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Through the Finance Act, 2015, no. of changes has been introduced In Income Tax Act, 1961 (‘Act’) in respect of TDS Compliance provisions. Some of these changes has taken effect from April 1, 2015 and some of the changes will take effect from June 1, 2015. I have tried to summarize these changes which can effect to the corporates. A Gist of the same is as follows:
So Friends, the time for Preparation of the first financial statements as per Companies Act is here. One of the most important provisions of the Act for the Companies as well as Auditors to consider is the New Method of calculating Depreciation as per Schedule II Part C of the Companies Act 2013. I would […]
The whole of CA fraternity got shocked by a recent news about a young chartered accountant dies after being electrocuted. Last month a young Chartered accountant of Lucknow died in an accident. The fraternity loose more than hundred members a year. Local fraternity tried to help out by raising the funds for the family.
This is to inform to all Members and Students of ICAI and public at large that a website namely, icaindia.net.in, registered in the name of ‘ICA INDIA’, Sonarpur, Kolkata, West Bengal – 700150 has been created, which is deceptively similar to the official website of the Institute (i.e., www.icai.org).
Business needs capital which promoters arrange. Since promoters conceive the idea of the business, bring in fund, human capital they are allowed to control the enterprise they build. While ownership control remains with the promoter, the Board of Directors of a company may comprise of different persons nominated by the promoter or promoter group. As […]
This article is drafted with focus to clear our understanding in terms of works contract carried out by the various contractors for government agencies, government and its various departments. With effect from 01/06/2007 works contract was introduced under Section 65 (105) (zzzza) of Finance Act, 1994. Definition of works contract as defined in the section is as per below:
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. They shall be responsible for the day to day affairs of the Company The challenge for boards is to prevent crises in the organisations they govern.
Charge is the security given for securing the loan or debentures. Security can be provided wither by way of Mortgage/Pledge/Hypothecation. There are two types of Charges a) Fixed Charge:- Fixed charge mean charge which is created in respect of assets which is identified & ascertainable at time of in creation of charge. It is created […]
As per The Chartered Accountant Regulations 1988, Regulation 43, Member(s) designated as an Associate or Fellow, who has been in Practice continuously, whether in India or elsewhere or an Associate or Fellow, who is deemed to be in Practice within the meaning of explanation to sub-section (2) of Section 2 of the Act, shall only […]
Dear Friends, Change is inevitable and is the only thing that is constant. But it is the sheer pace of change that makes it a big challenge in the present hi-tech era of liberalisation, privatisation and globalisation, which has put sharper focus on the role of accounting profession. We professionals need to take this challenge […]
