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.
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.
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) |
Intermediate (IPC) | 15.47 |
Intermediate | 19.30 |
Final (Old+New) | 22.10 |
Foundation | 35.09 |
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) |
60 (either structured or unstructured learning)-minimum 15 CPE credit hours either structured or unstructured learning in each calendar year
|
The above ICAI CPE requirements are subject to few exemptions.
No of Fellows (Practicing/Non-practicing) | 99483 |
No of Associates (Practicing/Non-practicing) | 207755 |
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
Certificates | 49.85 lakhs |
GST & Tax Audit | 37.12 lakhs |
Other Audit & Assurance | 11.56 lakhs |
Unless request made, personal / oral hearing not mandatory and faceless assessment would be concluded without an oral hearing –…
Mere technical mistake made by assessee while filing up return cannot be a ground of disallowing the claim when such…
Denial of Capital gain deduction u/s 54B for agricultural land purchased in the name of wife Supreme Court stays High…
CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness…
High Court frowns at Provisional attachment orders passed u/s 83(1) GST lifted only their illegality being questioned In a recent…
In Faceless assessment grant of opportunity of personal hearing is not optional at discretion of the Assessing Officer its waiver…