CMA Arif Farooqui As next year budget is just round the corner, everyone is expecting something from Finance Minister but we should understand, he has some limitations due to heavy fiscal deficits. There are numbers of points which we are expecting from this budget but I would limited my article to points which affecting salaried [...]

W.e.f from Financial Year 2011-12, Professional (CA, CMA, CS) signing MCA Annual Return have to certify whether Cost Accounting Record Rules -2011 (CARR) or Cost Audit Orders (CAO) are applicable on company or not and mention Product or Service Category Code (ITC/ NPCS 4 Digit Code). They have to certify it on Form 23 AC and Form 23 ACA on the following page:

No doubt, Chartered Accountancy course has enjoyed wide popularity but CMA and CS courses too have been gaining popularity over the last few years. Particularly, growth in numbers of students enrolled for CMA is far more than any other course in India. This is because of cost awareness amongst the business entrepreneurs due to growing competition in the market, and this has resulted in increased demand for CMA.

Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of income from real estate can be explained as below.

Due date of filing of Income Tax Return for Assessment Year 2012-13 ….. 1. In case of person who are not liable to get their Accounts Audited is 31st August 2012 (extended from 31st July 2012) 2. In case of person whose accounts are liable to be audited under any law is 30th September 2012 and partner of such firms and all companies. In first case (31st August 2012) person who has earned income from salary, pension, interest income, capital gain, house property and person owning small business and not liable to get their accounts audited are covered.

As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign company, which is engaged in a) Production b) Processing c) Manufacturing d) Mining Activities

Ministry of Corporate Affairs has issued various Cost Audit Orders in Financial year 2011-12, some of which applicable from Financial Year 2011-12 itself and some become applicable in Financial Year 2012-13.

To register a company, you need to first apply for a DIN. You would then need to acquire your Digital Certificate and register the same on the portal. Thereafter, you need to get the company name approved by the Ministry. Once the company name is approved, you can register the company by filing the incorporation form depending on the type of company