Abhishek Lamba & Associates

22/07/2015

Clarification u/s 136 and 137 of CA, 2013
1. If General Meeting is being conducted at Shorter Notice u/s 101(1) then the Company may also circulate the Financial Statement u/s 136 at Shorter period along with Notice.
2. Holding company can place on website or file unaudited A/c of subsidiaries which have been incorporated outside India and which do not have place of business in India if the requirement of audit is not mandatory in country of incorporation after translation of A/c in English.
3. The A/c of subsidiaries referred above need to be as far as possible in compliance with CA, 2013 and statement of deviation may be placed on website/ filed along with accounts.

http://mca.gov.in/…/p…/General_Circular_11-2015_21072015.pdf

15/07/2015

GOOD NEWS FOR INCOME TAX RETURN E-FILERS:
NOW FROM THE ASSESSMENT YEAR 2015-2016 (FINANCIAL YEAR 2014-2015) INCOME TAX RETURN E-FILERS SHALL NOT BE REQUIRED TO SEND THE SIGNED COPY OF ITR-V TO CPC, BENGALURU.
An option is given to the E-Filer to file return of income via Electronic Verification Code' ('EVC').
EVC, a ten digit alpha-numeric code, to be provided using any of the 4 methods, namely –
a) internet banking ,
b) AADHAR authentication ,
c) Bank ATM card and
d) combination of registered email and mobile number (where income is below Rs 5 lakhs).
EVC is to be generated from E-filing website, generation process may vary based on risk category of taxpayer.
EVC is a unique number (a 10 digit alpha -numeric number) linked to assessee's PAN, one EVC can be used to validate one return of the assessee irrespective of the AY or return types.
EVC generated via Adhaar Card will be valid only for 10 minutes and in any other case, it will be valid for 72 hours.
Note:
Persons whose accounts are required to be audited under Section 44AB,Political parties filing their return of income in ITR-7; and Companies. CANNOT FILE RETURN VIA EVC

06/06/2015

Much awaited Exemptions to private , Government , Nidhi and section 8 companies released by MCA today.
Exemptions to Section 8 (Non-Profit) under section 462 of CA 2013
Exemptions to Private Companies under section 462 of CA 2013
Exemptions to Nidhis under section 462 of CA 2013
Exemptions to Government Companies under section 462 of CA 2013
http://www.mca.gov.in/MinistryV2/companiesact.html

To be published in Official Gazette.

The Companies Act, 2013 passed by the Parliament has received the assent of the President of India on 29th August, 2013. This an Act to consolidate and amend the law relating to companies. The Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013 but the provisions of th…

28/05/2015

The Companies (Amendment) Act, 2015 received president’s assent and was published in the official Gazette on May 26, 2015.

The Companies(Amendment)Act 2015 (the Amendment)shall come into force on such date as the Central Government may, by notification in the official gazette, appoint and different dates may be appointed for different provisions of the Amendment Act and any reference in any provision to the commencement of the Amendment Act shall be construed as a reference to the coming into force of that provision.

The gazette notification is available at the link

www.icsi.edu/docs/Website/Companies(Amendment)Act%202015.pdf

20/05/2015

Service Tax rate increased from 12.36% to 14% (Subsuming EC and SHEC) and will be applicable from 1st June, 2015 vide Notification no. 14/2015-ST.

15/05/2015

Dear Professional Colleagues,

The Secretarial Standards on Meetings of the Board of Directors (“SS-1”) and Secretarial Standards on General Meetings (“SS-2”) ("together referred to as the "Secretarial Standards") have been issued by the Institute of Company Secretaries of India (“ICSI”) under the provisions of Section 118(10) of the Companies Act, 2013 ("the Act"), as approved by the Central Government, vide ICSI Notification No. 1 (SS) of 2015 dated April 23rd, 2015 and published in the Gazette of India Extraordinary Part III - Section 4. These Secretarial Standards shall come into force w.e.f. 1st July 2015.

The text of these Secretarial Standards are available at: http://www.icsi.edu/SecretarialStandards.aspx.

Secretarial Standards

14/05/2015

The Hon'ble Apex Court has today cleared the long pending constitutional validity of the NCLT subject to minor riders.

Lets get set to witnessing all new set of standards /rules of the proposed NCLT towards disposing of various matters including inter alia, mergers, amalgamations, oppression/mismanagement, revival of sick companies etc.
This would surely have abundant amount of areas to concentrate /practice to all competent professionals. Heartiest congratulations to all.

Please see the full copy of judgment of the SC as per the below set web link:
http://supremecourtofindia.nic.in/FileServer/2015-05-14_1431595075.pdf