CA Nitish Kumar Misra

Chartered Accountant | LL.B | Passionate for Tax Litigation and Auditing | Dedicated to Mastering Complex Tax Laws and Advocating for Fair Outcomes

[Thepagetoday @thepagetody]

#watch CJI Justice Surya Kant Faces Heated Q&A in #London Lecture

Chief Justice of India Justice Surya Kant delivered a public lecture on "Artificial Intelligence and International Law" at Birkbeck University of London on June 4, 2026. During the Q&A, an audience member questioned growing hostility toward dissent in India and its reflection in the CJI's recent report, asking if it undermines the country's democratic track record.

The moderator intervened, deeming it off-topic and ending the discussion amid audience protests. Videos of the incident have gone viral, sparking debate on judicial accountability.

#CJI #SuryaKant #BirkbeckLondon #AIandLaw #IndianJudiciary #FreeSpeech

[Lalit Kumar Modi @LalitKModi]

The picture says it all at the sidelines of the @LucknowIPL @IPL game 🧐

[Institute of Chartered Accountants of India - ICAI @theicai]

CA. Charanjot Singh Nanda, President graced the National Conference LAKSHYA held at Guwahati on 20 Dec 2025, along with CCMs and Branch MC Members inspiring members with a forward-looking vision for the profession & reinforcing ICAI’s commitment to nation building. #Vishwasniya

[𝕯𝖆𝖗𝖕𝖆𝖓 @Bhartiy__]

Om Shri Hanumate Namah

[CA Himank Singla @CAHimankSingla]

🤷🏻‍♂️ Ease of Doing Business...? Reality Check.

3 days ago, a client walked in excited to incorporate his new venture as a company.

Today, he walked out saying:
“Forget this company idea. Just register a partnership firm with a notarised deed. At least I will get to start business early and focus on business, not OTPs.”

Forming a company today easily triggers 15–20 OTPs across stages:

• 3-4 OTPs just for Digital Signatures
• 2 OTPs for company data verification
• 2 OTPs for director data verification
• 2 OTPs inside AGILE filing
• 3-4 OTPs for creating/resetting MCA login credentials

And the worst part?
If the portal hangs, glitches, or fails authentication: you repeat the entire cycle, including all the OTPs again.

Entrepreneurship should feel empowering and not like clearing a CAPTCHA obstacle course.

A country that genuinely wants to promote startups must ensure that company formation is smooth, predictable and technology-enabled and not OTPs overloaded!!

#EaseOfDoingBusiness #MCA #Startup #Entrepreneurship #Compliance #DigitalIndia

[CA Himank Singla @CAHimankSingla]

6% interest on delayed GST refund - and that refund clock starts only after their entire verification marathon is over and only if 60 days have been passed from acceptance of Refund.

18% interest on delayed GST payment - meter starts from day one, no questions asked.

Such imbalance… why this Kolaveri Di? 🥲

[Pratibha Gupta @PratibhaGoyal]

6% interest on Late Payment of Income Tax Refund. Interest on Income Tax is considered as Taxable Income.

12% Interest on Late Payment of Income Tax. This is not a Tax Deductable Expense.

Why this Kolaveri Di?

[CA Nitish Kumar Misra @CA_NitishKM]

@theicai @MCA21India 9/9
CAs, retweet if you agree.
Tag your friends. Tag ICAI. Tag MCA.
Make this the loudest CA voice in years.
We are not fighting for fees.
We are fighting for the basic integrity of corporate India.
#NoAuditExemption #CAUnity

[CA Nitish Kumar Misra @CA_NitishKM]

8/9
Request to

@theicai

@MCA21India

Kill this proposal before Winter Session.
No exemption.
No compromise.
Not ₹1 Cr. Not ₹50 lakh. Nothing.

[CA Nitish Kumar Misra @CA_NitishKM]

7/9
Since 2023: Audit Trail forced on 100% companies.
2025 plan: Statutory Auditor removed from 60% companies.
So we get perfect digital records… that no one is required to verify.
Dormant companies popping champagne. Real businesses? Still paying.

#MCA_Logic

[CA Nitish Kumar Misra @CA_NitishKM]

6/9
Copying US audit exemption without copying the US income ecosystem is like asking a village doctor to survive on heart-transplant fees when 90% of his patients only need fever medicine.
He’ll starve before the first surgery.
That’s what MCA is doing to Indian CAs.

[CA Nitish Kumar Misra @CA_NitishKM]

5/9
How do American CPAs survive without small private audits?
70%+ of their income is from tax planning, M&A, forensics, valuation, SOC reports, ERISA audits.
Indian CAs outside Big 4?
70–80% income from small statutory audits.
Copy-paste = death of lakhs of Tier-2/3 CA firms.

[CA Nitish Kumar Misra @CA_NitishKM]

4/9
“US mein toh small private companies ko audit se chhuti hai”
Yes, and US also has:

SEC, FBI, DOJ

Real jail time under Sarbanes-Oxley

Multi-billion dollar class-action suits

Banks that don’t rely on audited books of tiny firms
India has NONE of these.

[CA Nitish Kumar Misra @CA_NitishKM]

3/9
So who will actually stop getting audited?
Dormant companies. Status companies. Benami shells.
Exactly the ones MCA has struck off 15+ lakh of since 2017.
This proposal rewards fraudsters.

[CA Nitish Kumar Misra @CA_NitishKM]

2/9
Genuine startups will STILL get audited because:

Every bank demands it

Every VC/angel demands it

Burn rate, fund utilisation, related-party txns, runway → all need audited books
₹15,000 is pocket money when lakhs or crores are at stake.

[CA Nitish Kumar Misra @CA_NitishKM]

1/9
If you have ZERO turnover and ZERO intention to grow → don’t form a company.
Use proprietorship or LLP.
That’s it. That’s the entire argument against the ₹1 Cr statutory audit exemption.
#SaveStatutoryAudit

[CA Himank Singla @CAHimankSingla]

The sequence of decisions is genuinely baffling.

Barely two years ago, every company irrespective of size was mandated to maintain books only through software with an audit trail and with audit logs. The clear justification given at that time was better accountability and prevention of manipulation.

And today, the same ecosystem is moving towards diluting statutory audits for a large segment of companies. 🤣🤣

How do these two policies coexist logically?

On one hand, compliance and controls are being tightened aggressively.
On the other hand, the very institution responsible for validating those controls - the statutory auditor is being sidelined.

If the intention is transparency and investor protection, removing audits works against that goal. If the intention is ease of doing business, then forcing every entity into complex audit-trail software was already the opposite.

Something is fundamentally inconsistent.
Lawmakers owe the corporate sector and professionals a clear explanation of the direction they want India Inc. to move in because governance cannot be built on contradictions. 🙏✊🏻

[Praveen Lakhe @PraveenLakhe]

@ankitatIIMA Just go through the list of forms req to be submitted to mca every year, their time line and late fees first and then give ur opinion on what needs to be scrapped first.

[McKennley @vieworiginals]

@IndianTechGuide Turnover Nil but balance sheet value 10 crore .. loan taken and given assets create and dispose without having turnover .. only increase shell transactions… any solution of this ??

[CA Ruchita Vaghani @R_N_Vaghani]

GST Audit - चली गयी
Company Audit - जाने की कगार पे है
Bank Audit- Small Firms को कम ही मिलती है
Tax Audit - डर की तलवार हमेशा बानी रहती है

तो फिर 50 लाख CA बनाकर करोगे क्या ???

अगर डॉक्टर का काम कल को 10 वी पास या किसी B. COM ,B. SC वाले को दे दिया जाये तो क्या वो सही दवाई दे पायेगा ?? क्या वो सही से ऑपरेशन कर पायेगा ??नहीं ना.... ???

तो फिर CA का काम भी कुछ उसी तरह का है , अगर Exclusive Area CA से छीन लिए गए तो बी.कॉम या 12 वी पास का रिपोर्टिंग इकॉनमी में बड़े crysis लाएगा।

और रही बात की AI की तो जैसे AI आपको आपेरशन में गाइड भले ही करदे लेकिन AI के गाइडेंस से आप डॉक्टर नही बन जाओगे और आप ऑपरेशन कम्पलीट नहीं कर पाओगे। बस उसी तरह AI आपको Guidance शायद दे देगा लेकिन provision और act की समज और रिपोर्टिंग एक CA ही अच्छे तरीके से कर पायेगा और कोई नहीं।

सत्ता में बैठे लोग ये बात समजे और CA के Exclusive Area को महत्ता देकर उसको AI के हवाले न करे यही मेरी आशा है।

धन्यवाद।