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Archive: 13 November 2018

Posts in 13 November 2018

National Financial Reporting Authority (NFRA) Rules, 2018

November 13, 2018 79605 Views 1 comment Print

MCA has notified the National Financial Reporting Authority (NFRA) Rules, 2018, which inter-alia includes provisions relating to Classes of companies to be governed by NFRA along with its Functions and duties, ICAI to Recommend and NFRA to monitor and enforce compliance of accounting/ auditing standards. Besides, NFRA has been empowered to issue directions to any auditor for taking appropriate measures to improve audit quality, etc.

Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018

November 13, 2018 11337 Views 0 comment Print

MCA vide its notification dated 13 November 2018  notified Companies (Registered Valuers and Valuation) Fourth Amendment Rules 2018. Companies (Registered Valuers and Valuation) Fourth Amendment Rules, 2018 will come into force on the date of their publication in the Official Gazette. Government of India Ministry of Corporate Affairs Notification New Delhi, the 13th November, 2018 G.S.R.1108(E).- […]

Guidelines for Enhanced Disclosures by Credit Rating Agencies (CRAs)

November 13, 2018 1119 Views 0 comment Print

SEBI, vide Circular dated November 01, 2016, had prescribed the standard format for press release regarding rating action by CRAs. While CRAs are required to monitor and analyse the relevant factors that affect the creditworthiness of an issuer and discuss the same in the rating notes considered by the rating committee for assignment of ratings, such relevant factors may also be suitably incorporated in the press release regarding the rating action.

Uploading of Licenses/Permits/Certificates/Other Authorizations (LPCOs) by PGAs

November 13, 2018 2403 Views 0 comment Print

It is proposed to introduce a facility to upload digitally signed Licenses / Permits / Certificates / Other Authorizations (LPCOs) by Participating Government Agencies (PGAs) on eSANCHIT at all ICES locations across India from 16.11.2018.

Process of Acceptance of TDS Credit by Deductee under GST

November 13, 2018 92073 Views 27 comments Print

Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017, Section 21 of the UTGST Act, 2017 provide for Tax Deduction at Source( TDS) . GST Council in its 28th Meeting held on 21-07-2018 recommended the introduction of TDS From 01.10.2018.

Corporate Debtor Cannot Maintain Appeal Under IBC : NCLAT

November 13, 2018 1731 Views 0 comment Print

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT) when the matter was taken up one Mr. Ankit, representative of the Corporate Debtor submits that the lawyer is appearing before the Debts Recovery Tribunal. However, we are not adjourning the case as even on appearance of the counsel we cannot entertain the appeal preferred […]

Committee of Experts on regulating audit firms & net- works report: A discussion

November 13, 2018 1005 Views 0 comment Print

Committee of Experts on regulating audit firms and net- works set up by Ministry of Corporate Affairs in response to the issues raised by the Honorable Supreme Court in the judgement of S.Sukumar Vs. Institute of Chartered Accountants of India(February 23, 2018) submitted its report on October 25, 2018. It deals with steps to be taken to strengthen the legal regime of auditors and promote audit as a profession. I am here through this article to express my views on audit profession in India with my vast decades of combined audit experience in India as well as U.S.A.

Complete Analysis of Annual Return and GST Audit

November 13, 2018 47994 Views 2 comments Print

Government has announced for annual return to be filed under Goods & Service tax Act. However a Lot of difficulties are being faced by taxpayers and professionals while filing GST returns due to technical glitches and ambiguous law. After filing monthly returns, a regular person has to even file an Annual Return which is quite detailed. it’s critical to start focusing on various compliances such as input and output reconciliations, preparation and filing of annual return and GST audit certification.

Registration of Your Trademark

November 13, 2018 1923 Views 0 comment Print

 WHY BRAND NAME REGISTRATION NECESSARY? With the economic growth the demand for trademark registration is also growing. It is very important for all corporate owners be it businessman or individual entrepreneur, to protect your company as it is directly linked to your company’s success.  The basic motto is to protect your business against fraudulent cases, competition […]

TDS Provisions under Income Tax Act, 1961

November 13, 2018 90246 Views 7 comments Print

TDS is abbreviated for tax deducted at source which was introduced to collect taxes at source from where the income is generated. The government uses TDS as a tool to collect tax in order to minimise tax evasion by taxing the income at the time it is generated rather than at a later date

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