ICAI presents its 72nd Annual Report for the year ended 31st March 2021
ICAI has presented its 72nd Annual Report for the year ended 31st March 2021. The Institute was constituted on 1st July 1949 by an Act of Parliament with about 1,700 members but as on 31st March, 2021, the Institute has 3,27,081 members.
The Report highlights the important activities of the Council and its various Committees during the year 2020-2021, besides the accounts of the Institute for the year ended on 31st March 2021.
As on 31st March, 2021 the Institutes have surplus & earmarked funds of Rs. 249983 lakhs and cash equivalents of Rs. 10015 lakhs.
During the financial year ended on 31st March, 2021 the ICAI earned net surplus of Rs. 21227 lakhs. Its total receipt was Rs. 12,944 lakhs.
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- Shagun money received on occasion of marriage not taxable income – ITAT
- There is no statutory requirement to maintain cash book for salaried individual – ITAT
- Foreign Exchange Management (Authorised Persons) Regulations, 2026 notified
- Increased exemption limit of Rs. 25 lakhs for Leave Encashment is retrospective – ITAT
- Relief u/s 89(1) available even if arrears received on Voluntary Retirement
