NEW DELHI: The newly-elected president of the Institute of Chartered Accountants of India (ICAI) has said that the institute is proud of its autonomy and it would not cede ground when it comes to its autonomy.Debashis Mitra, who has been elected as the president of ICAI for 2022-23, said this while talking about the institute’s difference with the government on the proposed CA Act amendment bill.
The bill has been referred to the parliamentary committee on finance headed by Jayant Sinha. A team of Institute of Chartered Accountants of India headed by the newly appointed president met with Jayant Sinha on Tuesday and gave its views on the CA Act Amendment Bill.The most contentious of the proposals in the amendment bill is the inclusion of three government nominees in ICAI’s five-member disciplinary committee.
Currently, two members are nominated by the government in the disciplinary committee, and the ICAI wants the government to maintain the status quo.Refuting the charges that the ICAI, which regulates CAs in the country, is lenient on its members found involved in unethical practices, the president said that they have closed 65.5% of the 5,873 disciplinary cases since 2007.
The ICAI, according to the president, has in the past 15 years permanently revoked membership of seven CAs who were found indulging in unethical practices.Apart from them, the ICAI has revoked membership of 260 CAs for a period of 6 months to over five years since 2007.On delays in closing disciplinary cases, the ICAI president said that the CA Act Amendment Bill wants time-bound closure of cases, which the ICAI agrees with.
ICAI working on paper on Crypto
New Delhi: ICAI President Debashis Mitra on Tuesday said the institute is working on a research paper on cryptocurrencies, which is expected to be ready in one-and-a-half months. Currently, cryptocurrencies are unregulated in the country. Mitra said once the research paper is complete, it will be submitted to the government. “We are seized of the matter,” Mitra told reporters here. The Union Budget 2022-23 has brought in clarity concerning the levy of income tax on crypto assets. From April 1, a 30% I-T plus cess and surcharges will be levied on such transactions.