Click here to See the paper of Financial Reporting May-2014 Exam Paper
Tuesday, 27 May 2014
Thursday, 22 May 2014
Applicability of Companies Act, 2013 for November, 2014 and May, 2015 examinations
Applicability of Companies Act, 2013 for November, 2014 and May, 2015 examinations
The Council at its 333rd Meeting held on 14th & 15th May, 2014.
considered the applicability of further notified 184 sections of the Companies Act, 2013 along with Final Rules for the forthcoming examinations and consequential modification in the syllabus of Intermediate (IPC) and Final Courses.
Pursuant to the Council's decision, the Board of Studies has already hosted the following announcements at the Institute's website for the information of the students:-
Applicability of notified sections of Chapter IX, "Accounts of Companies" and Chapter X, "Audit and Auditors" of the Companies Act, 2013 along with its Rules for November 2014, Examinations for Final Course. (http://220.227.161.86/33530bos23144nov14.pdf)
Applicability of notified sections of the Companies Act, 2013 for May 2015, Examinations. (http://220.227.161.86/33529bos23144may15.pdf)
Revision of the syllabus for May 2015 examinations and onwards pursuant to enactment of the Companies Act, 2013. (http://220.227.161.86/33531bos23144syllabus.pdf)
Students may note that as per announcement dated 15th March, 2014
hosted on the students' portal at http://220.227.161.86/32800bos-announ15mar14.pdf regarding applicability of 53 sections and 45 sections of the Companies Act, 2013 for November 2014 examinations for Intermediate (IPC) and Final Course respectively for which supplementary Study material is already hosted on the website.
Further, the material related to Chapter IX, "Accounts of Companies" and Chapter X, "Audit and Auditors" of the Companies Act, 2013 along with its Rules for November 2014, Examinations for Final Course will also be hosted at an early date.
In case of any clarification, students may send their query at nisha.gupta@icai.in; or megha.goel@icai.in
Wednesday, 21 May 2014
New Form 49A & 49AA WEF 16.05.2014
CBDT has revised PAN Application form 49A and 49AA wef from 16.05.2014 vide its notification no.26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card printed the name of his/her mother.But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card. In case Applicant do not exercise his/her option than by default Father's name will get printed on PAN card.
For more details Please Visit below Notification and Revised Form 49A and 49AA :-
Notification No. 26/2014 , Dated- 16-5-2014
S.O. 2045(E) - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—
1. (1) These rules may be called the Income–tax (5th Amendment) Rules, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, in Appendix II, for Forms 49A and 49AA, the following Forms shall be substituted, namely:—
download it from here..
[IN THE CASE OF INDIAN CITIZENS/INDIAN COMPANIES/ENTITIES INCORPORATED IN INDIA/UNINCORPORATED ENTITIES FORMED IN INDIA]
[INDIVIDUALS NOT BEING A CITIZEN OF INDIA/ENTITIES INCORPORATED OUTSIDE INDIA/UNINCORPORATED ENTITIES FORMED OUTSIDE INDIA]
Friday, 9 May 2014
India Started its own Payment Gateway "RuPay"
 |
| RuPay |
New Delhi, May 8 (IANS) President Pranab Mukherjee Thursday dedicated to the nation indigenous card payment network called RuPay taking on the global players like Visa and MasterCard.
The new payment network developed by the National Payments Corporation of India (NPCI), a not-for-profit company envisioned by the Reserve Bank of India (RBI) and created by the banking industry, covers all the automated teller machines (ATMs) and most of the retail and e-commerce platforms.
"RuPay" is the coinage of two terms Rupee and Payment.
"Dedication of RuPay to the nation is symbolic of the maturity of the payment system development in India," Mukherjee said after formally launching the card at a function at Rashtrapati Bhavan.
Sunday, 27 April 2014
All About One Person Company
The Concept and Salient features of One
person Company
One
Person Company (OPC) is defined in sub section 62 of section 2 of the Companies
Act, 2013 which reads as follows:
“One
person company means a company which has only one member”
The important features of the One Person
Company (OPC) –
1.
OPC has only one person as a member/shareholder.
2.
OPC can be registered only as a Private Company.
3.
OPC may be either a company limited by share or a company limited by guarantee
or an unlimited company.
4. An
OPC limited by shares shall comply with following requirements:
a. Shall have minimum paid up capital of INR 1 lac.
b. Restricts the right to transfer its shares
c. Prohibits any invitations to public to subscribe for the
securities of the company.
5. An
OPC is required to give a legal identity by specifying a name under which the
activities of the business could be carried on.
Friday, 18 April 2014
How to Incorporate / RegisterLimited Liability Partnership (LLP) in India
Step wise Registration Process for Limited Liability Partnership (LLP)
Recently most entrepreneurs have started opting for Limited Liability Partnership, considering it has most positive features of Partnership and Companies. It is hybrid form which incorporates benefits of both partnership and companies. It has the following features:
>The liability of each partner is limited to the contribution mention in agreement.
>The cost of formation is limited.
>Less restriction and compliance.
>Separate Legal Entity
Following is Step wise Registration process for incorporation of Limited Liability Partnership (LLP)
Step 1) Obtain Designated Identification Number (DIN) Every individual intending to be appointed as designated partner of a limited liability partnership has to make an application for allotment of Director Identification Number. MCA has vide its notification amended the limited liability partnership rules, 2009. Now instead of DPIN, everypartner who will be appointed as designated partner , will need to apply for DIN and not DPIN. There is a fixed fee of Rs 100 for this eForm and it can only be paid through online mode (credit card/ internet banking). There shall be no requirement for physical submission of the documents at the DIN cell. All the necessary documents shall need to be scanned and attached in the eForm and submitted online. While filing DIN form ensure following:
Thursday, 3 April 2014
New bank licence: RBI grants 'in-principle' approval to IDFC, Bandhan
The Reserve Bank of India( RBI) on Wednesday granted "in-principle" approvals to Mumbai-based infrastructure lender IDFC and Kolkata- based micro-finance Bandhan Financial Services for new bank licences.
The RBI will also consider the application of India Post, but the central bank said it would done separately in consultation with the government.
This would be the first time in a decade that new banking licences are handed out, since the formation of Yes Bank in 2004.
There were 25 companies in the running. Public sector unit IFCI and private players such as Anil Ambani group and Aditya Birla group were among the applicants. Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital had also applied.
The approval comes a day after the Election Commission (EC) cleared the decks for RBI to announce approvals for new banking licences.
The RBI had sought permission of the EC before announcing the awardees, as the model code of conduct is in place in the run up to the elections.
The "in-principle" approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements under the banking licence guidelines and fulfil the other conditions as may be stipulated by the RBI.
On being satisfied that the applicants have complied with the requisite conditions, the RBI would consider granting of a licence for commencement of banking business. Until a regular licence is issued, the applicants would be barred from doing banking business.
In February, the Bimal Jalan panel, which scrutinized applications for new bank licences, submitted its report to RBI.
Source:
http://profit.ndtv.com/news/industries/article-new-bank-licence-rbi-grants-in-principle-approval-to-idfc-bandhan-384539
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