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Extension of date to complete GMCS-I Course by the students registered for articleship training on or after 1st May, 2012 – (01-01-2016)

31st December, 2015 Sub: Extension of date to complete GMCS-I Course by the students registered for articleship training on or after 1st May, 2012 It has been decided to grant extension to students, who were registered for practical training on or after 1st May, 2012 and completed one year of […]

Services by Auditor Under Companies Act, 2013

Services which can be rendered by the Auditors: As per Provisions of Section- 144 of Companies Act, 2013, A Statutory Auditor of company can’t provide the following below mentioned services to followings: To the Company Its Holding Company Its Subsidiary Company Services which a Statutory Auditor can’t provide directly or […]

Omnibus Approval for Related Party Transaction under Companies Act, 2013.

In case of Companies Act, is the board required to approve all related party transactions from audit committee? [1]The Companies Act 2013 prescribes that a company needs approval of the audit committee on all related party transactions and subsequent modifications thereto. Section 177(4) (iv). [2]Provided that the Audit Committee may […]

CBDT Makes Electronic filing of first appeal before CIT(Appeals) Mandatory.

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 30th December, 2015 Subject: Electronic filing of first appeal before CIT(Appeals) – reg. It is the endeavour of the Income tax Department to digitise various functions of the Department for providing efficient […]

News-Highlight Govt sets threshold for fraud reporting by auditors at Rs 1 crore

Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings. Under the Companies Act, 2013, auditors are required to report to the government when they come across instances of […]

Sec 92 – Annual return under Companies Act, 2013

ANNUAL RETURN: SCHEDULE V OF COMPANIES ACT, 1956 V/S FORM MGT-7 (along with Form 7.8) OF COMPANIES ACT, 2013 Section 1956 V/S Section 2013: Earlier the provisions of Annual Return were governed under Section 159,160,161, 162 & Schedule V of the Act, 1956 where as now the all the sections […]

MCA notifies rules for Reporting of frauds by auditor .

Government of India Ministry of Corporate Affairs Notification New Delhi, dated the 14th December, 2015 C.S.R. (E). – In exercise of the powers conferred by sub-section (12) of section 14 read with sub-section (1) of section 469 of the Companies Act’ 2013 (18 of2013)’ the Central Government hereby makes the […]

Incorporation of private limited company IN A SINGLE DAY Via INC-29

Before introduction of INC29, to incorporate a company requires 5 forms (DIR-3, INC-1, INC-7, DIR-12, INC-22) to be filled. INC-29 (Integrated incorporation process) reduces burden of filling all the forms. Compared to the old process, it has the potential to save you a lot of time, if properly implemented. Requirements […]

MCA notifies rule for Omnibus approval for related party transactions on annual basis

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the Dated- 14th December, 2015 G.S.R. 971(E).— In exercise of the powers conferred under sections 173, 175, 177, 178, 179, 184, 185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central […]

Loan and Investment by Company Under section 186 of the Companies Act, 2013

1- Notified Section This section is not covered under notification which was issued on 12th September, 2013, Hence this section is not applicable at the time of issue of this Article. 2- Applicability of Section A) The Sub Section (1) of Section 186 is applicable on all Companies either private […]