Latest news with #InstituteofCharteredAccountantsofIndia
Hans India
4 days ago
- Business
- Hans India
Professional Loans for CA & Doctors – All You Need to Know
Delhi [India]: For chartered accountants and doctors in India, the journey of building a successful independent practice often involves more than just skill. It needs a proper financial backing. That's where professional loans for CA & doctors come in. These loans help professionals meet various requirements such as opening a new clinic, expanding an existing business, or purchasing new equipment. In this article, you will learn everything you need to know about professional loans for CA and doctors. Eligibility Criteria The terms of lending are usually more lenient for doctors and chartered accountants compared to standard business loans. Nevertheless, lenders such as IDFC FIRST Bank evaluate several essential points to ensure that the applicant is financially sound and competent enough. Professional qualification • Physicians should hold a degree in MBBS, BDS, or MD and be registered with the relevant medical authority in their country of practice. • CAs have to be members of the Institute of Chartered Accountants of India. Experience matters • At least 3 years of practice in your profession is usually expected. • Some lenders may ask for additional experience before giving a chartered accountant loan, if the loan amount is higher. Age and residence • Applicants must be Indian citizens between the ages of 23 years (or 21 years if parents are in the same profession) and 68 years (at the time of loan maturity). Financial credibility • A healthy credit score (preferably 700+ or above). • Consistent income with no history of major defaults. Key Features of the Loan These loans are not only easy to apply for, but they're also tailored to the practical needs of doctors and CAs. Loan size • You can apply for a loan amount between ₹5 lakhs and ₹1 crore, depending on your profile. No collateral required • Most lenders offer chartered accountant loans and lending for doctors without requiring any assets for collateral. Versatile usage • You can use it to purchase new medical equipment, furnish your clinic, invest in software, or manage overhead expenses. Quick disbursal • The processing time is short, often within a few hours, provided your documents are in place. Flexible repayment • Tenures range from 1 to 7 years, with multiple EMI plans to suit your cash flow. Documents Required To avoid delays, it helps to prepare all your documents in advance. The list usually includes: • PAN card, Aadhaar, or passport for identity proof • Professional degree certificate (CA or Medical) • Practice registration details • Income Tax Returns from the last two financial years • Bank statements and financial reports (P&L and balance sheet) Benefits of Professional Loans What sets professional loans for CA & doctors apart is how precisely they cater to real-world needs: • No restriction on how you use the money. • Higher amounts are possible compared to regular personal loans. • Pre-approved offers if you have a good relationship with the bank. • Repayment schedules that allow breathing space during lean months. Final Thoughts A chartered accountant loan or lending for doctors isn't just about funding; it's about giving your profession room to grow. Whether you are a young physician looking to open your first clinic or an experienced CA seeking to upgrade your office, this loan will be the help you can always count on, without the hassle associated with conventional loans. Take a few minutes at the beginning to review your credit, organise the paperwork, and choose the correct loan type. That will save you some anxiety in future and allow your business to expand painlessly. (Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.).
News18
4 days ago
- Business
- News18
Professional Loans for CA & Doctors – All You Need to Know
Agency: PTI Delhi [India], August 6: For chartered accountants and doctors in India, the journey of building a successful independent practice often involves more than just skill. It needs a proper financial backing. That's where professional loans for CA & doctors come in. These loans help professionals meet various requirements such as opening a new clinic, expanding an existing business, or purchasing new equipment. In this article, you will learn everything you need to know about professional loans for CA and doctors. Eligibility Criteria The terms of lending are usually more lenient for doctors and chartered accountants compared to standard business loans. Nevertheless, lenders such as IDFC FIRST Bank evaluate several essential points to ensure that the applicant is financially sound and competent enough. Professional qualification • Physicians should hold a degree in MBBS, BDS, or MD and be registered with the relevant medical authority in their country of practice. • CAs have to be members of the Institute of Chartered Accountants of India. • At least 3 years of practice in your profession is usually expected. • Some lenders may ask for additional experience before giving a chartered accountant loan, if the loan amount is higher. Age and residence • Applicants must be Indian citizens between the ages of 23 years (or 21 years if parents are in the same profession) and 68 years (at the time of loan maturity). Financial credibility • A healthy credit score (preferably 700+ or above). • Consistent income with no history of major defaults. Key Features of the Loan These loans are not only easy to apply for, but they're also tailored to the practical needs of doctors and CAs. Loan size • You can apply for a loan amount between ₹5 lakhs and ₹1 crore, depending on your profile. No collateral required • Most lenders offer chartered accountant loans and lending for doctors without requiring any assets for collateral. Versatile usage • You can use it to purchase new medical equipment, furnish your clinic, invest in software, or manage overhead expenses. Quick disbursal • The processing time is short, often within a few hours, provided your documents are in place. Flexible repayment • Tenures range from 1 to 7 years, with multiple EMI plans to suit your cash flow. Documents Required To avoid delays, it helps to prepare all your documents in advance. The list usually includes: • PAN card, Aadhaar, or passport for identity proof • Professional degree certificate (CA or Medical) • Practice registration details • Income Tax Returns from the last two financial years • Bank statements and financial reports (P&L and balance sheet) Benefits of Professional Loans What sets professional loans for CA & doctors apart is how precisely they cater to real-world needs: • No restriction on how you use the money. • Higher amounts are possible compared to regular personal loans. • Pre-approved offers if you have a good relationship with the bank. • Repayment schedules that allow breathing space during lean months. Final Thoughts A chartered accountant loan or lending for doctors isn't just about funding; it's about giving your profession room to grow. Whether you are a young physician looking to open your first clinic or an experienced CA seeking to upgrade your office, this loan will be the help you can always count on, without the hassle associated with conventional loans. Take a few minutes at the beginning to review your credit, organise the paperwork, and choose the correct loan type. That will save you some anxiety in future and allow your business to expand painlessly. (Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 07, 2025, 15:00 IST News agency-feeds Professional Loans for CA & Doctors – All You Need to Know Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Daily Tribune
02-08-2025
- Business
- Daily Tribune
ICAI Bahrain Chapter Announces Executive Committee for 2025–26
The Institute of Chartered Accountants of India (ICAI) – Bahrain Chapter has announced its Executive Committee for the term 2025–26, commencing August 1, 2025. The committee is chaired by CA Vinit Maroo – Chairperson, with CA Vinod Rathi – Vice Chairperson, CA Abhishek Gupta – Secretary, CA Zaki Parvez – Treasurer, CA Abhinav Goel – Joint Secretary, and CA Pankaj Jain – Joint Treasurer. The Executive Committee Members include CA Ankit Ajmera, CA Bharti Maheshwari, CA Kaushalendra Manglunia, CA Nikitha Madhumohan, and CA Vivek Trivedi. The ICAI Bahrain Chapter is one of the most active overseas chapters of ICAI, representing a strong community of Indian chartered accountants in the Kingdom of Bahrain. The chapter regularly conducts professional seminars, knowledge-sharing sessions, student support programs, and networking events, fostering continuous learning and collaboration. The newly elected team brings a dynamic mix of experience and fresh perspectives, with a shared vision to further enhance member engagement, strengthen professional development, and contribute meaningfully to the business and financial ecosystem of Bahrain.
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Business Standard
01-08-2025
- Business
- Business Standard
Sebi chairman Tuhin Kanta Pandey commits to combat financial fraud
Frauds cannot be fully prevented, but it is possible to develop tools that enable early detection, according to Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (Sebi). Speaking on the sidelines of an event in Mumbai on Friday, Pandey emphasised that the regulator is making concerted efforts to address such issues. Addressing a session at Future Proof Forensics 2025, the Sebi chief shared instances of fraud the regulator has uncovered—for example, where a listed entity transferred assets to its subsidiary, which then used a loan secured against these assets to repay the outstanding obligations of a promoter-linked entity. He elaborated on how certain companies artificially inflated their financial statements by engaging in circular transactions with name-lending entities, ultimately allowing promoters to siphon off shareholder funds or misappropriate proceeds from preferential allotments. In some cases, even statutory auditors failed to detect or report the structured routing of funds. 'These cases suggest that some key managerial personnel, statutory auditors, audit committee members, and board directors may only be following a tick-box approach to compliance,' Pandey remarked. He warned that such incidents severely undermine investor confidence and erode shareholder wealth. To address these challenges, Sebi has introduced various measures, ranging from stricter enforcement actions and mandatory shareholder approvals on significant related-party transactions to the deployment of advanced supervisory technologies to flag suspicious activities. Pandey also noted that the Institute of Chartered Accountants of India (ICAI) is developing a robust framework to prevent financial fraud in the securities markets and is actively training Sebi officials in forensic investigation and fraud risk mitigation techniques. In addition, Sebi has held interactive sessions with officials from the CBI, FIU, SFIO, and NCRB to strengthen efforts against market frauds and digital scams. The regulator has also signed memoranda with the Ministry of Corporate Affairs (MCA) and the Central Board of Direct Taxes (CBDT) to facilitate data exchange for investigations and enforcement actions.
Mint
01-08-2025
- Business
- Mint
ICAI Council clears new financial statement format for businesses; businesses may adopt by FY28
The way Indian companies present their profit and loss statements is set for a makeover, one that could provide investors with a clearer picture of what's driving profits and where the money goes. The Institute of Chartered Accountants of India (ICAI) has approved a new reporting format under Ind AS 118, bringing it one step closer to implementation, two persons aware of the development said. ICAI will send the proposed new format to audit watchdog National Financial Reporting Authority (NFRA) for review; the format aims to overhaul how companies present revenue and expenses, offering greater clarity on core performance and return generation. Also read: Businesses will soon have to file financial statements in a new format. Here's why. If cleared, it will be sent to the ministry of corporate affairs for final sign-off, said one of the persons cited above, requesting anonymity. While a formal rollout date has yet to be announced, an April 2027 implementation is likely, in line with a similar global transition to IFRS 18. Queries emailed on Thursday to the ministry of corporate affairs and NFRA remained unanswered at the time of publishing. Council nod, next steps ICAI's Council comprises elected chartered accountants as well as nominees from the government and other constitutional or regulatory bodies, including representatives of the Comptroller and Auditor General of India and the ministry of corporate affairs. CA. Charanjot Singh Nanda, president of ICAI, told Mint in a statement that the proposed Ind AS 118 will mark a significant step forward in enhancing the quality and clarity of financial reporting in India. 'This standard is designed to improve how entities communicate financial performance, with a particular focus on the statement of profit and loss," said Nanda. 'While it does not alter the way financial performance is measured, it introduces a more structured and consistent approach to how that performance is presented and disclosed. The proposed standard will not affect how companies measure their financial performance and the overall profit figure. This will greatly benefit users of financial statements by enabling more meaningful comparisons and deeper insights into a company's operations," he explained. Also read: ICAI tightens norms on tax audits accountants can accept Three-part breakdown The new format will require businesses to show all income and expenses in three defined groups: operating, which deals with the core business activities; investing activities dealing with returns or losses; and financing, which deals with items like interest paid or received, experts said quoting ICAI's exposure draft of Ind AS118 released earlier for public comments. This structure is expected to help investors and regulators better assess performance in both core operations and auxiliary investment activities. Another major change is the requirement to bring certain information—currently disclosed outside the financial statements in investor presentations, press releases, or management commentary—within the audited financials. These are often referred to as management-defined performance measures and will now fall under statutory audit scope. Additionally, the format will mandate more granular disaggregation of income and expenses, with clearer disclosure of the nature of specific costs. These changes aim to improve the transparency, auditability, and comparability of financial statements, and will require preparers to be more precise in their reporting, they added. Also read: Punish bankrupt company owners who don't cooperate in debt resolution, set up advance ruling to cut down delay: ICAI Global alignment The move is part of a broader global shift in financial reporting formats, aligning with International Financial Reporting Standard (IFRS) 18, which takes effect globally from January 2027. However, India's timeline for adoption remains undecided. A likely implementation from April 2027 is possible, though the final decision will depend on discussions among ICAI, NFRA, and the government, the person cited above said.
