Notification No. 95/2015 In exercise of the powers conferred by section 139A, section 271FAA and section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1.1 Chartered Accountants examinations are held as per the provisions of the Chartered Accountants Regulations, 1988, framed under Chartered Accountants Act, 1949. 1.2 Affairs relating to Chartered Accountancy examinations are managed by the Examination Committee, a Standing Committee of the Council of the Institute of Chartered Accountants of India.
Audit of ‘Internal Financial controls (hereinafter to be referred as ‘IFC’) over Financial Reporting’ is a reasonably advanced reporting concept for India. In India though there were no such requirements earlier, however, similar reporting requirements existed globally such as section 404 of Sarbanes Oxley Act, 2002 of USA.
Process for Approval of Central Government (Regional Director) where the instrument creating or modifying a charge is not filed within a period of 300 days from the date of its creation or modification and where the satisfaction of the charge is not filed within 30 days from the date on which such payment of satisfaction.
In case of Companies Act, is the board required to approve all related party transactions from audit committee? [1]The Companies Act 2013 prescribes that a company needs approval of the audit committee on all related party transactions and subsequent modifications thereto. Section 177(4) (iv). [2]Provided that the Audit Committee may make omnibus approval for related party transaction proposed to be entered into by the company subject to conditions given below.
