Notification No. 70/2009, dated 22-9-2009 In exercise of the powers conferred by sub-section (1B) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), vide S.O. 1281(E) [...]

1.  Key Managerial Personnel (Clause 178) (a)  Definition As per clause 178, every company belonging to such class or description of companies as may be prescribed shall have Whole-Time Key Managerial Personnel (KMP).

As we all know that The Institute of Chartered Accountants of India (ICAI) has listed out numerous accounting principles and rules which are to be followed by the auditor fraternity while auditing the organizations they are appointed to audit for. ICAI has also introduced the Accounting Standards, most popularly called as ‘AS’ which are supplementary [...]

1.  Key Managerial Personnel (Clause 178) (a)  Definition As per clause 178, every company belonging to such class or description of companies as may be prescribed shall have Whole-Time Key Managerial Personnel (KMP).

To ensure higher accountability and transparency in auditing company books, the government now plans to outsource audit work to professionals such as chartered accountants and company secretaries. At present, it is undertaken by the Registrar of Companies’ offices across various cities.

While the Manmohan Singh government’s Left-free second innings is expected to usher in changes to India’s archaic labour laws, the labour ministry is working on a quick-fix solution to help drop the country’s notorious ‘inspector raj’ tag. If all goes to plan, India Inc would no longer have to deal with labour inspectors turning up at [...]

Over 200 public sector undertakings (PSUs) do not have a company secretary on their rolls even though they are mandated to have one, the government informed Parliament on Thursday.  “As per information available, 233 PSUs have not appointed a company secretary,” Salman Khursheed, minister for corporate affairs, said in the Lok Sabha on Thursday.

The Annual Membership fee and Certificate of Practice fee for the year 2009-10 became due for payment w.e.f. 1st April, 2009.  The last date for payment of fee was 30th June, 2009 which has now been extended upto 31st August, 2009.  The membership and certificate of practice fee is as follows:- Annual Fee for Associate :- 1,125/- [...]

GOVERNMENT OF INDIA COMPANY LAW BOARD Shastri Bhawan, 5th Floor, ‘A’ Wing, Dr. Rajendra Prasad Road, New Delhi-l 10001 Dated: 09.06.2009 OFFICE ORDER The Company Law Board, New Delhi is in the process of shifting from Shastri Bhawanto Paryavaran Bhawan, CGO Complex, 3rd Floor, Lodhi Road, New Delhi- 110003. Filing of new petitions and receiving [...]

The accounting and auditing regulator, the Institute of Chartered Accountants of India (ICAI), is set to enter a new area, till now a domain of the Institute of Company Secretaries of India (ICSI), by setting up corporate affairs standards (CAS) on various areas of corporate law and practices. ICAI has already prepared three such standards [...]