ICAI presents 71st Annual Report for FY 2019-2020. Read Highlights of achievements
ICAI has presented its 71st Annual Report for the year ended 31st March 2020.
ICAI Annual Report FY 2019-2020.
For the year ended 31.03.2020 the ICAI has earned a net surplus of Rs. 29,919 lakhs which is 5.57% more than the corresponding previous year. The ICAI has total accumulated surplus of Rs. 226974 lakhs while the corresponding figure for the previous year was 196347 lakhs.
The Institute of Chartered Accountants of India (ICAI) came to be founded on 1st July 1949 by an Act of Parliament. Since then the Chartered Accountancy (CA) profession has grown tremendously. Founded with about 1,700 members, the ICAI boasts of 307238 members as on 31st March, 2020.
The Report highlights the important activities of the ICAI during the year 2019-2020, besides the accounts of the Institute for the year ended on 31st March 2020.
The Annual Report also discusses major initiatives, important events, statistical data relating to members, students, details of seminars, conference, workshop, training programmes etc. organised during the period upto early July 2020.
Result of November 2019 Examinations
The total numbers of candidates, who appeared in the Foundation, Intermediate, Intermediate (IPC) and the Final (Existing and Revised) and passed, were as follows:
|Examination||% of student passed/appeared (in all groups)|
Meetings of Board of Discipline and Disciplinary Committee
During the year 2019-20, the number of meetings held were as under:
|Board of Discipline||Disciplinary Committee|
|No. of meetings held||36||54|
|Number of Complaint/Information cases considered||244||288|
|Number of cases where enquiry was completed||119||300|
|Number of cases in which punishment awarded||56||78|
ICAI has set CPE requirements contemporary with Global scenario. The CPE Credit Hours requirements for various categories of members as applicable for the current block of 3 years (1-1-2020 to 31-12-2022) are as under:
|Category of Members||CPE Hours requirement|
|Members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad)||120 (out of which minimum 60 CPE hours should be of Structured learning)-minimum 20 CPE credit hours of structured learning in each calendar year|
|Members (aged 60 years & above) who are holding Certificate of Practice||90 (either structured or unstructured learning)-minimum of 20 CPE credit hours either Structured or Unstructured Learning in each calendar year|
|Members (aged less than 60 years) who are not holding Certificate of Practice; and all the members who are residing abroad (whether holding Certificate of Practice or not)||
The above ICAI CPE requirements are subject to few exemptions.
- GSTR-4 late fee payable for FY 2021-22 waived for the period from 01.05.2022 till 30.06.2022
- No revision u/s 263 simply because AO in order did not make elaborate discussion – ITAT
- Investigation on deposit of tax during the course of GST search, inspection or investigation
- CIT to make enquiries himself to allege assessment order as erroneous and prejudicial
- ITAT admits additional evidences as assessee died and legal heirs could not collect it in time
ICAI Ethics-Significant achievements:
- * It is not permissible for a Chartered Accountants Firm, tax audit of which is done by a sole proprietorship Firm, to audit the business concern of the son of the sole proprietor.
- It is not permissible for members to start online portal for the purpose of e-filing of income tax returns and other services.
- The designation ―Registered Valuer would be deemed as permissible in view of the requirements of clause (7) of Part I of the First Schedule to the Chartered Accountants Act, 1949, but the use of abbreviations, whatsoever, would not be permissible.
- It is not permissible for a member in practice can lend loans from his accumulated capital to earn interest on surplus funds as it would amount to other occupation/business. The member may prefer to seek specific permission of the Council, if so desire, in this regard.
- A member in practice may be ―Director Simplicitor in a co-operative credit and thrift society under co-operative societies Act provided he is not acting as a partner of it.
- In view of the provisions of clause (11)of part I of the First schedule to the Chartered Accountant Act, 1949, it is not permitted for members in practice to engage in Derivatives transactions on stock exchange since it is not any kind of investment but more likely a business.
- It is permissible for member in practice to hold Honorary post of executive member/office bearer in a political party.
- It is not permissible for a partnership Firm not registered with the Institute to undertake professional assignments, even if it comprise only of members in practice.
- It is not permissible for a member to undertake the assignment of certification, where in the client is relative of the member. The “relative” for this purpose would refer to the definition mentioned in Accounting Standard (AS)-18.
- It is not permitted for members to engage in share trading, however, they may hold shares for the purpose of investment.
No. of members as on 01/04/2020
|No of Fellows (Practicing/Non-practicing)||99483|
|No of Associates (Practicing/Non-practicing)||207755|
Statistics of UDIN
Presently UDIN is mandatory for all Certification done by Practising Chartered Accountants, all GST & Tax Audit Reports and other Audit, Assurance and Attestation functions.
1.05 Crore (98.53 Active UDINs) have been generated till 31stMarch, 2020
|GST & Tax Audit||37.12 lakhs|
|Other Audit & Assurance||11.56 lakhs|