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Archive: 08 January 2016

Posts in 08 January 2016

Details of members elected to 22nd ICAI Regional Council of WIRC, SIRC, NIRC, EIRC & CIRC

January 8, 2016 4759 Views 0 comment Print

Council of the Institute of Chartered Accountants of India is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twenty Second Regional Councils of the Institute as given below:-

Employers to pay PF Contributions by 15th- Grace period removed

January 8, 2016 7898 Views 0 comment Print

As per paragraph 38(1) of the EPF Scheme, 1952, paragraph 3 of EPS, 1995 and paragraph 8(1) of EDLI Scheme, 1976, the employers are required to pay the contributions and administrative charges within fifteen days of dose of every month. The employer, as per para 5.1.3 of Manual of Accounting Procedure (Part-I General), is also allowed a grace period of 5 days to remit the contribution.

Time to Remind for Timely Issue of TAR / ITR Forms & Utilities for A.Y. 2016-17

January 8, 2016 5681 Views 1 comment Print

It is generally expected that the Income Tax Return (ITR) forms and Tax Audit Report (TAR) form and utilities for uploading them on the website of the Income Tax Department should become finally available for public use, as on the Ist day of the Assessment Year e.g., for AY 2016-17 on 01st April, 2016 and, thereafter there should not be any changes therein. The changes if any required should be incorporated only in the forms and utilities for the subsequent assessment years.

Steps and Checklist for Buy Back of Own Shares or Securities

January 8, 2016 104359 Views 4 comments Print

Steps for Buy Back 1. Company should be authorized by Articles of Association to Buy Back its own share. 2. Maximum Limit: Buyback should be 25% or less than its paid up share capital & free reserves (In case of Equity Shares – 25% of paid up equity share capital only) 3. Post Buy Back Debt Equity ratio should not exceed 2:1 4. Pass Board or Special Resolution as applicable

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January 2016