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 ICAI invites suggestions for Pre-Budget Memorandum-2024
 Hosting of Multipurpose Empanelment Form (MEF) : 2023-24
 Income tax department all set to cut refund time to 10 days from this fiscal year
 Extension of Last Date for Online Empanelment of Members to act as Observers for November/December 2023 Examinations up to 10th September 2023.
 Exemption(s) from appearing in paper(s) or Group of Chartered Accountancy Examinations under the New Scheme of Education and Training w.e.f. May 2024 Examination
 Relaxation to Old Course Students to commence 3 years of Practical Training (i) who have passed one of the groups of Intermediate Examination under Old Scheme.(ii) who have registered / provisionally registered in Intermediate through Direct Entry Route under Old Scheme. (iii) who have converted from Intermediate (Foundation/CPT Route) to Intermediate (Direct Entry Scheme) for appearing in November 2023 Examination.
 Exposure Draft of International Tax Reform-Pillar Two Model Rules - Amendments to AS 22
 Exposure Draft of Supplier Finance Arrangements - Amendments to Ind AS 7 and Ind AS 107
 Inviting Public Comments on draft amendments in the Chartered Accountants Regulations, 1988 arising out of Amendment Act 2022
 Exposure Drafts of SQM 1, SQM 2, SA 220 (Revised), SA 250 (Revised), SA 315 (Revised), SA 540 (Revised), SRS 4400 (Revised)
 Announcement for Candidates for appearing in December, 2023 Foundation Examination under the Existing Scheme of Education and Training

Raising of number of partners in CA Firm with reference to the provisions of Companies Act, 2013.
September, 03rd 2014

The Council of the Institute has clarified that the earlier restriction of maximum of 20 partners permitted for firms under section 11 of the Companies act, 1956 is no more applicable to the firms as Section 464 of the Companies Act, 2013 has been notified w.e.f 01.04.2014 wherein sub-section (1) provides for a maximum number of partners permissible for business firms at 100 and sub-section (2) provides that nothing in sub section (1) shall apply to an association or partnership, if it is formed by professionals who are governed by special Acts.

Accordingly, as per proviso to the said section, Chartered Accountants firms are now allowed to be registered/reconstituted with more than 20 partners w.e.f 01.04.2014 under the Indian Partnership Act as in the case of a firm under the Limited Liability Partnership Act.

-sd-

Joint Secretary
M&C-MSS
Date: 26th August, 2014

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