• Apr
  • 21
  • 2015

Uses, Relevance & Importance of Common Seal- Companies Act, 2013

Added In Company Law
As we all know that a Company being an artificial person does not have a physical presence, it acts through its Board of Directors for carrying out its activities and for entering into various agreements. Therefore, Company uses Common Seal as its Signature. Common Seal is the signature of the company to any document on which it is affixed and binds the company for all obligations undertaken in the document.

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  • Apr
  • 21
  • 2015

NSDL releases e-TDS/TCS RPU (Version 4.3) with enhanced features

Added In Income Tax
e-TDS/TCS RPU (Version 4.3) for Statements from FY 2007-08 onwards released (20/04/2015) Key Features – Return Preparation Utility (RPU) version 4.3 Quoting of PAN of responsible person for deducting/ collecting tax. Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher. Quoting of BIN mandatory only for the […]

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  • Apr
  • 21
  • 2015

e-TDS/TCS File Validation Utility (FVU) version 2.142 wef 21.04.2015

Added In Income Tax
File validation utility (FVU) version 2.142 from FY 2007-08 to FY 2009-10 and 4.6 from FY 2010-11 and onwards released (20/04/2015) Key Features –File Validation Utility (FVU) version 2.142 Quoting of PAN of responsible person for deducting/ collecting tax. This version of FVU will be applicable with effect from April 21, 2015

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  • Apr
  • 21
  • 2015

Guidance Note on Reporting Under CARO,2015

Added In Company Law
For the benefit of the members, following is a reference table of reporting clauses of CARO, 2015 and the corresponding paragraphs of the Statements on CARO, 2003, wherefrom relevant guidance can be drawn (subject to necessary changes in the context of the provisions of the Companies Act, 2013 and the Rules issued thereunder):

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  • Apr
  • 21
  • 2015

Clarification on Statutory Auditor’s Report of a Company for Financial year 2014-15

Added In Company Law
Clarification on Auditor’s Report In Respect Of Financial Statements of a Company for Accounting Years Beginning Before 1st April, 2014. The Ministry of Corporate Affairs vide its General Circular No 07/2014, Dissemination of Information With Regards to the Provisions of the Companies Act, 2013 as Notified Till Date vis a vis Corresponding Provisions of the Companies Act, 1956, dated 01st April 2014

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  • Apr
  • 21
  • 2015

Limit of Gift for Govt. Employees increased to Rs. 25000/-

Added In Corporate Law
Extract of Rule 11 of the All India Services (Conduct) rules,1968 as amended by All India Services (Conduct) Amendment Rules, 2015- 1. a member of the service may accept gifts from his near relatives or from his personal friends having no official dealings with them, on occasions such as wedding, anniversaries, funerals and religious functions […]

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  • Apr
  • 20
  • 2015

Guidance Note on Reporting U/s. 143 (3)(f) & (h) of Companies Act, 2013

Added In Company Law
Section 143 of the Companies Act, 2013 deals with the powers and duties of the auditors of companies. Section 143(1) of the Act requires the auditor to make certain specific enquiries during the course of the audit. Section 143(2) of the Act requires the auditor to, inter alia, give his report to the members of company on the accounts examined by him,

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  • Apr
  • 20
  • 2015

International Taxation-Common Reporting Standards on Automatic exchange of Information

Added In Income Tax
We strongly feel that there is a need to ensure that the Common Reporting Standards on Automatic exchange of Information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay.

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  • Apr
  • 20
  • 2015

Amendment in Export policy of sugar wef 20.04.2015

Added In DGFT
Notification No 3/2015-2020 Dated : 20 April, 2015 Export of Preferential Quota sugar to EU and USA has been moved from STE to Free regime subject to the conditions indicated in Nature of Restrictions.

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  • Apr
  • 20
  • 2015

FTP 2015 2020- Changes in incentive / advance authorization or DFIA / EPCG or post export EPCG

Added In Custom Duty
Circular No. 14/2015-Cus., dated 20th April 2015 Reward in the form of duty credit shall be issued by the DGFT to service providers of notified services located in India under the Service Exports from India Scheme (SEIS) or to export of notified goods (including from SEZs) to notified markets / countries under the Merchandise Exports from India Scheme (MEIS) of the Policy.

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