Custom officer

CA Firms and Small & Medium Practitioners is a non-standing Committee of the Institute of Chartered Accountants of India formed under regulatory provisions of Chartered Accountants Act, 1949. This Committee was formed in the month of February, 2010 by the President, ICAI under nomenclature 'Committee for Capacity Building of CA Firms and Small & Medium Practitioners' (CCBCAF & SMP) by combining previously formed Committees, Committee for Capacity Building of CA Firms and Committee for Small & Medium Practitioners. Initially, this Committee was thought to establish for facilitating consolidation and capacity building of CA firms in order to address various problems faced by CA firms and to conceptualize and implement various means for strengthening their capacity as well as providing comprehensive guidelines for consolidation of CA firms.  read more...

Transfer Pricing

India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit. Fiscal deficit currently is at 5.3% of GDP this year and is expected to be 4.8% of GDP in 2013-14. The revenue deficit for the year 2013-14 has been fixed at 3.3 %.

Fiscal consolidation cannot be affected only by cutting expenditure, therefore wherever possible, revenue also must be augmented.

Currently India is the 10th largest economy in the world. By 2017, it can be 8th or perhaps 7th largest economy. It can be among the top 5 by 2025 if the right policy framework and proper implementation is followed.

Bank Branch Audit

-ICAI

Dear Members,

The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a times, face a lot of issues/ queries while conducting Bank Branch Audit. These could include determination of NPA status, implications of complicated data found in a branch audit, unavailability of any relevant RBI circular, implications of the requirements of an RBI circular, nature and adequacy of documentation, possible wordings of the audit report on some important matters in branch audit, issues relating to LFAR, etc.