MCA NEWS LETTER SUMMARY
Posted Date : 01-May-2015 , 12:16:07 pm | Posted By
Soniya
Auditor Obligations on Internal Financial Controls: A new Rule 10A has been inserted in the Companies (Audit and Auditors) Rules, 2014 in the context of Section 143(3)(i), to make it obligatory for the auditor to make a statement about existence of adequate internal financial controls system and it...
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Category : Corporate Law |
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Professional Stress & Management of Stress
Posted Date : 28-Apr-2015 , 02:36:08 pm | Posted By
Satish C. Badve
Cmd+
PROFESSIONAL STRESS & MANAGEMENT OF STRESS.
STRESS.
&nbs...
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Category : CA |
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What is Internal Audit?
Posted Date : 24-Apr-2015 , 05:59:19 pm | Posted By
Tanmay Srivastava
What is Internal Audit?
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing systematic , disciplined approach to eval...
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Category : Auditing |
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Basic Conditions for filing 15G & 15 H
Posted Date : 19-Apr-2015 , 08:38:35 am | Posted By
Vimmi
The basic conditions for filing 15G are—the final tax on estimated total income computed as per the Income Tax Act should be nil; and, the aggregate of the interest (excluding interest earned on securities) received during the financial year should not exceed the basic exemption slab of Rs 2...
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Category : TDS |
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Sction 3 of Companies Act 2013
Posted Date : 18-Apr-2015 , 05:51:02 pm | Posted By
Manshi Baid
SECTION 3 OF COMPANIES ACT 2013
READ WITH THE COMPANIES (INCORPORATION) RULES , 2014
FORMATION OF COMPANY
TYPES OF COMPANIES -------
Public Company --- At least 7 persons
Private Company --- At least 2 persons
One Person Company – Only one person with a person as Nomin...
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Category : Corporate Law |
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Revision in list of date of birth documents accepted for PAN application
Posted Date : 18-Apr-2015 , 10:08:33 am | Posted By
CA GOURAV MURARKA
It is hereby informed that Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance vide its notification no. 995 (E) dated April 10, 2015, has amended the Rule 114(4) of Income-tax Rules, 1962 whereby certain additional documents have been prescribed as proof of Date of Birt...
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Category : Income Tax |
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Changes in Notified ITR 1, ITR 2 & ITR 4S for A.Y. 2015-16
Posted Date : 16-Apr-2015 , 09:24:42 pm | Posted By
Vimmi
CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15. The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return. A b...
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Category : ITR |
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No Service tax liability arise on loans and advances, if it is revealed in the audited balance sheet
Posted Date : 16-Apr-2015 , 01:14:42 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, No Service tax liability arise on loans and advances, if it is revealed in the audited balance sheet We are sharing with you an important judgment of Hon’ble CESTAT, Mumbai, in the case of Reliance Infratel Ltd. Vs. Commissioner of Service tax, Mumbai – II...
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Category : Service Tax |
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CARO - Comparative study - Old vs New CARO
Posted Date : 15-Apr-2015 , 11:11:55 pm | Posted By
Vimmi
After the enactment of the Companies Act, 2013, the Companies Act, 1956 ('Old Act') ceased to have effect from April 1, 2014. As a corollary, the Companies (Auditor's Report) Order, 2003 (CARO, 2003) also ceased to have effect from the said date.
The Institute of Chartered Accountants of In...
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Category : CARO |
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No interest and/ or penalty can be levied just because the Assessee had paid Service tax, which was actually not payable
Posted Date : 13-Apr-2015 , 12:23:22 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, No interest and/ or penalty can be levied just because the Assessee had paid Service tax, which was actually not payable We are sharing with you an important judgment of Hon’ble High Court, Madras, in the case of Commissioner of Central Excise, Tirunelveli Vs. Su...
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Category : Service Tax |
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Larger Bench of Tribunal held that Works Contracts are exigible to Service tax even before June 1, 2007
Posted Date : 08-Apr-2015 , 04:02:25 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, We are sharing with you an important judgment of Hon’ble CESTAT, Delhi, in the case of Larsen and Toubro Ltd, Kehems Engg Pvt Ltd Vs. CST, Delhi/ CCE & ST, Indore/ CCE/ Rajkot and CCE & ST, Indore Vs. Kehems Engineering Pvt Ltd. on the ...
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Category : Service Tax |
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Service Tax - Increase in time limit for availing Cenvat credit on Input services and Inputs
Posted Date : 06-Apr-2015 , 11:48:30 am | Posted By
CA Bimal Jain
Dear Professional Colleague, Increase in time limit for availing Cenvat credit on Input services and Inputs – Whether applicable on invoices issued prior to March 1, 2015? Till September 1, 2014, there was no time limit prescribed under the Cenvat Credit Rules, 2004 (“the Credit R...
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Category : Service Tax |
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Key Takeaways of the Foreign Trade Policy, 2015-2020
Posted Date : 03-Apr-2015 , 02:54:31 pm | Posted By
CA Bimal Jain
Foreign Trade Policy 2015-20 Unveiled: Aiming to nearly double India’s exports of goods and services to USD 900 billion by 2020 Commerce and Industry Minister Mrs. Nirmala Sitharaman unveiled the Prime Minister Mr. Narendra Modi-led government's new Foreign Trade Policy, 2015-2020 (“FTP...
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Category : International Business |
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Bank Audit with the help of Finacle
Posted Date : 03-Apr-2015 , 08:45:43 am | Posted By
Vimmi
The banking sector in India has developed tremendously after it adopted the Core Banking Solution (CBS). Finacle is also one of such CBS softwares developed by Infosys. Many nationalized banks such as Bank of Baroda, Bank of India, PNB, Union Bank of India and private bank such as ICICI are us...
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Category : Bank Branch Audit |
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Provision of Section 180(1) of Companies Act 2013
Posted Date : 02-Apr-2015 , 06:49:05 pm | Posted By
Csdiveshgoyal
PROVISION OF SECTION 180(1) OF COMPANIES ACT 2013
GOYAL DIVESH & ASSOCIATES,
Practicing Company Secretary
Let’s Start with Example of Section 180(1) (c) of the Companies Act, 2013 corresponds to section 293 of the companies Act, 1956 and the said section has been brought into effect fr...
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Category : Companies Act |
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Penalty Punishment on Auditors under Companies Act 2013
Posted Date : 02-Apr-2015 , 06:42:55 pm | Posted By
Csdiveshgoyal
PENALTY & PUNISHMENT ON AUDITORS
UNDER COMPANIES ACT, 2013
GOYAL DIVESH & ASSOCIATES, Practicing Company Secretary
Contravention of Provision of Section 139-146: (Attendance in General Meeting): If any provisions of this Section contravene then:
Penalty on Company...
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Category : Companies Act |
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Limit Chart under Companies Act 2013
Posted Date : 02-Apr-2015 , 06:34:41 pm | Posted By
Csdiveshgoyal
APPLICABLITY OF PROVISIONS UNDER COMPANIES ACT- 2013
GOYAL DIVESH & ASSOCIATES, Practicing
Company Secretary
Applicability of XBRL (Extensible Business Reporting):
General Circular No. 16/2012 Dated: 06.07.2014. Vide Companies (Filing of documents and forms in Exten...
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Category : Companies Act |
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Companies Act 2013 - Resolution Required to be files with ROC
Posted Date : 02-Apr-2015 , 06:21:31 pm | Posted By
Csdiveshgoyal
RESOLUTION REQUIRED TO BE FILED WITH ROC IN COMPANIES ACT 2013
GOYAL DIVESH & ASSOCIATES,
Practicing Company Secretary
ARE U MOVING TOWARD COMPOUNDING?
The Main Reason behind writing this article is “Are We Moving Toward Compounding?”
As per Section-117 of Comp...
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Category : Companies Act |
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Director Report- Companies Act 2013
Posted Date : 02-Apr-2015 , 06:15:57 pm | Posted By
Csdiveshgoyal
DIRECTOR REPORT COMPANIES ACT, 2013
GOYAL DIVESH & ASSOCIATES, Practicing Company Secretary
Report of Board of Directors should be ‘ATTACHED’ to the Balance Sheet laid before the AGM.
A directors’ report is intended to explain to shareholders, the company’s affair...
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Category : Companies Act |
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Compliance Checklist for small companies under Companies Act 2013
Posted Date : 02-Apr-2015 , 06:13:20 pm | Posted By
Csdiveshgoyal
COMPLIANCE CHECKLIST FOR SMALL COMPANY UNDER COMPANIES ACT 2013
There are two categories of Private Limited Company for compliances purpose:
Small Company
Non- Small Company
SMALL COMPANY:
Let’s first discuss what is Small Company:
INTRODUCTION:
The concept of “Sm...
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Category : Companies Act |
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