The Management Accountant - June 2024

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June 2024 VOL 59 NO. 06 Pages - 124 100

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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory Body under an Act of Parliament)

Enlisted in UGC-CARE REFERENCE LIST OF QUALITY JOURNALS

Journal of

INSURANCE

2047

FOR ALL BY

2 The Management Accountant - June 2024

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CMA Kaushik Banerjee on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S. New Market, Dist:

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India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.

Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.

New Market, Dist: Kolkata, West Bengal - 700 016.

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www.icmai.in

June 2024 - The Management Accountant

JUNE 2024

INSIDE

JUNE VOL 56 NO.06 `100

JUNE VOL 59 NO.06 `100

SPECIAL ARTICLE

OPPORTUNITIES OF RENEWABLE

ENERGY FINANCING IN INDIA ---- 26

COVER STORY

BANCASSURANCE - THE REVOLUTIONARY COUPLE ---- 31

UNDERWRITING IN GENERAL INSURANCE AND EFFICACY OF

CLAIMS MANAGEMENT ---- 34

INDIA INSURED BY 2047: THE ROLE OF INSURANCE COMPANIES,

DISTRIBUTION NETWORKS AND REGULATORY FRAMEWORKS ---- 37

HEALTH CARE & INSURANCE SECTOR ---- 40

FROM MONOLITH TO MARKET: EXPLORING IPO ISSUE AND

MARKET POTENTIAL OF LIC OF INDIA ---- 44

DIGITAL TRANSFORMATION -

THE GAME CHANGER IN INDIAN INSURANCE SECTOR ---- 49

INSURANCE FOR ALL BY 2047

A STUDY OF PMSBY: INSURANCE PENETRATION OF THE POPULATION

OF CHHATTISGARH STATE ---- 54

REGTECH AND INSURANCE SECTOR:

AN OPPORTUNITY TO EXPLORE ---- 56

UNVEILING THE FUTURE:

BANCASSURANCE AS INDIA'S NEW FINANCIAL FRONTIER ---- 61

PARAMETRIC INSURANCE: REVOLUTIONIZING RISK MANAGEMENT

IN INDIA AND BEYOND ---- 67

BANCASSURANCE IN INDIA: OPPORTUNITIES, CHALLENGES,

AND FUTURE PROSPECTS ---- 72

4 The Management Accountant - June 2024

www.icmai.in

From the Editor’s Desk

President's Communique

From the Desk of Chairman (BFSIB)

From the Desk of Chairman (T&EF Committee)

11 National Students’ Convocation 2024

ICMAI-CMA Snapshots

Digital Object Identifier (DOI) - Oct - 2023

Digital Object Identifier (DOI) - Nov - 2023

Down the Memory Lane

News from the Institute

Statutory Updates

Advisory for Renewal of Certificate of Practice

for 2024-25

104

105

106

108

118

120

..............................................................................................................................................................................................................................................................................

PRESIDENT

CMA Ashwin G. Dalwadi

president@icmai.in

VICE PRESIDENT

CMA Bibhuti Bhushan Nayak

vicepresident@icmai.in

COUNCIL MEMBERS

CMA (Dr.) Ashish Prakash Thatte, CMA Avijit Goswami, CMA Chittaranjan Chattopadhyay,

CMA Harshad Shamkant Deshpande, CMA (Dr.) K Ch A V S N Murthy, CMA Manoj

Kumar Anand, CMA Navneet Kumar Jain, CMA Neeraj Dhananjay Joshi, CMA Rajendra

Singh Bhati, CMA Suresh Rachappa Gunjalli, CMA T C A Srinivasa Prasad, CMA (Dr.) V.

Murali, CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia, Shri Inder

Deep Singh Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired)

Secretary

CMA Kaushik Banerjee

secy@icmai.in

Senior Director (Studies, HR & Admin Kolkata)

CMA (Dr.) Debaprosanna Nandy

studies.director@icmai.in

Senior Director (Membership)

CMA Arup Sankar Bagchi

membership.director@icmai.in

Director (Examination)

Dr. Sushil Kumar Pareek

exam.director@icmai.in

Additional Director (PR Corporate, Public Relation & Admin-Delhi)

Dr. Giri Ketharaj

admin.hod@icmai.in, pr.hod@icmai.in

Additional Director (Tax Research)

CMA Rajat Kumar Basu

trd.hod@icmai.in

Additional Director (Career Counselling and Placement)

CMA (Dr.) Sumita Chakraborty

career-counselling@icmai.in, placement.hod@icmai.in

Additional Director (PD & CPD)

CMA Nisha Dewan

pd.hod@icmai.in

Additional Director (Technical)

CMA Tarun Kumar

technical.addldir1@icmai.in

Additional Director (Infrastructure)

CMA Kushal Sengupta

Infrastructure.hod@icmai.in

Director (Discipline) & Additional Director

CMA Rajendra Bose

discipline.director@icmai.in

Additional Director (Journal & Publications and Board of Advanced Studies &

Research)

CMA Sucharita Chakraborty

journal.hod@icmai.in

Additional Director (BFSI)

CMA Dibbendu Roy

bfsi.hod@icmai.in

Additional Director (Information Technology)

Mr. Ashish Tewari

it.hod@icmai.in

Joint Director (Internal Control)

CMA Indu Sharma

intcontrol.hod@icmai.in

Joint Director (Finance)

CMA Soma Banerjee

ﬁnance.hod@icmai.in

Joint Director (Legal)

Ms Vibhu Agarwal

legal.hod@icmai.in

Joint Director (CAT)

CMA R. K. Jain

cat.hod@icmai.in

Joint Director (International Affairs)

CMA Yogender Pal Singh

intlaffairs.hod@icmai.in

...................................................................................................

..............................................................................

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DISCLAIMER -

= The Institute of Cost Accountants of India does not take responsibility for returning unsolicited

publication material. Unsolicited articles and transparencies are sent in at the owner’s risk and the

publisher accepts no liability for loss or damage.

= The views expressed by the authors are personal and do not necessarily represent the views of the

Institute and therefore should not be attributed to it.

= The Institute of Cost Accountants of India is not in any way responsible for the result of any action

taken on the basis of the articles and/or advertisements published in the Journal. The material in this

publication may not be reproduced, whether in part or in whole, without the consent of Editor, The

Institute of Cost Accountants of India. All disputes are subject to the exclusive jurisdiction of

competent courts and forums in Kolkata only.

ROLE OF FINTECH IN TRANSFORMING INDIA'S

BFSI SECTOR AND WOMEN'S PARTICIPATION

FINTECH

⑨⑤

BUSINESS STRATEGY - THE NEW AXIS

OF COST AND MANAGEMENT ACCOUNTING

TOTAL COST MANAGEMENT

⑨②

CASH BACK FOR THOSE WHO GENERATE NEW

EMPLOYMENT DEDUCTION UNDER SECTION

80JJAA OF THE INCOME TAX ACT, 1961: -

ANALYSIS, CHALLENGES & COURTS’

DECISIONS

TAXATION

①⓪⓪

DIGITAL TRANSFORMATION OF INSURANCE

BUSINESS AND THE JOURNEY IN SEARCH OF

EXCELLENCE WITH INSURTECH

DIGITAL TRANSFORMATION

⑧④

ENABLING PROFESSIONAL SERVICES:

A CATALYST FOR GROWTH OF GIFT-IFSC

SUSTAINABILITY LEAF

⑧⓪

⑦⑥

Cover image source:

https://ciiblog.in/enabling-insurance-for-all/

CMA (Dr.) Tarun Agarwal

Director

National Insurance Academy

Pune

INTERVIEW

www.icmai.in

June 2024 - The Management Accountant

6 The Management Accountant - June 2024

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Insurance for all by 2047

h e

I n s u r a n c e

Regulatory

and

D e v e l o p m e n t

Authority of India

(IRDAI) has committed to enable

‘Insurance for All’ by 2047,

where every citizen will have

an appropriate life, health and

property insurance cover and every

enterprise would be supported by

appropriate insurance solutions

and also to make Indian insurance

sector globally attractive.

The IRDAI has brought in

multiple reforms, focussing

on three prominent themes

– strengthening the ecosystem,

improving accessibility & reach,

and safeguarding policyholders’

interests.

The regulator has envisaged three

major initiatives - Bima Sugam, a

one-stop digital platform, Bima

Vistar, an all - in - one affordable

insurance cover and Bima Vahak, a

women-led-field distribution force.

Popularly labelled as the `Insurance

Trinity’, these initiatives are

expected to be the game-changers

for the Insurance Industry in the

country bridging the existing gaps

in the product design, pricing and

distribution.

This issue carries several articles

on cover story “Insurance for all by

2047”. It is earnestly hoped that

these articles on various aspects

of insurance will help the members

and other readers to widen their

knowledge on insurance sector.

Here’s a glimpse of the articles

featured in this issue:

Bancassurance

The

R e v o l u t i o n a r y

C o u p l e

acknowledges that Bancassurance is

an alliance to provide twin benefits

for a customer opting a credit

facility. The insurance products are

integrated to the banking channels

and are customized based on the

diversified market/customer needs.

Underwriting in General

Insurance and Efficacy of Claims

Management concludes that while

underwriting leads to income and

cash inflow as business is generated

and premium is received, claims

leads to expenses and cash outflow.

Both functions are crucial and need

equal attention and importance by

a general insurance company for

benefit of all.

India Insured By 2047: The

Role of Insurance Companies,

Distribution Networks and

Regulatory Frameworks provides

valuable insights by highlighting

the role that insurance companies

can play to ensure greater

accessibility of insurance products

for all through underwriting and

managing various insurance

products to cater to the diverse

needs of the Indian population.

It emphasizes the importance of

an efficient distribution network

to have a wider reach and the

significance of a regulatory

framework in safeguarding the

interests of both insurers and

policyholders.

Health Care & Insurance Sector

focuses on the necessity of health

insurance and its benefits.

From Monolith to Market:

Exploring IPO Issue and Market

Potential of LIC of India is a

descriptive analysis of the journey

of LIC IPO, which began trading in

May 2022 by being listed in both

the Bombay Stock Exchange (BSE)

and the National Stock Exchange

(NSE).

Digital Transformation -

The Game Changer in Indian

Insurance Sector takes a look at the

various aspects of InsurTech, the

technologies driving transformation

and its specific applications, the

risks and concerns, regulatory

involvement, and the role of

professionals in this hi-tech

environment.

The purpose of the article

Insurance for all by 2047: A Study

of PMSBY: Insurance Penetration

of the Population of Chhattisgarh

State is to find whether the flagship

insurance penetration initiative of

IRDAI, that is the ‘Insurance for

All by 2047’ has been successful

in increasing the penetration of

PMSBY insurance in Chhattisgarh after its launch

in the year 2022, and how it has contributed to

the betterment of the State’s economy after its

announcement.

In Regtech and Insurance Sector: An

Opportunity to Explore an attempt has been made

to explore the strategic significance of Regtech

solutions and their applications in insurance

industry. Further, certain prerequisites have been

suggested to ensure its effective implementation.

Unveiling the Future: Bancassurance as India’s

New Financial Frontier discusses the regulatory

and operational hurdles including the Strategic

Role of Cost and Management Accountants

(CMAs) in compliance and planning.

Parametric Insurance: Revolutionizing Risk

Management in India and Beyond underlines

the significance of working with stakeholders,

leveraging technological innovations and

implementing policy measures to create inclusive

and cost-effective parametric insurance solutions.

Bancassurance in India: Opportunities,

Challenges, and Future Prospects explores the

evolution, opportunities, challenges and prospects

of Bancassurance. This article also makes several

recommendations to all the stakeholders for

harnessing opportunities and addressing the

challenges of the domain.

Our Regular column Digital Transformation

covers Digital Transformation of Insurance

Business and The Journey in Search of Excellence

with Insurtech.

This issue also features an interview with CMA

(Dr.) Tarun Agarwal, Director National Insurance

Academy, Pune.

Apart from these thematic articles, this issue

contains articles on various other contemporary

matters including a special article on Opportunities

of Renewable Energy Financing in India.

Please share your thoughts at editor@icmai.in.

Happy Reading….

From the Editor’s Desk

www.icmai.in

June 2024 - The Management Accountant

PAPERS INVITED

Cover Stories on the topics given below are invited for ‘The Management Accountant’

for the four forthcoming months

The above subtopics are only suggestive and hence the articles may not be limited to them only.

Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph

and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.

Please send your articles by e-mail to editor@icmai.in latest by the 1st week of the previous month.

DIRECTORATE OF JOURNAL & PUBLICATIONS

CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, India

Board: +91 33 2454 0086 / 87 / 0184 Tel-Fax: +91 33 2454 0063

www.icmai.in

Theme

Subtopics

Management

Accounting Practices

– Holistic Integrated

Thinking

Navigate Management Accounting Principles to Model Environmental, Social and

Governance Ecosystems

Management Accounting and Business Model – an Intertwined Relationship

Management Accountants – An approach to diversity – Transform ‘information’ through

‘insight’ to ‘influence’

Management Accounting Tools – an imperative to promote Organizational Vision and

Strategy

Automation and AI adoption – Catalyst to compliment / profess Management Accounting

Principles

CMA’s – a crusader to partner Global Business Leader in Growth Trajectory

Cyber security – a threat subsumed opportunity to CMA’s, - Effectuate Strategic Planning

and Risk Assessment

Global Disruptions and Management Accounting Principles – a pathway and

environmental driver

August 2024

Theme

Subtopics

Goods and Service

Tax - A Gateway to

rationalise indirect tax

ecosystem

GST on Digital Services

GST exemption on RERA - its impact on real estate

Retro effect of GST as proposed in Finance Bill 2023

ITC restriction on CSR spend - A potential challenge to business

Inverted Duty Structure and refund of ITC

Impact of new GST regime

Formation of GST Appellate Tribunal - the need of the hour

GST Valuation: understanding role and provisions

July 2024

Theme

Subtopics

Forensic Audit - A step ahead of Internal Audit

Operational Red Flags- key indicators for Forensic Audit

Legislature, SEBI guidelines governing Forensic Audit

Forensic Auditors - A multi facets professional

Banking Regulation Act and Forensic Audit

Applicability of Forensic Audit in different Industries

Earmarked judgements/case laws under Forensic Audit in India

CMAs - Corporate Partner as Forensic Professional

Forensic Audit Report - Metamorphosis of Traditional Audit Report

Forensic Audit:

A Step Ahead

October 2024

Theme

Subtopics

Accelerating India's

Transport & Logistic

Sector - A Corridor to

evolution

Transformation of transportation and logistic industry --a decade journey

Impact of Logistics Cost in Pricing of goods

Connectivity development- for securing country's defence mechanism

Flagship Highway Project-- "Bharatmala" the journey so far

Green Logistic Technology, Smart cities, logistics parks -- new generation

innovation

Transportation landscape in India

GST impact on logistic industry

Satellite based toll collection: a smart way of revenue generation

September 2024

8 The Management Accountant - June 2024

www.icmai.in

“Take risks in your life. If you win, you can lead, if

you lose, you can guide.”

-- Swami Vivekananda

My Dear Professional Colleague,

s we usher in another month of dynamic

developments and professional

milestones, I am delighted to share the

latest updates and accomplishments of

the Institute. We continue to advance our mission of

fostering excellence in cost and management accounting,

with several key initiatives and events designed to

support the professional growth and the broader goals

of CMA fraternity.

61st National Cost and Management Accountants’

Convention - 2024

I am delighted to invite you to the upcoming

61st National Cost and Management Accountants’

Convention- 2024, scheduled for 27-29 June, 2024 at

Tent City 2, Ekta Nagar, Statue of Unity, Gujarat.

The theme of the NCMAC – 2024, “Viksit Bharat

2047: Synergizing Catalysts for Sankalp to Siddhi”

signifies an inevitable paradigm shift in the role and

significance of CMAs. It highlights a remarkable

transformation of CMA’s role from financial reporters

to strategic partners and visionaries who actively

contribute to India’s economic development, innovation,

sustainability and growth. This prestigious event will

bring together leading dignitaries/professionals to share

insights, network, and explore the latest advancements

in cost and management accounting, and how CMAs are

CMA Ashwin G. Dalwadi

President

The Institute of Cost Accountants of India

pivotal in providing the vision needed to propel India

towards a Viksit Bharat.

Join us at NCMAC 2024 for days filled with

informative sessions, expert speakers, and valuable

opportunities to connect with peers. Your participation

will be a significant addition to the success of this

convention.

Please note that the number of seats is limited for this

first ever residential National Convention of ICMAI

and registration is on First Come First Serve Basis.

For more details and online registration, visit: https://

icmai.in/NCMAC-2024/. I look forward to seeing you

at NCMAC- 2024.

Recognition to ICMAI SAO as Self-Regulatory

Organization (SRO)

I am happy to inform that SEBI vide its circular dated

27th May, 2024 has specified ICMAI Social Auditors

Organization – ICMAI SAO (promoted by the Institute

of Cost Accountants of India) as Self-Regulatory

Organization (SRO) for Social Impact Assessors in the

context of Social Stock Exchange. The recognition by

SEBI to ICMAI SAO to act as a SRO would facilitate our

active pursuit in building a healthy and robust ecosystem

for sustainable growth of the Social Stock Exchange.

I look forward to active and sustained engagement of

members in the activities of ICMAI SAO.

Meeting with UGC Chairman

I am pleased to announce that on 16th May, 2024,

I had the privilege of attending a meeting with the

UGC Chairman in New Delhi, alongside senior

officials from ICMAI and UGC. During this meeting,

we delivered two key presentations: one showcasing

our Institute and the other outlining our proposals for

the UGC. These proposals included facilitating credit

transfer, recognition as a national-level research center,

development of skill enhancement courses, introduction

of a management accountancy course at the college

level, and strengthening industry-academia linkage. This

meeting marks a significant step towards harnessing

institutional collaboration for the greater good, setting

a precedent for future partnerships aimed at nation

building.

Meeting with NCVET Chairman and UGC

Chairman

I am pleased to share that on 24th May, 2024, my

PRESIDENT’S COMMUNIQUÉ

www.icmai.in

June 2024 - The Management Accountant

PRESIDENT’S COMMUNIQUÉ

the qualified and semi-qualified CMAs of the June 2023

and December 2023 terms. Rank Holders were felicitated

with prizes and rank certificates at this National Students’

Convocation.

The event featured Dr. Andrew Fleming, British

Deputy High Commissioner for East and North East

India, Kolkata, as the Special Guest of Honour, and Prof.

Sankarshan Basu, Professor of Finance & Accounting

at IIM Bangalore, as the Guest of Honour.

The event was well-attended by my council colleagues,

eminent personalities, including academicians, corporate

representatives, and approximately 400 students from

across the country, as well as Institute officials.

The National Students’ Convocation 2024 Souvenir

and revised editions of four Handbooks on Taxation

were released during the event. Additionally, the Institute

signed a Memorandum of Understanding (MoU) with

The Bhawanipur Education Society College (BESC),

aimed at promoting joint activities to address mutual

interests in education, training, research, studies, and

seminars.

Foundation Day Celebration

The Institute celebrated its 65th Foundation Day

on 28th May 2024 by organizing a Webinar wherein

eminent guests CMA Pawan Kumar, Chief Adviser

(Cost) and CMA Aruna Sethi, Former Chief Adviser

(Cost), Deptt. of Expenditure, Ministry of Finance, and

CMA A N Raman, Former President, SAFA joined the

Council Members, shared their views and experiences

on the professional achievements and challenges, and

way forward for Viksit Bharat-2047.

Opportunity for restoration of Membership

I am pleased to inform you that the Council of the

Institute has announced that to bring back the members

whose names were removed due to non-payment of

prescribed fees, into the fold of membership, a onetime

opportunity to be given to the members, whose names

were removed from the Register of Members for non-

payment of fees, to restore their names through a

remission/amnesty scheme from 1st June 2024 to 30th

June 2024 by paying the differential rate of fees, viz -

Membership fee for the FY year of default, Re-Entrance

Fee and Restoration fee of ₹ 50/- each respectively

and Membership fee for the FY year of Restoration.

Also during such restoration, membership number will

remain the same.

council colleague, CMA M.K. Anand, had the privilege

of attending a significant meeting at NCVET, New Delhi.

The meeting included the NCVET Chairman, UGC

Chairman, and senior officials from ICMAI, NCVET,

and UGC. During this productive session, the NCVET

and UGC Chairmen extended an invitation to us to

develop skill enhancement courses that will facilitate

credit transfers for students. This initiative aims to fulfill

the Viksit Bharat mission. I am delighted to announce

that the Institute has already initiated this process.

International Management Accounting Day

The Management Accounting Committee of the

Institute had organized a National Seminar titled

“Navigating the New Frontier: Management

Accounting in the Era of Real-Time Insights,

Sustainable Growth, and Cybersecurity” in Mumbai on

6th May, 2024 to celebrate the International Management

Accounting Day. The National Seminar was inaugurated

by Chief Guest, Hon’ble Governor of Maharashtra

Sri Ramesh Bais and Guest of Honour Prof. Manoj

Tiwari, Director IIM Mumbai. I had the pleasure of

participating in this National Seminar along with CMA

Bibhuti Bhusan Nayak, Vice President, ICMAI and

my Council colleagues. Other delegates present were

the Former Presidents of the Institute and all Regional

Council members of WIRC, and various office bearers

of Chapters.

This event aimed to explore the evolving landscape of

Management Accounting in today’s dynamic business

environment. Under the able leadership of the Chairman

of the Management Accounting Committee, CMA Neeraj

D. Joshi, themes very relevant to today’s context were

covered including leveraging real-time insights for

decision-making, driving sustainable growth strategies,

and addressing the critical role of cybersecurity in the

field of Financial Management. I am happy to share

with you that in this grand program, such pertinent

topics were delved into and deliberated on by eminent

speakers and practitioners from the Industries. I am sure

the participants who eagerly listened to the presentations

enjoyed and learned immensely from these insightful

discussions.

11th National Students’ Convocation – 2024

I attended the 11th National Students’ Convocation

– 2024 on 23rd May, 2024, held at the Science City

Auditorium in Kolkata. This solemn occasion recognized

10 The Management Accountant - June 2024

www.icmai.in

PRESIDENT’S COMMUNIQUÉ

to the standard: https://icmai.in/upload/CASB/2017/

CAS-2-Revised-2024.pdf

Peer Review Board

I am pleased to share with you that the Peer Review

Board of the Institute has started conducting the Virtual

Reviewers’ Training Program and the first session of the

same was conducted on 28th May 2024 by CMA Neeraj

D Joshi, Member, PRB of ICMAI. Second Session of

the Program is scheduled for 5th June 2024 on Module 3

& 4 which will be taken by CMA (Dr.) Ashish P. Thatte,

Council Member, ICMAI, while the third & final session

dealing with the Module 5 & 6 of the Training Manual

will be conducted on 10th June 2024 by CMA (Dr.) S.K.

Gupta, MD of RVO and CMA Manoj Kumar Anand,

Council Member, ICMAI respectively.

I urge all the reviewers to attend these sessions in

good numbers and place their relevant queries / doubt

before the resource persons for resolution in the sessions

itself. I am told that the response of the Empaneled

Reviewers to these sessions has been very encouraging.

I am sure that these sessions will be able to equip the

Reviewers’ with all the necessary information and skills

to handle the peer review assignments smoothly. I wish

all the reviewers all the very best. I congratulate the

Peer Review Board for taking up this very timely step.

I wish prosperity and happiness to members, students

and their families and pray for the success in all of their

endeavours.

With warm regards,

CMA Ashwin G. Dalwadi

June 04, 2024

Please note that this facility will be on onetime basis

and will remain open during the entire month of June

2024 only.

I request you all to inform your known members

concerned to avail this one time opportunity to restore

their membership and reconnect their bond with the

Institute. Your support in spreading this message is

greatly appreciated.

The details and link of the onetime facility is available

on the member’s section of the ICMAI website: https://

eicmai.in/External/. For any further clarification, please

do not hesitate to contact the membership department

in the matter at membership@icmai.in mentioning the

membership number.

Release of Guidance Note on Inventory Valuation

under the Income Tax Act, 1961

I am pleased to inform you that the Guidance Note

on Inventory Valuation under the Income Tax Act,

1961 developed by the Cost Accounting Standards Board

of the Institute (CASB of ICMA) was released at the

hands of Shri Nitin Gupta, IRS, Chairman, Central

Board of Direct Taxes (CBDT), Ministry of Finance,

Government of India on 8th May 2024 at his office in

North Block, New Delhi.

I congratulate the CASB of ICMAI for this remarkable

step. This Guidance Note will assist the practicing

members and other professionals to keep abreast with

the requirements of preparing the Inventory Valuation

Report under the Section 142(2A) of the Income Tax

Act, 1961. I urge the members to share their constructive

suggestions for further improvement in the text of

the Guidance Note so that the same can suitably be

incorporated in the future editions of the publication. I

am sure that the Guidance Note will help the members

of the Institute in supplementing their efforts in the area

of Inventory Valuation and they will be benefited in

imparting their professional responsibilities successfully.

The Guidance Note is available at https://icmai.in/

CASB/GN_Inventory_Valuation.php

Revision of Cost Accounting Standard (CAS-2)

I wish to inform you that the Council of the Institute

in its 351st meeting approved the release of the Cost

Accounting Standard on Capacity Determination (CAS-2

Revised 2024), as recommended by the Cost Accounting

Standards Board. CAS-2 Revised 2024 will supersede

the CAS-2 Revised 2015 w.e.f. 1st April 2024. Link

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