The Council of the view that such quarterly/ half yearly audits are not carried out pursuant to the requirements of the Companies Act 2013 (rather to meet the specific requirements of the auditee company, for example, to comply with the listing agreement requirements) as the latter only envisages audit of the annual financial statements.
Section 143(3)(i) of the Companies Act 2013 requires the auditors of the companies to report as whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
The attention of the Government has been drawn to the concerns expressed about instructions imposing the use of Hindi in non Hindi speaking States. The Department of Official Languages, Ministry of Home Affairs, Government of India had issued a circular on 10th March, 2014 stating that in keeping with the existing policy of the Government […]
Railways’ Clarification on Revision of Passenger Fare & Freight Rate In connection with the Revision of Passenger Fare and Freight Rates, the Ministry of Railways would like to clarify the following: The Order of Fare and Freight revision issued by the Ministry of Railways today, as finalised by the previous Government, is only 10 % […]
Allowability of Interest paid under Incometax Act, 1961: Presently, interest paid by the Government to an assessee is chargeable to tax. However, interest paid by the assessee to the Government under various sections is not allowed as deduction while computing the total income. Interest paid by the assessee is for the use of money by […]
It is informed that the provisions of the Companies Act, 2013 and the rules and regulations made thereunder shall be applicable for Examinations from December, 2014 onwards. This means that the question papers of the following subjects of Foundation, Executive and Professional level shall carry questions from the Companies Act, 2013 instead of the Companies Act, 1956:
ICAI Signs Memorandum of Understanding with the Saudi Organization for Certified Public Accountants The Institute of Chartered Accountants of India signed a Memorandum of Understanding with the Saudi Organization for Certified Public Accountants (SOCPA) yesterday at ICAI Bhawan, New Delhi. The MoU interalia provides that both ICAI and SOCPA would be working together in establishing […]
1.0 Introduction 1.1 This consultation paper aims to provide a brief overview of the global scenario of crowdfunding including the various prevalent models under it, the associated benefits and risks, the regulatory approaches in different jurisdictions etc. The paper also covers the extant legal structure governing the fund raising for start ups and SMEs in […]
Infrastructure Finance Companies and Infrastructure Debt Fund Non-Banking Financial Companies (ID-NBFCS) to Issue Secured Debentures The Ministry has decided to allow Infrastructure Finance companies and Infrastructure Debt Fund Non-Banking Financial Companies (ID-NBFCs) to issue secured debentures for a period up to thirty years. Similarly, Housing Finance companies have been allowed relaxed terms for maintaining Debenture […]
As per News Received by us Union Government to Present Rail Budget on 8th July 2014 and Union Budget on 10th July 2014. Schedule of Budget Related Government Activities is as follows :- Budget 2014 session to begin on 7th July 2014, 8th July2014- Rail Budget, 9th July 2014- economic. Survey, Union budget on 10th […]
