Punishment to Company: If any of the provisions of Sec 139 to Sec 146 is contravened then the company shall be punishable with a fine which shall not be less than Rs. 25,000.00 but which may extend to Rs. 5,00,000.00 as provided in section 147 of Companies Act, 2013. Every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 1 year or fine which shall not be less than Rs. 10,000.00 but which may extend to Rs. 1,00,000.00 or with both.
The Guidance Note provides an overview of reporting requirement u/s 143(12). It also provides detailed guidance wrt various aspects of this reporting requirement like requirements for reporting u/s 143(12), responsibility of management, responsibility of auditor, Issues for consideration by the auditors, Applicability of Standards on Auditing, Audit procedures Technical guidance, Appendices etc.
Power of the Central Board of Direct Taxes to prescribe the manner and procedure for computing period of stay in India The provisions of sub-section (1) of section 6 provide the conditions under which an individual is held to be resident in India. The determination is based, inter alia, on the number of days during […]
Where the Central Govt (CG) is of the opinion that the cost records of such class of companies engaged in the production of such goods and providing such services as may be prescribed , is required to be audited , then the CG on consultation with the regulatory bode can demand for cost audit to be conducted.
Attention is invited to Circular No. 994/01/2015 dated 10.02.2015 on the above subject. Reference has since been received from DGCEI regarding the difficulties in implementing the instructions .The issue has been examined and it has been decided to substitute paragraph 5 of the said Circular dated 10.02.2015
E Book – Comprehensive ICAI Budget Publication The Direct Taxes Committee of ICAI jointly with Indirect Taxes Committee of the ICAI has come out with E Book on clause wise comprehensive analysis of Tax Proposals of Union Budget 2015 to enable our members and stakeholders in line with ICAI’s well earned position as the Partner […]
Raising the threshold for specified domestic transaction In a second blow to Chartered Accountants FM has raised Limit for Audit of Specified Domestic Transaction to Rs. 20 Crore from Rs. 5 Crore with effect from Assessment year 2016-17. This may effectively take 90% Assessees out of Ambit of Transfer Pricing Audit of Specified Domestic Transaction. […]
Budget 2015- Raising the income-limit of the cases that may be decided by single member bench of ITAT The existing provision contained in sub-section (3) of section 255 of the Income-tax Act provides for constitution of a single member bench and a Special Bench. It provides that single member bench may dispose of any case […]
Certain accountants not to give reports/certificates The Act contains several provisions (e.g. section 44AB, section 80-IA, section 92E, section 115JB, etc.) which mandate the taxpayers to furnish audit reports and certificates issued by an ‘accountant’ for ensuring correct reporting/computation of taxable income by the tax payers. Explanation below section 288(2) of the Act defines an […]
Whereas, the designated authority vide notification number 15/22/2014- DGAD, dated the 7th January, 2015, published in Gazette of India, Extraordinary, Part I, Section 1, dated the 7th January, 2015, have initiated review, in terms of sub-section
