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Archive: 12 May 2016

Posts in 12 May 2016

Examiners to appoint Checkers; Centralised empanelment discontinued: ICAI

May 12, 2016 4795 Views 5 comments Print

The examination process inter alia includes a procedure of having the answer books checked, after evaluation by examiners, by Checkers to ensure that all answers have been evaluated, marks awarded have been carried forward to the cover page of the answer books and that the totalling of marks is correct.

Decoding the Insolvency & Bankruptcy Code, 2016

May 12, 2016 10579 Views 0 comment Print

Insolvency is a situation where individuals or companies are unable to repay their outstanding debt. It may be resolved by changing the repayment plan of the loans, or writing off part of the debt. If insolvency cannot be resolved, assets of the debtor may be sold to raise money, and repay the outstanding debt.

Credit Supply for Large Borrowers through Market Mechanism

May 12, 2016 6580 Views 0 comment Print

The Reserve Bank of India today placed on its website the Discussion Paper (DP) on Framework for enhancing Credit Supply for Large Borrowers through Market Mechanism. Absence of an overarching ceiling on total bank borrowing by a corporate entity from the banking system has resulted in banks collectively having very high exposures to some of the large corporates in India.

Income Declaration & Direct Tax Dispute Resolution Scheme 2016

May 12, 2016 4468 Views 0 comment Print

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives the Presidential assent.

ICAI committee to decide on Number of VP, Council Term & Restriction of 3 terms

May 12, 2016 931 Views 0 comment Print

The President, in terms of the authority given to him by the Council at its 351st meeting held on 12th February, 2016 has constituted a Group for review of existing term of the Council. The following are the Terms of Reference of the Group:- To review and make recommendation to the Council in the matter of:- Term of the Council, Restriction of three consecutive terms, Whether there should be more than one Vice-President, if yes, to suggest methodology and operational areas

Understanding of GST & Benefits of GST implementation

May 12, 2016 8935 Views 2 comments Print

Main objective of GST is to consolidates all indirect tax levies into a single tax except customs (excluding SAD),replacing multiple tax levies overcoming the limitations of existing indirect tax structure and creating efficiencies in tax administration.

Rajya Sabha passes Insolvency and Bankruptcy Code, 2016

May 12, 2016 2377 Views 0 comment Print

Today is a historical day for economic reforms in India when the Rajya Sabha passed the major economic reform Bill moved by the Government i.e. Insolvency and Bankruptcy Code, 2016. This is considered as the biggest economic reform next only to GST. The Lok Sabha had earlier passed the Bill on 5th May, 2016.

Prosecuting agency should be circumspect in initiating prosecution U/s. 21(2) of the POSCO Act against In-charge/Head of Institution and should allow them sufficient/reasonable time to enquire and report matter

May 12, 2016 1404 Views 0 comment Print

Invoking extraordinary jurisdiction of this Court under Article 226 of the Constitution of India, the petitioner herein has filed the instant writ petition seeking quashment of charge-sheet filed against him by jurisdictional police in the criminal court alleging the commission of offence under Section 21 (2) of the Protection of Children from Sexual Offences Act, 2012 (hereinafter called as “P0SCO Act”).

Duties & Responsibilities of Directors: Companies Act, 2013

May 12, 2016 18256 Views 1 comment Print

The Companies Act, 2013 (hereinafter as the Act) is certainly a very innovative and landmark legislation in respect of the duties and responsibilities of the directors. In this regime, the roles and duties of the directors attained significant expansion. The Act has introduced several measures which have the effect of considerably enhancing the duties and liabilities of directors and imposition of stringent penal provisions in case of breach of any Statutory provisions.

What must do to convert your idea into A Startup Model

May 12, 2016 2341 Views 1 comment Print

You may have noticed that not every startup can raise funds or attract investors; the reason is simple that a startup usually doesn’t understand all that is involved in doing a business, be it a business plan or creating a marketing strategy or even the day to day compliance requirements. The current market analysis has also showed that many startups are not able to attract millions of investors or venture capitalist.

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