For registration under the Punjab VAT Act 2005 one of the requirement u/s 25(1) is furnishing of security for securing the payment of tax under PVAT Act 2005. This requirement is compulsory as per the wording of section 25(1) of PVAT Act 2005 which runs as under: Every person applying for registration under this Act, shall furnish a security of rupees fifty thousand in the manner, prescribed for securing proper and timely payments of tax or any other sum, payable by him under this Act: Provided that the security already furnished by a person registered under the repealed Act, shall be deemed to have been furnished under this Act.
ABC Limited (company) has written off Rs 5,00,000 as provision for inventory obsolescence in the year ended 31 March 2009. During the year ended 31 March 2010, XYZ determines that 50% of such stock has become usable due to the availability of an upd
A wholly owned subsidiary (WOS) issues shares in a right issue to its parent. The subsidiary incurs an expense of Rs. 1,000,000, on the issue of shares. In the financial statements of the subsidiary, this amount is adjusted against the securities pre
Employee stock option plans, or Esops, are touted as one of the best tools to create long-term wealth. These are the shares an employee gets of his/her employer at a discounted rate to the current market price. With the stock market nearing
Global firms KPMG and Ernst & Young could be headed for trouble in India as auditing regulator Institute of Chartered Accountants of India (ICAI) has found them doing business through surrogate means, without being registered in the country.
To expedite investigations into the books of accounts of companies, the ministry of corporate affairs is planning to outsource the investigation related work to specialised chartered accountant firms.Currently, the job is done by the Registrars of Co
The Institute of Company Secretaries of India (ICSI) in collaboration with Gurukul Online Learning Solutions (GOLS) have come up with an initiative in the form of e-MSOP. The e-MSOP is basically a web-based training (WBT) wherein physical presence of
We would like to inform you that Board of Studies and some sections which were housed in Institute’s rented premises at Plot No-A-94/4, Sector-58,Noida have been shifted to its new premises at plot No A-29, Sector-62, Noida and are functional with ef
An Appropriate Committee of the Institute has constituted a Group under the convenorship of CA. Devaraja Reddy comprising of members viz. CA. Atul Bheda and CA. Vijay Kumar Garg to review the guidelines for practice in Corporate Form and to suggest m
A weighted deduction of 150 per cent of the total expenditure incurred during the year on CSR initiatives as certified by a social audit conducted by a Practicing Company Secretary may be provided to encourage the entrepreneurs to undertake CSR initi
