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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- Date of digital signature and issue determines date of a notice u/s 148 of Income Tax Act
- DGFT authorises IACCIA to issue Certificate of Origin (Non- Preferential)
- Net profit rate may not have variation commensurate to increase of turnover
- Mushroom growing apparatus cannot be classified as ‘agricultural machinery’
- Statutory presumption attached to issuance of a cheque to be accorded due weight – SC
