Latest news with #CharteredAccountants
Yahoo
18-07-2025
- Business
- Yahoo
ICAEW to launch new GenAI eLearning programme
The Institute of Chartered Accountants in England and Wales (ICAEW) has developed an eLearning programme focused on generative AI (GenAI) to educate its members. The move is a direct response to findings from the ICAEW's 2025 member research, which highlighted technology, automation, and GenAI as key areas of opportunity and challenge for the accounting profession. However, a notable proportion of members feel unprepared to implement AI solutions, citing insufficient training as a barrier to adoption. The GenAI Accelerator Programme is scheduled to launch in August 2025 and is designed to provide members with an understanding of GenAI tools such as ChatGPT, CoPilot, and Grok. The programme consists of eight eLearning courses, each comprising several modules which are estimated to take about an hour to complete, the ICAEW said. The initial course will introduce participants to the fundamental concepts of AI, as well as the ethical and regulatory aspects of using GenAI in professional settings. The programme will then progress to more advanced topics on how GenAI can be integrated into various accounting functions, such as finance operations, compliance, strategic planning, risk management, and governance. Further courses will provide tailored guidance for applying AI in specific practice areas, including audit, tax services, advisory, and restructuring. Additionally, the programme will offer sector-specific advice for industries such as financial services, retail, manufacturing, public sector, healthcare finance, construction, real estate, charity, and energy. The final course will address the practical aspects of implementing GenAI, focusing on creating an adoption strategy, evaluating organisational readiness, engaging teams, and assessing the technology's return on investment. Central to the GenAI Accelerator Programme is a structured five-step framework to support members through the adoption process. This framework includes identifying use cases, validating and prioritising them, piloting and testing, scaling and integrating into operations, and monitoring for continuous improvement. founder Peter Beard said: 'GenAI is incredibly empowering for users, no longer do you have to be a coder, an engineer or a programmer to access artificial intelligence. 'The accelerator has been created to ensure ICAEW members can confidently experiment and engage with AI, with practical support on each stage of their GenAI adoption journey.' Recently, the ICAEW has called on UK Chancellor Rachel Reeves to focus on pension reforms to unleash the £3tn ($4.04tn) potential of pension funds. "ICAEW to launch new GenAI eLearning programme " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Mint
14-07-2025
- Business
- Mint
ITR filing: How to correctly report capital gains, CGAS withdrawal, buybacks
NEW DELHI : The income tax department has finally released the utilities for income tax return (ITR) forms 2 and 3, allowing individuals with capital gains, cryptocurrency investments, and business income to file their tax returns for 2024-25. Because of the delay in releasing these forms, the Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline for the current assessment year from 31 July to 15 September. However, despite the extension, both taxpayers and tax professionals are facing significant difficulties due to the delay, said Prakash Hegde, a Bengaluru-based chartered accountant. Currently, only the offline Excel utilities for forms 2 and 3 are available, which means those who prefer filing their returns online will have to wait further. 'Many taxpayers, especially senior citizens and non-residents, are eager to file their returns to claim refunds. Tax professionals, meanwhile, are trying to shift focus to audit cases, whose deadline is 30 September, but are still catching up on pending ITR filings," Hegde noted. Even if you file ITR online, preparing your tax return based on the offline utilities would help. 'Taxpayers can download the latest utility and review the instructions for each schedule carefully to ensure they are well prepared," said Bhawna Kakkar, chartered accountant and founder, Kakkar & Co., Chartered Accountants. More disclosures Ashish Karundia of Ashish Karundia & Co. said the key changes are bifurcation of capital gains made before and after 23 July, capital loss on buyback transactions done after 1 October 2024, increase in the filing mandate of Schedule AL (assets and liabilities) to ₹1 crore, enhanced reporting of deductions such as house rent allowance, 80C, etc., and Schedule TDS (tax deducted at source) mapping with TDS sections. 'Unlike last fiscal, each TDS entry must include the section under which tax was deducted," said Karundia. The newly introduced TDS section code in Schedule TDS is prefilled in the latest ITR forms from details in Form 26AS and the annual information statement (AIS), said Alok Agrawal, partner, Deloitte India. 'However, taxpayers can manually edit the code from the options listed in the dropdown, if required. This requirement of quoting section code has been introduced to reduce mismatches and streamline the reconciliation process with Form 26AS and the AIS, for cases where the same payer has deducted tax under two different provisions of the law," he said. Kakkar pointed out that more details about home loans are also required to claim interest on them under Income from House Property. 'For instance, the sanction date is to be filled, which would require the sanction letter. But, the amount disbursed, and not sanctioned, is also to be disclosed, so you need the loan statement as well. Similarly, other details like balance as of 31 March and interest on loan too need a loan schedule and statement for accurate reporting." Apart from more disclosures, capital gains made before and after 23 July 2024 have to be reported separately. Reporting capital gains Equity assets sold on or before 23 July 2024 will be taxed at 20% for short-term capital gains (STCG) and 10% for long-term capital gains (LTCG). However, for those sold after this date, the LTCG rate is 12.5%. Kakkar said the ITR utility provides distinct sections or sub-schedules for these periods, ensuring accurate tax rate application on eligible capital gains. LTCGs from stocks and mutual funds are to be reported scrip-wise, but the information is not pre-filled in the forms this time either, so taxpayers will need to either manually fill in the data or upload a comma-separated values (CSV) file. 'At the time of advance tax calculations, we noticed that brokers are already giving statements classifying them into these two periods. So, reporting the transactions separately should not be a challenge," Kakkar said. STCGs on equity don't require scrip-wise details, and instead only the total sale amount and cost of acquisitionshould be mentioned. For property sales done after 23 July, sellers can choose between two methods to calculate LTCG tax: The new flat rate of 12.5%, without the benefit of indexation on the cost of acquisition, or the old rate of 20%with the indexation benefit. This gives sellers the flexibility to pick the option that results in a lower tax outgo. Most sellers would have already decided this while calculating advance tax, so reporting in the ITR form should be done accordingly. CGAS withdrawal after 23 July The requirement to split capital gains reporting also extends to unutilized amounts withdrawn from the Capital Gains Account Scheme (CGAS), where taxpayers temporarily park capital gains intended for reinvestment in property to claim benefits under Section 54 and Section 54F. In the updated ITR forms, a separate column has been introduced to indicate whether such withdrawals occurred before or after 23 July 2024. The forms have also clarified that funds withdrawn after 23 July will be taxed at the new 12.5% rate, though experts believe this may not be correct. Sonu Iyer, partner and national leader, people advisory services-tax, EY India, explained that the unutilized balance in the CGAS is deemed to be LTCG in the year in which the limitation period expires. 'Section 112(1)(a)(ii) says that LTCG should be taxed at 20% for any transfer that takes place before 23 July 2024 and 12.5% for any transfer that takes place on or after 23 July 2024. The date of transfer here should be construed as the date of transfer of the original property. Hence, the withdrawal from CGAS per se does not result in transfer," said Iyer. "So, the 12.5% tax rate applied by the excel utility appears to be a deviation from the technical position, as the tax rate should not be the date of withdrawal or expiry of the CGAS period and rather is based on the original date of transfer, which should make the tax rate 20% in this case," she added. Share buyback loss provision A new feature in Schedule CG of ITR-2 and 3 forms addresses the treatment of share buyback transactions. Following 1 October 2024, the tax responsibility for share buybacks by listed companies has shifted. Shareholders can now claim a capital loss on such buybacks, provided the income from the buyback is correctly reported as dividend income. 'In effect, the ITR form expects the sales consideration to be shown as nil in the capital gains schedule since the company already paid buyback tax and the equivalent amount to appear as taxable income elsewhere. This dual disclosure will activate the allowable loss," Kakkar explained. Earlier, individual taxpayers had no way to claim losses from share buybacks, as the entire tax treatment was handled at the company level. With the new rules, eligible taxpayers can now use these buyback-related losses to offset capital gains, which may help lower their overall tax liability. 'Taxpayers will need to be diligent in linking their buyback entries across schedules to avail the benefit correctly," Kakkar said.
Time of India
08-07-2025
- Business
- Time of India
Grandfather becomes CA at 71. Got interested while helping his granddaughter in her studies
Tara Chand Agarwal, a 71-year-old from Jaipur, has achieved the remarkable feat of becoming a Chartered Accountant, proving that age is no barrier to learning. Inspired by assisting his granddaughter with her CA studies, the former bank employee persevered through the challenging exams. His story has resonated widely, celebrated as an inspiring example of lifelong learning and unwavering determination. Tired of too many ads? Remove Ads CA results In a world where retirement often signals the end of professional ambition, a 71-year-old man from Jaipur is proving that age is truly just a number. Tara Chand Agarwal, a former employee of the erstwhile State Bank of Bikaner & Jaipur (SBBJ), has become a Chartered Accountant at an age when most would shy away from exams altogether. His journey to earning the prestigious CA title didn't begin in a classroom or boardroom—it began at home while helping his granddaughter prepare for Nikhilesh Kataria took to LinkedIn to share the inspiring story, revealing that Agarwal became interested in accountancy while assisting his granddaughter with her own CA studies. What started as a gesture of support turned into a full-fledged academic pursuit. And now, after years of perseverance, he has cleared one of India's toughest professional exams. Kataria lauded his determination, reminding readers that 'where there is a will, there is a way.'The internet was quick to celebrate the milestone. Users flooded the post with congratulatory messages, calling it one of the most inspiring stories of the year. Many admired his relentless spirit, applauding the power of lifelong learning. Comments poured in praising his resilience, willpower, and passion to learn even in his 70s, proving that education has no expiry results of the Chartered Accountants (CA) Final Examination 2025 were declared by the Institute of Chartered Accountants of India (ICAI) on July 6. According to ANI, Ranjan Kabra from Maharashtra's Chhatrapati Sambhajinagar district topped the CA Final exams, securing the All India Rank 1 (AIR-1) with an impressive 516 out of 600 marks—an 86% score. The complete list of CA Final May 2025 toppers includes Rajan Kabra (AIR-1), Nishtha Bothra (AIR-2), and Manav Rakesh Shah (AIR-3). ICAI confirmed that this year, a total of 14,247 candidates qualified as Chartered Accountants, with the exams held between May 16 and May 24 for Group 1 and Group 2 papers.
Zawya
07-07-2025
- Business
- Zawya
KPMG in Qatar welcomes ICAI Leadership
Doha, Qatar – KPMG in Qatar had the privilege of welcoming the leadership of the Institute of Chartered Accountants of India (ICAI) earlier today at its Doha office. The delegation included the President of ICAI, CA. Charanjot Singh Nanda, along with the Vice President, CA. Prasanna Kumar, the Chairman of the Corporate Laws & Corporate Governance Committee, Mr Babu Abraham who are visiting Qatar to participate in the Chartered Accountants Day celebrations, held this evening at Le Royal Méridien. As part of their visit, the ICAI leadership engaged with Indian Chartered Accountants and articled trainees at KPMG, recognizing the significant role they play in shaping Qatar's professional landscape. KPMG in Qatar is proud to be one of the largest employers of Indian Chartered Accountants in the country, with 21 qualified CAs and 5 articled trainees contributing across different service lines. The visit offered a rare and meaningful opportunity for KPMG staff to meet the leaders of the world's largest accounting body, which represents nearly 500,000 members and over 1 million students globally. In an inspiring address, ICAI President CA. Nanda invited each team member to introduce themselves before delivering a passionate speech on the vital role Chartered Accountants play in driving India's progress and supporting financial and reporting standards globally. He described Indian CAs as the "financial soldiers of the Republic of India" and reflected on ICAI's recent success in hosting the World Congress of Accountants, a landmark event held on a global scale. 'This visit was a moment of pride for all of us at KPMG,' said Gopal Balasubramaniam, Partner and Head of Audit at KPMG in Qatar. 'It reflects our shared commitment to excellence, ethics, and cross-border collaboration. We deeply value our strong ties with ICAI and the outstanding contributions of our Indian Chartered Accountants.' About KPMG in Qatar KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
Economic Times
06-07-2025
- Business
- Economic Times
ICAI CA Result May 2025: When, how to download and direct link to check final, intermediate and foundation marks
ICAI CA Result May 2025: The Institute of Chartered Accountants of India will announce the CA Final, Intermediate and Foundation results for May 2025 today, 6 July. As per ICAI, Final and Intermediate results are due around 2 PM, and the Foundation results at 5 PM. Students must have their roll and registration numbers ready. These results matter for those eyeing the upcoming ICAI Campus Placement Drive in August–September. Candidates can check official websites for updates and revaluation details once results are declared. Tired of too many ads? Remove Ads ICAI CA Result May 2025: Direct links to use to check the results Tired of too many ads? Remove Ads How to check your ICAI May 2025 Results Popular in New Updates Go to Click the CA Result 2025 link Enter your Roll Number, Registration Number and PIN Type the captcha code shown Hit Submit View your result Download and save it — you'll need it later Who passes and who tries again Thousands of students will find out where they stand today. The Institute of Chartered Accountants of India confirmed in an official notice, 'The results of the Chartered Accountants Final, Intermediate, and Foundation Examinations held in May 2025 are likely to be declared on July 6.'If all goes as planned, the Final and Intermediate results will be out around 2 PM. The Foundation result will follow at about 5 PM. Many have cleared their schedules for the link goes live, students can access their scores on these official sites:Don't forget to keep your roll number, registration number and PIN ready. A misplaced detail can delay an important Read: ICAI CA Result May 2025 Live Updates The process is simple but best done calmly:Let's break it down. To pass, you need at least 40% in each paper and 50% overall in that group. If you hit 70% or above, you'll get a Pass with Distinction on your clear a group? Not the end. ICAI will soon open revaluation and verification portals. Many use this window to check if they've missed out by a mark or many, the Intermediate result is more than a scorecard. It's the ticket to the ICAI Campus Placement Drive, which runs from August to September 2025. Registrations for this open from 10 to 20 July timing lines up well — students get enough days to sort paperwork and plan their next the context behind these results. ICAI held the May exams between 2 and 14 May. Intermediate Group 1 papers happened on 3, 5 and 7 May. Group 2 was set for 9, 11 and 14 May — but some papers between 9 and 14 May were postponed due to India-Pakistan Group 1 papers were on 2, 4 and 6 May. Group 2 took place on 8, 10 and 13 May. The Foundation exam ran later, on 15, 17, 19 and 21 May the official notice says, students must check their marks only through ICAI's authorised sites. It's safer, faster and avoids any extra details or updates on revaluation, visit
