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Showing posts from March, 2014

Companies Act-Rules - Article on NPA

MCA notifies rules for additional chaptersMCA vide its notification dated 28th& 31stMarch 2014 issued rules for additional 4 chapters under the Companies Act 2013. Till now the rules have issued for 14 chaptersNew rules issued are :·Chapter XXVI - Nidhi Rules 2014·Chapter XXIX - Companies (Adjudication of Penalties ) Rules 2014·Chapter XXIX - Companies (Miscellaneous ) Rules 2014·Chapter V - The Companies (Acceptance of Deposits) Rules, 2014.·Chapter X - The Companies (Audit and Auditors) Rules, 2014.Please take note that rules for Chapter II has been re-issued on 30th March 2014


31st March 2014 important date to remember

31st March 2014 important date for following1. Last date of payment of advance income tax for Financial Year 2013-14.2.Submission of income tax and wealth tax for the financial year 2012-13.3. Submission of revised return of income for financial year 2011-12, if required.4.Payment of Income tax and wealth tax for the undisclosed income and wealth for FY 2006 07 to 2011 12, if return not filed.5.Payment of due TDS on interest and other payments6.Phyiscal Stock taking.7.Cash balance tally.8.Minimum balance in the asset where income is tax free to minimise disallowance under section 14A of the Income Tax Act.9.Investment under section 80 C. 80 and others.

Company Identification Number (CIN) Mandatory

CIN is mandatory on company documents such as letter heads, invoices etc.:Section 12(3)(c) of CA 2013, which will be effective from 1.4.2014, provides that every company shall get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publications. Pl ensure compliance.

39 new forms notified effective from 14/04/2014.

39 new forms notified effective from 14/04/2014.

1.       INC-1 Application for reservation of name – old form  1A2.       INC-2 OPC- Application for Incorporation - New form3.       INC-3 OPC- Nominee consent form - New form4.       INC-4 OPC- Change in Member/Nominee - New form5.       INC-5 OPC- Intimation of cessation - New form6.       INC-6 OPC- Application for Conversion - New form7.       INC-7 Incorporation of Co. (Other than OPC) 18.       INC-18 Application to Regional director for conversion of section 8 co.into any other kind of co. - New form9.       INC-20 Intimation to Registrar of revocation/surrender of license issued u/s 8  - New form10.   INC.21 Application for commencement of business old form  19, 2011.   INC-22 Notice for situation or change of situation of registered office old form 1812.   INC-23 Application to Regional director for approval to shift the registered office from one state to another state or from jurisdiction of one registrar to another within th…

MCA notifies Rules under Companies Act, 2013

MCA - 167 sections

For professionals -MCA is notifying 167 sections, before 31st march rules  for these sections they will notifyTentative Checklist for immediate actions.Resolutions to be proposed at the ensuing AGM1)      Increase in borrowing limit and creation of charge - S/180 (I) (c) & 180 (I) (a)2)      Accepting Public Deposits - S/73 & 763)      Change/ Alteration in AOA –Adopt Table F4)      Invt. in other body Corporates - S/1865)      Appointment of Branch Auditors6)      Related Party transactions, if any - S/1887)      Appointment of Auditors – Within 3yrs of notification S/139 (2)8)      Issue of Securities on Pvt. Placement - S/429)      Appt of CFO & other KMPs - Board approval as 20310)   Fixing Remuneration of KMPS - Board approval as 20311)   Appt. of independent directors - S/149(10) to (12)

Actions immediately to be taken on  notification of the Act1)      Identify related parties – To be notified to accounts department2)      Print new Business letters, bills etc with C…

MCA Notifies 183 New Sections of Companies Act,2013

notifies 183 new sections of Companies Act 2013 in Phase IVThe Ministry of Corporate Affairs has notified 183 new sections of the Companies Act 2013 and some sub- sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, in the fourth phase today, by way of notification dated 26th March 2014. These sections have been notified to come into effect from 1st April 2014. With the notification of these sections, now a total of 283 sections of the new Act stand notified.With the notification of aforesaid sections, it can be assumed that relevant rules will also be notified shorlty as most of them are dependent on rules.The sections remaining to be notified are related to National Financial Reporting Authority, Investor and Education Protection Fund, Compromise and arrangement, oppression and mismanagement, winding up, sick companies ,special courts, national company law tribunal. Majority of these sections are not notif…

ICAI has made amendments to the Auditors Report format

ICAI has made amendments to the Auditors Report format as under

- Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the
Companies Act, 1956. <>

- Announcement 2 : Reference to the Accounting Standards Applicable to
the Companies in the Auditor's Report and Limited Review Reports and
various Engagement Standards.<>

- Announcement 3 : Amendment to the "Auditor's Responsibility" Paragraph
Included in the Independent Auditor's

- Announcement 4 : Use of the Term "Profit and Loss Account" or
"Statement of Profit and Loss" in the Statutory Audit Reports of

- Announcement 5 : Manner of Reporting In Respect of Such Clauses of the
Companies (Auditor's Report) Order, 2003 Which Are Not Applicable to the
Auditee Company. <htt…

CBEC to keep its offices open on last three days of this Month

Government of India, Ministry of Finance, Department of Revenue, Central Board of Excise & Customs Subject:  Opening of offices during the week beginning 24th March, 2014 – reg.As you are aware, the bulk of the revenue is received at the end of the month.  However, last week of March 2014 does not have full working days. 29th March is a Saturday, 30th March is a Sunday and 31st March is a public holiday in some parts of the country.  Incidentally, this week also happens to be the last week of the financial year. 2.         The Chairperson, CBEC has also requested the Secretary Financial Services to issue instructions to have the banks open for full day on 29th, 30th and 31st March 2014 so that the efforts made for collections of revenue are reflected appropriately. 3.         I am, therefore, directed to request you to immediately issue trade notices for the information of the trade and also keep your offices, as a special measure, opened on 29th, 30th & 31st March, 2014.  You…

ICAI exam site

Check on icai exam site der is a new window called correction window opened wer details of ur online form r der.. confirm dat they r correct. Dis correction window is open from 19th to 25 mar only. Check it n confirm wit icai dat its correct..pass d mssge to your friends as well...

Amendment to CE and Cenvat Rules

Amendment to Central Excise Rules/CENVAT Credit RulesCentral Govt notifies Central Excise (Second Amendment) Rules 2014 and CENVAT Credit (Fifth Amendment) Rules 2014 w.e.f. date of publication in Official Gazette; Empowers Chief Commissioner of Central Excise to impose restrictions including suspension of registration in case of first / second stage dealers, against duty evasion / default in duty payment or misutilisation of CENVAT Credit; Further, notifies procedure to be followed in terms of amended Rules 12CCC of Central Excise Rules and 12AAA of CENVAT Credit Rules; Accordingly, Chief Commissioner shall afford opportunity of being heard to delinquent assessee before issuing order against proposal to impose restriction; Rescinds earlier Notification No. 5/2012-CE (N.T), clarifying that proposals pending before authorised officer of CBEC / DGCEI shall be transferred to Chief Commissioner : Finance Ministry Notifications.

Compliances of Service Tax in Banking Sector

Dear Members,
As you may be aware Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. The taxation of services has also undergone a paradigm shift from positive list to negative list in the year 2012. Post implementation of taxation of services based on negative list, service tax compliance has now become an integral part of the banking Sector. Being auditors, it's our responsibility to ensure that provisions of a particular law are duly complied with. While conducting an audit it sometimes becomes difficult to look into all the aspects of various laws. For example, Service Tax compliance while conducting an audit may pose to be a bit difficult area.Indirect Taxes Committee has taken an initiative in this respect in order to help the auditors in complying with service tax law. It gives me immense pleasure to introduce you to the newly launched publication on "Compliances of Service Tax in Banking Sector" which provides us with a detailed Que…

Supreme Court on ST on Chit Fund

Chit funds business constituted 'transactions in money' and isn't liable to service-tax; SC dismisses SLPJanuary 28, 2014[2014] 42 52 (SC)/[2014] 43 GST 524 (SC)Service Tax : SC dismisses SLP against judgment of Delhi High Court whereby Chit fund business (including business chit funds), which are 'transactions in money' were held not liable to service tax and Entry 8 of Notification No. 26/2012-ST, providing from partial exemption/abatement in relation thereto, was quashed

Circular on Sec 234E

CBDT CIRCULAR ON TDS RETURNS OF GOVT DEDUCTORS THECentral Board of Direct Taxes (CBDT) has received several petitions from deductors/collectors, being an office of the Government ('Government deductors'), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961. Board has decided to ex-post facto, extend the due date of filing of the TDS/TCS statement prescribed under sub- section (3) of section 200 /proviso to sub-section (3) of section 206C of the Act read with rule 31A/31AA of the Income-tax Rules, 1962. However Board has clarified that any fee under section 234E of the Act already paid by a Government deductor shall not be refunded. Further this extension is only a one-time exception in view of th…

New CBDT Chairman

R.K. Tewari appointed as CBDT Chairman
Date : March 03 2014
R.K. Tewari appointed as CBDT Chairman.

The Government of India has appointed Mr. R K Tewari as new Chairperson of Central Board of Direct Taxes (CBDT). Mr Tewari is a 1976-batch Indian Revenue Service officer. Before his elevation as Chairman, he was posted as the Member (Legislation & Computerization) at CBDT.

Message of CBDT Chief

Be Humane With Tax Payers And Avoid Bad Tendencies: CBDT Chief March 1st, 2014 The CBDT Chairperson, Dr. Sudha Sharma, has, on the occasion of her retirement, pointed out that her endeavour always has been to foster highest standards of ethics and morality and to guard against tendencies which could bring a bad name to the Department. She stated that upholding ethical values and human dignity have remained her guiding principles. Dr. Sudha Sharma pointed out that as tax collectors, the department had a pivotal role to play and that there was a huge target of collection that had to be met. The Chairperson also emphasized that the department had to adopt a transparent and humane approach and provide hassle-free service to honest taxpayers as part of the policy. The Chairperson also listed out all the achievements of the department during her tenure. It may be recalled that Dr. Sudha Sharma has taken charge of the office with the promise that India Will Have The Best Tax Re…

CE Registration & Quarterly Return

Note on Amendment to Application for Central Excise Registration & Quarterly Return for Importers
CBEC amends Annexure-1 in Form A-1 (Application for Central Excise Registration); Includes 'importer' under Part I (Identification of business requiring registration) and also as a separate category under Serial No. 3; Further, notifies quarterly return form for registered importers w.e.fApril 1, 2014; Amends Notification No. 35/2001 CE (N.T) dated June 26, 2001 and supercedes Notification No. 73/2003 CE(N.T) dated September 15, 2003: Finance Ministry Notifications.

Fin Min notifies Central Excise (Amendment) Rules, 2014 and CENVAT Credit (Fourth Amendment) Rules, 2014 w.e.f April 1, 2014; Requires importers issuing invoices eligible for CENVAT credit to mandatorily register with Central Excise Authorities; Such registered importers to submit quarterly return electronically within fifteen days from close of each quarter of a year to the Superintendent of Central …

2014 Guidance Note on Audit of Banks released by Auditing and Assurance Standards Board.

The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued Guidance Note on Audit of Banks 2014 edition. For the benefit of members, complete text of the Guidance Note along with the accompanying appendices etc. can be downloaded at:
Guidance Note on Audit of Banks (2014 Edition)
Contents of accompanying CD
Please note that the soft copy of the accompanying CD as uploaded on the website contains only list and link of Master and other relevant Circulars of RBI. However, the CD that will come with the book will contain complete text of Master Circulars as well as General Circulars.
Secretary, AASB