Concurrent Auditor and Family Doctor

As concurrent audit is a continues function it will always be called as extended arm of management function, a tool to reduce the gap between the transaction and audit of the same, a part of Internal control and so on.     In spite of being there in the auditee place near to the transaction, it may be possible that the concurrent audit not able to detect the frauds or non adherence to the banking functions by the auditee....

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Why is Maharashtra States Businessmen's mood off? It's due to issues of MVAT setoff

Why is Maharashtra States Businessmen's mood OFF? It's due to issues of MVAT SETOFF.  Arjuna (Fictional Character): Krishna, businessmen of Maharashtra State are facing a question, whether they should purchase goods from Maharashtra or not? It seems that due to provisions of MVAT Setoff carrying out business in Maharashtra has become difficult. Dear Krishna, please tell, what is this "SETOFF"?  Krishna (Fictional Character): Arjuna,...

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New company law settlement scheme, 2014

Dear professional Colleagues,  Keeping in view the fact that large percentage of Companies have not filed their statutory documents like Annual Accounts and other annual filing related documents like Annual return thereby making themselves liable for heavy penalties and prosecution, Ministry of Corporate Affairs (MCA) launched Company Law Settlement Scheme, 2014, through issue of General Circular No. 34/2014 dated August 12, 2014. Through Company...

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Importance and technique to prepare section in professional exams

Dear Students,  One of the important questions from examination point of view is whether quoting sections in Audit, Company Law, Indirect Tax and tax papers can make a difference and help you fetching extra marks in professional exams like CA, CS and CMA. Nobody can give exact answer to this question. Reason being there are no fixed guidelines by the respective institutes in this regard. It is indeed a fact that many students had cleared their...

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Whether only lawyers can appear before appellate tribunal

According to S. 2(4) of Companies Act 2013, "Appellate Tribunal" means the National Company Law Appellate Tribunal constituted under section 410.  According to S. 410 of Companies Act 2013, The Central Government shall, by notification, constitute, with effect from such date as may be specified therein, an Appellate Tribunal to be known as the National Company Law Appellate Tribunal consisting of a chairperson and such number of Judicial and...

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Missed 31st July Deadline for filing Income Tax Return? What Now?

Most of tax payers comply with 31st July deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return.  Infact if you have missed to file your return for last year ended March 2013, you can still file however there is some catch. Read the article to know in detail importance of filing of return by 31 July and and methods...

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Amended rules of chapter XII

RELATED PARTY TRANSACTIONS (RPTS) ………….. Went to the operation theatre once again and came back with ………….some additions, some deletions, some clarity and a lot of confusion  The Ministry of Corporate Affairs, Government of India has issued the Companies (Meetings of Board and it's Powers) second amendment Rules 2014, on 14/08/2014, which, inter alia, makes a lot of modifications to the provisions of "Related Party Transactions" in the Companies...

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All about forfeiting

Forfeiting is another way of getting finance against the capital goods exported through purchase of bill by some other person/company, called forfeiter, which purchases all such export bills which shall be due on future dates. The important point in this transaction is that these purchase of bills made by the financier /company is without recourse and in case the bill is returned, the exporter shall  be absolved from any liability and the part...

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Agenda for First Board Meeting of Private Limited Companies

As per New Company Law, gap between two board meetings can't exceed 120 Days. If last board meeting of company was held on 31st March 2014 then next board meeting can be held upto 28th July, 2014 (April 30 days + May 31 Days + June 30 days +July 29 days = 120 Days).  As all of us aware that there are some Resolutions {Mention under Section 179(3)} which company required to file with ROC in form MGT-14 within 30 days of passing of resolution....

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