trials etc.
(d) Free for life up to 5 users & discount for more users  

4. Software package for practitioners 

(a) Rulez book: Mobile App for legal updates – Free for 3 years
(b) Audit Module (Workflow with Standard Audit Checklist) – Free for 3 years
(c) Legal compliance management – Free for 3 years 
(d) Payroll Processing and labour compliance software – Free for 3 years
(e) Board Module for Secretarial compliances – Free for 3 years
(f) Legal compliance audit module – Free for 3 years
(g) Practice Management Module – Free for 3 years
(h) Tally ERP 9 Gold Edition (Multi user) 80% discount till 15th July 2020 
(i) All in one Accounting and Compliance Software – Free up to 3 users
(j) Free XBRL Software by KDK Software
(k) EFF Factor Software @ 50% discount
(l) Cordal Practice Management Sotware- Free up to 3 users

5. LIC Group Term Insurance 

(a) No health or medical underwriting required
(b) Attractive rate for 10 lakhs rupees with spouse cover of 5 lakhs 
(c) Claim in case of death due to any reason

Members and students can buy the Term Insurance online at https://cmpbenefits.icai.org

6. Health Insurance 

(a) Floater sum insured up to 20 lacs for family and 10 lacs for dependent parents under a single policy
(b) Discounted premium
(c) No health checkups
(d) No upper age limit
(e) Partial coverage of existing disease from first year
(f) Covid-19 coverage

7. Motor Insurance

(a) Coverage for Car/two wheeler
(b) all risks covered
(c) loss or damage coverage
(d) 85% discount 
(e) 30% discount on add on covers

Members and students can buy the Term Insurance online at https://cmpbenefits.icai.org

9. Professional Indemnity Insurance

For details visit https://cmpbenefits.icai.org

10. Quick Heal Anti virus security software

Watch Webinar:

• CBDT can’t restrict power of CIT u/s 119(2)(b) to condone delay beyond six years – High Court
• ITAT allows benefit of the cash bought at the time of migration from Pakistan
• Ambiguous penalty notices cannot be foundation of imposition of any penalty – SC
• Assessment itself is not a process to penalise assessee for earning undisclosed income – High Court
• Actual use of asset is not the sole test for allowability of depreciation – ITAT