CHARTERED ACCOUNTANT

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PROVISIONS REGARDING SPECIFIC SERVICES

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PRACTICING CHARTERED ACCOUNTANT

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NAME2 ROLL NO. AARTI LALWANI 03 RAKESH KOLAMBE 05 SURAJIT PARUI 06 RAHUL GALI 07 SMITA BORSE 34 RITESH KAMBLE 46 DEVEN GUSRAM 47 Kunal Nag 43 GROUP MEMBERS SUBMITTED TO : PROF. MR. SUNIL KHATRI SIR

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ACKNOWLEDGEMENT We Want To Thanks “ Prof.Mr . Sunil Khatri Sir ” For Giving Such A Good Opportunity To Know About The Chartered Accountant Procedure Or Know About There Practicing And We Also Thanks Sir To Give Guidance Through Out The Project.

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INTRODUCTION:- The Institute of Chartered Accountants of India ( ICAI ) is a national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Constituent Assembly of India (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI is the second largest professional accounting body in the world in terms of membership second only to American Institute of Certified Public Accountants. ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India . ICAI is solely responsible for setting the auditing and assurance standards to be followed in the audit of financial statements in India.

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History:- The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to acquire a restricted certificate from the local government upon such conditions as may be prescribed. The holder of a restricted certificate was allowed to practice only within the province of issue and in the language specified in the restricted certificate.

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. In 1918 a course called Government Diploma in Accountancy was launched in Bombay (now known as Mumbai). On passing this diploma and completion of three years of articled training under an approved accountant, a person was held eligible for grant of an unrestricted certificate. This certificate entitled the holder to practice as an auditor throughout India. Later on the issue of restricted certificates was discontinued in the year 1920 . In the year 1930 it was decided that the Government of India should maintain a register called the Register of Accountants. Any person whose name was entered in such register was called a Registered Accountant .

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Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, three years of practical training (known as articleship ) and meeting other requirements under the Act and Regulations. A member of ICAI can use the title CA before their names . A member of ICAI may either be an Associate Chartered Accountant (A.C.A.) or a Fellow Chartered Accountant (F.C.A.) based on his experience. Further based on holding Certificate of Practice, they may also be classified as practising and non- practising Chartered Accountants.

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Practising Chartered Accountants:- Any member wanting to engage in public practice has to first apply for and obtain a Certificate of Practice from the Council of ICAI. Only members holding a Certificate of Practice may act as auditors or certify documents required by various tax and financial regulatory authorities in India. Once a member obtains a Certificate of Practice, his responsibility to the society increases manifold. The ethical principles applicable to a practising CA provided in first and second schedule of the Chartered Accountants Act, 1949 are more rigorous than the ones applicable to non- practising CAs or both.

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In India an individual Chartered Accountant or a firm of Chartered Accountants can practice the profession of Chartered Accountancy. After the enactment of the Limited Liability Partnership Act, 2009 it is expected that in the near future a Limited Liability Partnership (LLP) will be legally allowed to practise . A Bill has already been introduced in the Indian Parliament to give effect to the same.Corporation , companies and other bodies corporate are prohibited from practising as Chartered Accountants in India.

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Role of Chartered Accountants:- Chartered Accountants enjoy a statutory monopoly in audit of financial statements under the Companies Act, 1956, Income Tax Act, 1961 and various other statutes in India . Financial statements audited by a chartered accountant are presumed to have been prepared according to GAAP in India (otherwise the audit report should be qualified). However, not all Chartered Accountants work in audit. Firms of accountants provide varied business services, and many accountants are employed in commerce and industry. Their areas of expertise include financial reporting, auditing and assurance, arbitration, risk management, economics, corporate finance, management accounting, information systems audit , corporate law, direct tax, indirect tax and valuation of businesses.

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Council of the Institute:- The management of the affairs of the Institute is undertaken by a Council constituted under the Chartered Accountants Act, 1949 . The Council consists of 32 elected fellow members and up to 8 members nominated by the Government of India. The elected members of the council are elected under the single transferable vote system by the members of the institute. The Council is re-elected every 3 years. The Council elects two of its members to be president and vice-president who hold office for one year. The president is the Chief Executive Authority of the Council.

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Presidents:- ICAI's first president was CA. G. P. Kapadia (1949 to 1952). CA.G.Ramaswamy is the current president of ICAI and CA. Jaydeep Narendra Shah is current vice president . It has become a convention in ICAI to elevate the vice president as the president in his subsequent term. Though there is no legal requirement to do so, vice presidents are elevated as presidents on account of their experience acting as vice presidents. Notable past presidents include CA.Y H Malegam , CA. Kamlesh Shivji Vikamsey (2005–06) CA. T. N. Manoharan (2006–07), CA. Sunil Talati (2007–08) CA. Amarjit Chopra (2010–11 ).

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Regional Councils:- The Institute also has five Regional Councils that assist it in its functions :- The Northern India Regional Council (NIRC) The Western India Regional Council (WIRC) The Central India Regional Council (CIRC) The Eastern India Regional Council (EIRC) The Southern India Regional Council (SIRC ) The Council maintains a register of all members of the Institute.

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Code of Ethics:- The Institute has a detailed code of ethics and actions in contravention of such code results in disciplinary action against the erring members. The Institute publishes a Members Hand book containing the Chartered Accountants Act 1949, Chartered Accountants Regulation 1988, Professional Opportunities for Members - an Appraisal, Code of Ethics and Manual for members.

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These together form the basis of regulation of the profession. The Council also has a Peer Review Board that ensures that in carrying out their professional attestation services assignments, the members of the Institute (a) comply with the Technical Standards laid down by the Institute and (b) have in place proper systems (including documentation systems) for maintaining the quality of the attestation services work they perform.

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Qualification:- A person is eligible to apply for membership either by passing all three levels of examinations prescribed by ICAI and completing three years of practical training or by availing themselves of exemptions under Mutual Recognition Agreements (MRAs).

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Examination:- The Chartered Accountancy course is designed to combine theoretical study with practical training. The Chartered Accountancy course is considered to be one of the rigorous professional courses in India with only 10-15% of the students passing in every attempt . As of April 2010, the institute has 874,694 students, studying various levels of the Chartered Accountancy Course. The Chartered Accountancy examinations are divided into three levels.

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IPCC or Integrated Professional Competence Course is the second level of Chartered Accountancy examinations. A person can take the IPCC Examination after passing CPT and nine months of study. IPCC has two groups of seven subjects. Group - I consists of four subjects and Group - II of three subjects. A passing grade is awarded if the candidate obtains 40% marks in each subject and 50% in the aggregate in each group . CA Final Examination is the last and final level of Chartered Accountancy Examinations. It is considered as one of the toughest exam in the world . Any person who has passed both the groups of IPCC, during the last six months of article ship can take the Final Examination. This exam consists of two groups of four subjects each viz. Financial Reporting, Strategic Financial Management , Advanced Auditing and Professional Ethics.

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Articled and industrial training:- After passing Group - I of IPCC, a candidate must undergo a rigorous 3 year on-the-job training as article or audit assistant, articleship . Only members in practice are entitled to engage such assistants. The Institute strictly governs through Regulations, the stipends, working hours and working conditions of such assistants. Articles provide CA firms a steady supply of motivated assistants while providing the students with invaluable on-the-job training.

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GMCS:- General Management and Communication Skills Course or GMCS is a 15 day mandatory course and was introduced in 2002 to improve business communication, presentation and interpersonal skills of Chartered Accountants. Completion of the course is a pre-requisite for obtaining membership and can be taken during the last 12 months of Articleship , after completing the IPCC examinations. g.m.c.s .

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Other qualifications and certifications:- With the introduction of IPCC scheme of exams, ICAI also introduced the Accounting Technician Course . Any person who passes Group-I of IPCC and completes one year of practical training under a member can apply for an Accounting Technician Certification. After obtaining the certificate the person can designate himself as an Accounting Technician. This Certification was introduced to help a large number of students who were unable to complete the CA Final Examinations and obtain membership. ICAI has entered into agreements with various universities such as the Indira Gandhi National Open University, Bharathiar University and Netaji Subhas Open University to help CA students acquire a Bachelor of Commerce ( B.Com ) degree, writing a few papers to supplement the IPCC.

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Mutual Recognition Agreements:- The second method of obtaining membership is through Mutual Recognition Agreements or MRAs. ICAI has entered into MRAs with several institutes globally, of equivalent standing, to enable members of those institutes to acquire membership of ICAI and to enable the members of ICAI to gain membership of its counterpart in other country .

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Placement:- The Institute maintains a placement portal on its web site for qualified members and partially qualified students. This is supplemented with campus placement events and advertising through its professional journals and website. In early 2010, the ICAI placed three of its freshly qualified Associates, at a record annual salary of almost US$160,000 each, at Singapore-based agriculture supply chain major Olam International.

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Cerificate or practice:- For Members below age of 65 years Membership and Certificate of Practice Fee for the year 2010-2011 Annual Membership and Certificate of Practice fee for the year 2010-2011 became due for payment on 1 st April 2010. The schedule of fee is as under:- For Members above age of 65 years (As on 1st April 2010) Associate Membership Fee 600/- Fellow Membership Fee 1800/- Certificate of Practice Fee 1600/- Associate Membership Fee 450/- Fellow Membership Fee 1300/- Certificate of Practice Fee 1200/-

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Every such member shall pay such annual fee for his certificate as may be prescribe and such fee shall be payable on or before the 1 st day of april in each year. The certificate of practice issued under sub-section (1) may be cancel by the council under such circumstances as may be prescribed.

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Taxable service:- Sec65(105)(s) of the act define taxable service means any service provided,to any person, by a practising chartered accountant in he’s professional capacity. The words ‘client’ means a person who engage the professional advise or service of another. The service should be provided or to be provided to a client.

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Some important issues in relation to this service tax: Practicing chartered accountant rendering management consultancy Service will be taxable under the category of management consultancy Service and accordingly should get the registration certificate amended.

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Value of taxable service: The "value of taxable service" means, the grossamountreceived by the service provider for the taxable service provided or to be provided by him . The valuation of taxable service is to be done in respect of the service provided or to be provided also. For certain services, a specified percentage of abatement or reduction in value of taxable service is allowed from the gross amount collected for rendering the services, subject to certain conditions That Cenvat Credit has not been availed by the service provider And cost of goods sold in the process of providing the subject service is not deducted in terms of Notification No. 12/2003-ST dated 20.6.2003. Provide list of services under abatement

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CENVAT credit:- Service tax payable by an assessee shall be subject to assessee availing of CENVAT credit. Output service provider shall be allowed to take credit of the tax paid on the inputs and input services only after he makes the payment for the value of input service or inputs/capital goods or the service tax/excise duties payable thereon as indicated in the bill/invoice of input service provider.

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Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system. Tax exemption may also refer to a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income under some systems. Tax exempt status may provide a potential taxpayer complete relief from tax, tax at a reduced rate, or tax on only a portion of the items subject to tax. Tax exemptions may theoretically be granted at any governmental level that imposes taxation, though in some broader systems restraints are imposed on such exemptions by lower tier governmental units. Exclusion/ specific exemptions

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conclusion

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Thank you !

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