The simplified presumptive taxation scheme is extended to persons earning professional income. According to government, this scheme will help to rationalize the presumptive taxation scheme and to reduce the compliance burden of the small tax payers having income from profession and to facilitate the ease of doing business.
Posted in Company Secretary, Truth of Our Time
Tagged Budget 2016, Income from Profession, Income tax, India, Profession
UPDATE: on 30th August 2013: Companies Bill 2012 became the Companies Act, 2013 (Act 18 of 2013).
I discussed in my last post that it is first time that concept of “Key Managerial Personnel” has been introduced in India. Hopefully, present Companies Bill will change status of Corporate Governance in India. The qualified Directors and transparency in appointment of directors is single most important key for success of public corporate and corporate governance. As I discussed, appointment of “Key Managerial Personnel” is discussed in Section 203 but specific provisions of Chapter XI should be taken care of in case of appointment of Directors as they are specific provisions for them. Chapter XI consists of 23 Section from Section 149 to Section 172.
Posted in Chapter XI - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Board of Directors, Companies Bill 2012, Company Secretary, CorpGov, CorpLaw, Corporate Governance, Corporate Law, Director, Disqualification of Directors, Key managerial personnel, Legal Reforms, limit on directorship, Ministry of corporate affairs, Profession, Qualification of Directors, Reforms, Retiring Directors
(UPDATE: on 30th August 2013: Companies Bill became the Companies Act, 2013 (Act 18 of 2013).
In this series of my blog post related to Companies Bill, 2012; I am writing this post about provision relating to internal and cost audits. The manner of appointment of auditors may affect independence of cost audit and good corporate governance. The bill addresses this issue very well.
Posted in Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Accounts, Accounts and Audit, Appointment of Auditor, Auditor, Auditor Remuneration, Causal Vacancy, Companies Bill 2012, CorpGov, CorpLaw, Corporate Governance, Corporate Law, Cost Audit, Disqualification of Auditor, India, Internal Audit, Legal Reforms, Ministry of corporate affairs, Profession, Reforms, Removal of auditor, Resignation of Auditor
(UPDATE: on 30th August 2013: Companies Bill, 2012became the Companies Act, 2013 (Act 18 of 2013). )
In my last blog post auditor under companies Act, 2013: from appointment to removal, I discussed auditor his appointment, remuneration resignation and removal along with other incidental matters. In this post I will discuss power, duties and penalties related to auditors and audit report.
Posted in Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Accounting, Accounting Standard, Accounts and Audit, Audit, Audit Report, Auditor, Branch Audit, CA, Chartered Accountant, Companies Act 2013, Companies Bill 2012, Comptroller and Audit General of India, CorpGov, CorpLaw, Corporate Governance, Corporate Law, General Meeting, Government Companies, ICAI, India, Institute of Chartered Accountants of India, Legal Reforms, Ministry of corporate affairs, Profession, Reforms, Statutory Audit
(UPDATE: on 30th August 2013: Companies Bill 2012 became the Companies Act, 2013 (Act 18 of 2013).
Corporate Governance is a fundamental structure of all recent companies’ laws globally. True and fair Audits are core concern for corporate world and its regulators. While I was writing my earlier blog post “Footsteps of Corporate Governance in Companies Bill 2012 Companies Act, 2013”, I noticed that the Companies Bill, 2012 Act, 2013 has special concern for quality of audits. In my post “National Financial Reporting Authority” you may feel the depth of concern of our law makers about audits, which have already been forced accounting and auditing regulator, the Institute of Chartered Accountants of India, for introspection.
In this series of my blog post related to Companies Bill, 2012 Act, 2013; I am writing about provision relating to auditors. The manner of appointment of auditors may affect independence of audit. The bill Act addresses this issue very well.
Posted in Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Accounts, Accounts and Audit, Auditor, Causal Vacancy, Chartered Accountant, Companies Bill 2012, CorpGov, CorpLaw, Corporate Governance, Disqualification of Auditor, First Auditor, ICAI, India, Institute of Chartered Accountants of India, Profession, Reforms, Removal of auditor, Resignation of Auditor, Statutory Audit
(UPDATE: on 30th August 2013: Companies Bill became the Companies Act, 2013 (Act 18 of 2013). Post updated accordingly)
One of the foremost step for improving corporate governance since birth of concept of corporate governance is improving quality of accounting and auditing of companies. Audit Committee is one of these measures, which has been taken to improve standard of financial reporting. But concerns related to quality of financial reporting are not new. We can trace these concerns in earlier legislation, all earlier versions of the Companies Act in general and the Chartered Accountants Act, 1949. Without going deep in these laws, we simply say; what was otherwise need to enact such Act to regulate a profession of accounting and auditing, standardizing whole process of accounting and auditing.
The National Financial Reporting Authority is a quasi – judicial body to regulate matters related to accounting and auditing. With increasing demand of non – financial reporting, I may safely predict, a National Business Reporting Authority to regulate standards of all kind of reporting, financial as well as non – financial, from companies in near future.
Posted in Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Accounting Standards, Accounts, Accounts and Audit, Appellate Authority, Auditor, CA, Chartered Accountants, Companies Act 2013, Company Bill 2013, CorpGov, Corporate Governance, Corporate Law, ICAI, India, Institute of Chartered Accountants of India, National Financial Reporting Authority, NFRA, Profession, Reforms
(UPDATE: on 30th August 2013: Companies Bill became the Companies Act, 2013 (Act 18 of 2013).
I have mailed my comments on corporate governance framework proposed by SEBI in “Consultative Paper on Review of Corporate Governance Norms in India” and SEBI has acknowledged the receipt. You can read summary of this framework at my earlier blog here if not already read it. Now, I am producing a copy my comments as my initiative towards healthy debate, here:
Posted in Companies Act 2013, CorpGov, Governance and Responsibility, SEBI
Tagged Companies Bill 2012, Consultative Paper On Review Of Corporate Governance Norms In India, Corporate Governance, Corporate Law, Independent Auditor, Independent Director, Indian, Ministry of corporate affairs, Profession, SEBI
(UPDATE: on 30th August 2013: Companies Bill became the Companies Act, 2013 (Act 18 of 2013). This post Updated Accordingly).
The Companies Law is one of the most important and comprehensive legislation after the Constitution of the Nation. This directly indirectly affects all citizens. This bill has 470 Sections and 7 Schedules. This bill provides basis and flexible framework. The Bill has leaved so many matters for subordinate legislation; rules, regulation, circulars etc.
This is very clear this time that there are remarkable scope for professionals, practicing professionals particularly Company Secretaries in practice. We will know real position when all rules and regulations notified after passing and notification of present bill as an Act.
Presently we may discuss, role of Company Secretaries under Companies Bill, 2012 as it is the Companies Act, 2013.
In last 20 years after initiation of economic reforms, India particularly corporate India has moved far ahead to start a new flight towards untouched horizons. We are surviving in a time of dynamic transformations through technological advancement, regulatory rationalisation, progressive professionalism, democratic transformation and sustainable development in our society. In recent developments, transformation of leadership of democratic institutions toward participatory solidarity of all societal stakeholders is evident. There are evidences of many streams of thought and developments in society but there are many new developments, whose time is just knocking the door. Our corporate environment is not left out but is part and parcel of this silent revolution. These transformations in our society are bound to affect all vistas of our life and corporate sector as well. We are very fortunate to be a part of this transformation and we have tremendous opportunity to be a carrier of this transformation. We should understand this revolutionary time and keep pace.
There is a very interesting post on decline of influence of kayastha community in politics and other walk of government. It raises some major questions about this once influential community:
Posted in Truth of Our Time
Tagged Brahmanical, Caste, Caste – System, Hindu, Hindu Nationalism, India, Kaithi, Kayastha, Muslim, Nationalism, Partition, Profession, Reservation, Urdu
Bipin S. Acharya
After a long weekend, when I come back to work, my mail folders dedicated for peer group read more than 150 mails. What happened? It would have been an eventless week as government is on election mode and no major policy change was expected. Unfortunately, there was very sad news. On 28th January 2012, our beloved Company Secretary Sh. Bipin S. Acharya has left for heavenly abode. According to Hindu calendar, that was day of Basant Panchmi, the first day of spring. This is a day of cultural significance and dedicated to goddess Saraswati of knowledge and wisdom. Naturally, god has no other suitable day as an option to call a practising scholar like him.
Posted in Company Secretary, Institute of Company Secretaries of India - ICSI, Secretarial Audit, Secretarial Standards, Truth of Our Time
Tagged Bipin Acharya, Companies Act, Company Secretaries, Corporate, Death, ICSI, India, Indian Companies Act, Institute of Company Secretaries of India, Ministry of corporate affairs, Practising Company Secretary, Profession, Reforms, Secretarial Audit, Whistle blower
The minister of corporate affairs Mr. Veerappa Moily on 12th December 2011 moved 3 bills namely; the Chartered Accountants (Amendment) Bill, 2010, the Cost and Works Accountants (Amendment) Bill, 2010 and the Company Secretaries (Amendment) Bill, 2010
These bills were to amend sub-section (2) of Section 2 of three Acts namely the Chartered Accountant Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980.
Posted in Company Secretary, Institute of Company Secretaries of India - ICSI, Truth of Our Time
Tagged Act, Amendment, Bill, Black Money, Chartered Accountants, Company, Company Secretaries, corruption, Cost Accountants, Cost and Works Accountants, Democracy, ICSI, India, India against corruption, Indian Companies Act, Limited Liability Partnership, Ministry of corporate affairs, Parliament, Profession, Professional, Rajya Sabha, Service Sector, Surrogate Firms, Whistle blower
International relation not only affect governments but public at large. In globalised world, international relations have been reached to our neighborhood tea stall or grocery shop. We judge a nation by product, we buy. We may not know, where Finland is in world map, but we know Nokia in our hand. We will surely judge Finland by Nokia. This is a public diplomacy.
The ever expanding flow of commercial products and services across borders has important implications for public diplomacy. Despite the escalation of transnational corporations, high profile brand names are closely connected with their countries of origin. Coca Cola, Nike and McDonald’s are inextricably tied with the United States. The same associations are true for Ikea with Scandanavia, Nokia with Finland, Sony with Japan, and Nestle with Switzerland.[i]
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AishMGhrana 