Comparison of CARO reporting as per Companies Act,2013 and Proposed CARO, 2016

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Appointment and continuation of Managerial person above age of 70years

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Presentation to guide to upload 15G/15H mandated for online filing effective 1.10.2015

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Provision of Loan to Director - Companies Amendment Bill 2016

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SOLUTION TO AFFIXATION OF DSC, VALIDATION AND UPLOADING E-FORM.

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Vacancy for CA/ CS/ CMA in National Bank for Agriculture and Rural Development (NABARD)

Hiring Organisation: National Bank for Agriculture and Rural Development (NABARD)
Location: Anywhere in India
No. of Openings: 15
Educational Qualification: CA/ CS/ CMA/ MBA/ M.Com
Experience: 3 years
Pay Scale: Rs. 54,970/- Per Month

To apply for this job please visit the following URL:

CAG Compliance audit observation on Income Tax Department

Comptroller and Auditor General of India has released Report No. 3 of 2016 (Direct Taxes).  This Report for the year ended March 2015 has been prepared for submission to the President under Article 151 of the Constitution of India. The Report contains significant results of the compliance audit of the

Balance Sheet and P&L Schedule III Companies Act 2013 Notes for May 2016 Exams.

As you know Balance sheet new format was introduced in Revised Schedule VI in Companies Act 1956, however due to recent applicability of Companies Act 2013, new Schedule is applicable which guides the format of financial statements i.e. Balance Sheet, P&L Account and Notes to Account. As

Most Important Ind AS Videos for CA Final May 2016

Ind AS 32

Starting from 1st April 2016, mandatory adoption of Ind-AS

Starting from 1st April 2016, mandatory adoption of Ind-AS, would be required for all companies, having net-worth of INR 500 crores or more. The holding, subsidiary, joint-venture or associate companies (‘affiliates’) of such company covered above would also have to adopt Ind-AS starting

Banks need to recognise an NPA when it happens, says YH Malegam

http://www.moneycontrol.com/news/economy/banks-need-to-recognisenpa-when-it-happens-says-yh-malegam_6015501.html

CA Course: CPT to be Scrapped

Common Proficiency Test (CPT), which is mandatory for appearing the chartered accountancy course, is likely to be scraped. A foundation course will be introduced in place of CPT. This is revealed by M. Devaraja Reddy, President, Institute of Chartered Accountants of India (ICAI) on

Excellence in Professional Work – A Consciousness Approach

Knowledge, skill and values are the foundations of excellence in professional work. But these factors of excellence have an inner and outer dimension. Most of the discussions on this subject focus on developing or cultivating the outer skill, knowledge or behaviour. But a more effective approach would be to awaken the corresponding inner faculties of

Is Sebi nudging investors in mutual funds to go direct?

The Securities and Exchange Board of India’s (Sebi) circular dated 18 March 2016—that mandated additional disclosures about how much money your mutual fund distributor makes on your investment in absolute terms and how much salary your fund managers (and other top mutual fund

CA Final LLP Simplex Lecture

Click here to view

Vacancy for CA/ CMA in EESL

In order to develop a viable ESCO industry, Ministry of Power has set up Energy Efficiency Services Limited (EESL), a Joint Venture of NTPC Limited, PFC, REC and POWERGRID to facilitate implementation of energy efficiency projects. Within very few years of its existence, EESL has made

ITR forms for AY 2016-17 to be notified by early April

http://www.moneycontrol.com/news/economy/-itr-forms-for-ay-2016-17-to-be-notified-by-early-april_6014981.html

Deloitte TMT India Predictions 2016: Media

Vacancy for CA Inter/ CMA Inter in BEML (PWD)

BEML Limited, a pioneer in Multi Business (Defence, Mining & Construction, Rail & Metro, Aerospace, Dredging etc.) Heavy Engineering Company with an Annual Turnover of around `3000 Crores wish to recruit candidates to fill up thebacklog vacancies of SC/ST/OBC/PWD in the

CA IPCC Final Admit Card May 2016

CA IPCC Final Admit Card May 2016 Exams Are Available to Download. The Admit Cards for the CA IPCC November 2015 and CA Final Exams will be released by ICAI just 20 days before the exams. IPCC Admit cards / Hall Tickets for November 2015 exam are hosted on

IPCC Amendments May 2016

ICAI has published the amendments for CA IPCC May 2016 Exams. The amendment consist of all the subject which have gone through some change in CA Inter level. As you know ICAI with these

First look of Mumbai AC local train

Analysis of Chartered Accountant's Placement Campus Sept 2015

The 42nd edition of the campus placement programme for the newly-qualified chartered accountants was organised at 19 centres across the country in two phases, where 7,358 candidates registered to avail themselves of placement facility. In the first phase, placement was conducted at 13 smaller centres where 296 offers were made to the candidates. In the second phase, the programme was

5 Amazing Inventions You NEED To See

Google makes photography tools worth $149 available for free

http://www.ibnlive.com/news/tech/google-makes-photography-tools-worth-149-available-for-free-1221416.html

Inclusion of interest income in the return of income filed by persons liable to pay tax

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

PRESS RELEASE
New Delhi, 23rd March, 2016

Sub: Inclusion of interest income in the return of income filed by persons liable to pay tax- regarding

Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial

ICSI March Journal

https://www.icsi.edu/WebModules/LinksOfWeeks/CS_Mar_Issue.pdf

PSU general insurers may see up to 10% stake sale

New Delhi The finance ministry is considering up to 10 per cent stake sale in at least one insurance company in 2016-17, beginning with the listing of New India Assurance in the primary market. The department of financial services is in the process of working out valuations for possible stake sale. The listing of other general insurance companies such as United India Insurance, National Insurance

Apple iPhone SE review: A good phone, but not meant for power users

http://www.ibnlive.com/news/tech/apple-iphone-se-review-a-good-phone-but-not-meant-for-power-users-1221006.html

Govt to centralise process for setting up companies

http://economictimes.indiatimes.com/news/economy/policy/govt-to-centralise-process-for-setting-up-companies/articleshow/51532329.cms?from=mdr

ICAI Constitutes of a Group on Independent Auditors

Council Affairs/M-626/2016 21st March, 2016

ALL MEMBERS OF THE COUNCIL

Madam/Dear Sir, 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 on Independent Auditors comprising the following members:-

Political parties must maintain accounts of “voluntary donations”- Delhi HC

The Delhi High Court has passed a judgement that may go a long way towards electoral reforms. Justices S Murlidhar and Vibhu Bakhru yesterday ruled that political parties must maintain “properly audited accounts” of income received through voluntary contributions. Unless this

KIDS REACT TO DONALD TRUMP

Tax Department Eases Taxation Norms For Bonds Held By Companies

New Delhi: Seeking to simplify the procedure and promote ease of doing business, CBDT has said capital gains tax will be computed from the date of acquisition of financial instruments like bonds and debentures and not from the date of their conversion into shares.

Tax experts said the notification issued by the Central Board of Direct Taxes (CBDT) would facilitate

Apple iPhone SE to be launched in India on April 8 at Rs 39,000 onwards

http://www.ibnlive.com/news/tech/apple-iphone-se-to-be-launched-in-india-on-april-8-at-rs-39000-onwards-1220161.html

Apple iOS 9.3: Should You Upgrade?

Well done Apple. iOS 9.3 is now available and the company deserves a pat on the back. Why? Yes it’s a major update, but the real credit goes to Apple for putting it through no less than seven betas

Apple iOS 9.3 Has A Nasty Surprise

Apple AAPL +0.15% iOS 9.3 is finally here after no less than seven betas. It’s jam packed with exciting new features, but arguably its biggest and most anticipated addition has left a bitter taste in the mouths of some users…  
In short: Night Shift is not all it is cracked up to be.
It turns out Apple’s long awaited Bluelight Filter has a number of frustrating limitations which the company failed to mention in its release notes. On top of this it is also being dismissed as not fit for

⁠⁠⁠Tax Ready Reckoner for Investments - FY: 2015-16

EQUITY:

Stocks:

1. If you hold on to them for a year, the long-term capital gain is tax free
2. Short-term capital gain is taxed at 15%
3. Dividends are tax free

DEBT FIXED INCOME INSTRUMENTS:

7 Innovative Products and Latest Inventions You Can Buy

MAHAGENCO Recruitment 2016 – Apply Online for 949 Vacancy Advisor & Manager Posts CA,ICWA Freshers And Experience

MANAGENCO Recruitment 2016 – Chief Legal Advisor & General Manager Posts: Maharashtra state Power Generate on Company Limited (MANAGENCO) has given an employment notification for the recruitment of Chief Legal Advisor & General Manager (F&A) vacancies on contract basis.Eligible candidates can apply in prescribed application format on or before

Career as Chartered Accountant

CA is a common term mostly for the students of commerce stream. With the rapid development in economy, careers in finance and accounts have been in demand in many places. The term CA is connected with all these, well CA stands for Chartered Accountant and the course related to same is

Last Date of Filing Late Income Tax Return Revised. Here's What To Know

Typically, the deadline for filing income tax return of the previous financial year is July 31. In case a person missed the July 31 deadline, he was allowed to file a late income tax return within two financial years from the end of the relevant tax year.

But Budget 2016 has proposed a change and the window for filing late return has been reduced from

Why Fixed Deposit is more riskier investment than you think

When you invest in a Fixed Deposit, you lock your money in the bank thinking it to be safe there.

But the fact is the bank in turn may lend your money to an extravagant person (someone like Vijay Mallya) who spends your money goes insolvent and declares himself incapable of returning the loan.

And after many years when you unlock the bank in search of your wealth, what you get is nothing

CMA Practice Test Papers For June 2016 | ICWAI Inter and Final

Today ICWAI has released CMA Inter practice test papers and ICWAI Final practice test papers for June 2016. Click below links download
ICWAI Inter Practice Test Papers For June 2016

• Paper 5: Financial Accounting
• Paper 6: Laws, Ethics and Governance
• Paper-7: Direct Taxation
• Paper 8 : Cost Accounting and Financial Management
• Paper 9 : Operations Management & Information System

CA-FINAL Direct Tax Amendments - May & Nov 2016 Exam - Part 2

CA-FINAL Direct Tax Amendments - May & Nov 2016 Exam - Part 1

Useful Tips to overcome Failure in CA Exams

The reason why I am writing this article is to let this student and all others know something… something that can change their life and help them witness their dream of become a CA : Chartered Accountant become a reality in front of their own eyes. Today I am going to talk about the power of “I AM”.
I truly and firmly believe in the power of words. Just like old ‘mantras’ in Hinduism that has the power to transform one’s life by its sounds effect on body and mind and raise a person from ordinary

Reasons for increasing NPAs in Banks

The Comptroller and Auditor General of India (CAG) on Friday said amount towards uncollected tax demand increased to Rs 7 lakh crore at March 2015 end from Rs 5.75 lakh crore in the previous year

"The uncollected demand is rising despite clear provisions in the (Income Tax) Act to enforce collection and recovery of outstanding demand viz. attachment and sale of assessess' movable and immovable property, appointment of a receiver for the management of assesses' properties and

List of top 50 defaulters in India

list of top 50 corporate
defaulters in this country

1. Kingfisher Airlines Rs.2673 Crore
2. Winsome Diamond & Jewellery Co. Ltd.Rs. 2660 Crore
3. Electrotherm India Limited Rs.2211 Crore
4. Zoom Developers Private Limited Rs.1810 Crore

Here is how the new real estate bill will benefit consumers

1) As of now the real estate sector was largely unregulated in India. If a consumer had a complaint against a developer he would had to make rounds of consumer or civil courts. Also absence of standardization and lack of adequate consumer protection has constrained the healthy and orderly

7 Things You Do That Are Illegal

7 Things you never knew existed

Crisil downgrades 8 psu banks

Bank of india - AA+(negative) from AAA/negative earlier

Central Bank of india - AA- (negative)from AA/negative earlier

The Real Estate Bill is now applicable for both commercial and residential real estate projects

The Real Estate Bill is now applicable for both commercial and residential real estate projects. It also calls for the establishment of a 'Real Estate Regulatory Authority' in States or Union Territories (UTs) to regulate real estate transactions.

-- The Bill ensures mandatory disclosure of all registered projects, which includes details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate

Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income

1. Annual Information Return(AIR)

AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account

AIR-002: Paid Rs. 2,00,000/- or more against credit card bills

EPF tax proposal may be deferred for the time being: PMO Sources

http://www.ibnlive.com/news/india/epf-tax-proposal-may-be-deferred-for-the-time-being-pmo-sources-1212333.html

5 New Inventions That Will Blow Your mind

Exam for various posts in ministries of Central Govt.

Staff Selection Commission has issued notice on 13.02.2016 for conducting exam on  Sundays 08th  and 22nd MAY 2016 for filling up different categories of posts in various Ministries/ Departments/Organisations in Central Government.   The minimum educational qualification is any

RBI amends capital treatment norms under Basel III.

RBI amends capital treatment norms under Basel III.

.  Revaluation reserves after 55% discount, would be considered as common equity tier 1 capital (CET1) instead of Tier 2 capital.

·  Foreign currency translation reserves arising due to translation of financial statements of a bank’s foreign operations to the reporting currency may be considered as CET1 capital after discount of 25

FM extends Sec 80JJAA benefits to all audited companies to leg up job creation

NEW DELHI : EXTENDING the benefit of Section 80JJAA of the Income Tax Act to all the assessees irrespective of the fact whether they derive their income from manufacturing goods in factory or not, subject to the condition that statutory audit is applicable to them, is actually is a long standing demand of the industry. In the present

IT Raids reveal massive wealth accumulated by P Chidambaram and held in the name of his son Karti Chidambaram

The list of Assets owned by Chidambaram includes 88 acres in UK, 3 Vineyards and Stud farms in South Africa, 3 Resorts in Sri Lanka, Properties in Singapore, Malaysia and Thailand, 4 Acre Tennis Academy with 11 Tennis courts in Barcelona, Investments in Dubai, France etc ...

Former Finance Minister P Chidambaram's son Karti Chidambaram built a massive empire for himself through investments in real estate and other financial dealings

CBDT Clarifies Law On Whether Surplus On Sale Of Shares Is Taxable As Capital Gains Or Business Profits

Circular No.6/2016

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi, the 29th of February, 2016

Sub: Issue of taxability of surplus on sale of shares and securities — Capital

The Indirect Tax Dispute Resolution Scheme, 2016 - A Step Towards Resolving Pending Litigations

1.0 Introduction:

The Finance Bill, 2016 has proposed THE INDIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 for indirect tax disputes. The scheme is new to the indirect tax laws and is proposed to aimat resolving the litigations pending under the said Acts in a peacefull manner. The scheme is optional and provides relief to those litigants who want

MRP valuation - Pay more for a Smart watch

NEW DELHI : ON the subject, Customs - Where do you classify a Smartwatch?, an extract from DDT 2616 -

The HSN is the ultimate in tariff classification and it is supposed to contain a heading for every item in the world. But technology and ingenuity of the human mind do not wait for Customs officers gathered in Brussels to decide

Section 54EE An initiative for mobilization of funds for start-up ecosystem

I. Introduction

Insertion of this section by the Finance Act 2016 vide clause 31 is also a step taken in tune with the policy of the Government to provide an impetus to start-ups and facilitate their growth in the initial phase of their business. It

Auditors of Banking Companies – time to endure Ind AS

The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to the Press Release dated January 18, 2016 issued by the MCA outlining the roadmap for implementation of International Financial Reporting Standards (IFRS) converged Indian Accounting Standards for banks, non-banking financial companies, select All India Term Lending and Refinancing Institutions and

Excise returns can be now revised

 NEW DELHI : UNDER the existing provisions, only Service Tax returns can be revised. But, there is no such facility of filing a revised return in case of Central Excise. There is a demand from many

ThinkPad X1 Accessories Product Tour Video

CBDT Issues Revised Guidelines For Stay Of Demand By AO Till CIT(A)’s Order

F.No.404/72/93-ITCC
Government of India
Ministry of Finance
Central Board of Direct Taxes (CBDT)
New Delhi, Dated: 29th February, 2016
Office Memorandum
Sub: Partial modification of Instruction No. 1914 dated 21.03.1996 to provide for

CBDT Circulars Clarifying Law On TDS Obligation On Payments By TV Channels Etc

The CBDT has issued Circular Nos. 04/2016 and 05/2016, both dated 29.02.2016. In Circular No. 04/2016, the CBDT has explained the law relating to Tax Deduction at Source on payments by

Indirect Taxes Proposals-Union Budget 2016 which will be effective immediately or from 1/04/2016

INDIRECT TAXES

CENTRAL EXCISE

Amendments made effective immediately

·         The Clean Energy cess is to be renamed as Clean Environment cess. The effective rate of Clean Energy cess proposed to be increased from Rs.200 per tonne to Rs.400 per tonne .

·         Infrastructure cess is to be levied on motor vehicles under heading 8703 subject to certain