(Prudent Requirements  under Income Tax Act on holding of Jewellery more than the limit prescribed by the CBDT) FAQ on government’s recent thrust on tracking unaccounted monies and investments in Liquid Assets Such as Gold :- The purpose of this article is to make aware about all the possible benefit available to the searched person(s) in respect of jewellery found during the course o......

A company is referred to as Section 8 Company when it registered as a Not For Profit Organization (NPO) i.e. when it has motive of promoting arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives. The income of NPO cannot be used for paying out dividen......

Scope This Auditing Standard is applicable to Auditor undertaking any audit engagement under the Companies Act, 2013 or SEBI Act, 1992 or any other law for the time being in force. The Standard deals with Auditor’s roles and responsibilities in agreeing to the terms of audit engagement and entering into an understanding/agreement with the Management for the purpose of audit. Effective Date......

Startups are becoming very popular in India. In order to develop the Indian economy and attract talented entrepreneurs, the Government of India, under the leadership of PM Narendra Modi, has started and promoted Startup India initiative to recognize and promote startups.    Startup India is launched in order to grow Indian economy and attract potential entrepreneurs. Startup India ......

The Real Estate Regulation & Development (RERA) Act, 2016 is an Act to protect home-buyers as well as help to enhance investments in the real estate industry. RERA Act 2016 came into force from 1 May 2016. The real estate sector has developed in the recent years but has mostly been unregulated from the view of consumer protection. Though, consumer protection laws are available, the ......

What is Payment Gateway License? A payment gateway is a financial service that reads payment cards (like debit card, credit card, net-banking and payment through your e-wallet, etc.), payment gateways refer to software and servers that transfer transaction info to acquiring banks and responses from issuing banks. Essentially, payment gateways facilitate communication within banks. A payment gate......

As we all are aware that Ministry of Corporate Affairs (MCA) in strict action mode since last 2-3 years and have strike off large no of Companies on its own motion and disqualified their directors for being a director for five years, just because of non-filing of due Statutory Annual Returns for continuously last 3 financial years. Consequently, the large no of Companies have sound business track......

NEEDED FOR BUSINESS AND CORPORATE HOUSES:-  Income Tax Income Tax return for the Fy 2018-19 has been extended to 30th June 2020. Interest at 9% P.A. instead of 18% for late deposit of TDS however date of TDS deposit remains same. Aadhar PAN linking date extended to 30th june 2020. Vivad se Vishwas scheme also extended to 30th June without 10% additional charge. GST Returns F......

LODR Checklist for Secretarial Audit   Matter for consideration Regulation Reference Compliance Yes/No/NA Comments Workpaper Reference   CHAPTER III - COMMON OBLIGATIONS OF LISTED ENTITIES           1 Whether the has appointed a qualified Company Secretary as the Compliance Officer. 6(1)   &......

Audit Committee (1) Every listed entity shall constitute a qualified and independent audit committee in accordance with the terms of reference, subject to the following: (a) The audit committee shall have minimum three directors as members. (b) Two-thirds of the members of audit committee shall be independent directors and in case of a listed entity having outstanding SR equ......

What is a Board Meeting? The board meeting is a formal meeting of top executives or directors of the company called to debate certain issues and problems and to make decisions. The meetings are held at definite times, at definite places. A Board meeting is organized to solve some special issues, taking important decisions or to make new policies. Board meetings require more planning and det......

A Secretarial Audit is a mechanism to check the compliance of an organization to the laws, rules, regulations, notifications etc prevalent at the time of the audit. In this case, it is to check if a company has been complying with the provisions of the Companies Act 2013 and all of its rule therein. The rules and regulations around companies are very complex and ever increasing. The responsi......

ITS ALL ABOUT CORPORATE DESK- Independent Director The Companies Act,1956 did not provide us the specific definition of an Independent Director. But Independent Directors are in the limelight as per the Companies Act, 2013. A separate criterion has been established for the companies to have an Independent Director. Basically, we can say that an independent director is a non-executive direct......

Assets Reconstruction Company It is a Company registered under the Companies act 2013 for the purpose of securitization & it also requires a registration from RBI as per SARFAESI act under section 3. Asset Reconstruction Company is in the business of buying the bad loan from the bank. Asset reconstruction company is a specialized financial institution that buys the bad loan, NPAs from banks &......

Introduction to NBFC’s in India Non-banking financial companies (NBFCs) are a vital part of the Indian financial service system. NBFC’s have multiplied in large numbers and serving the public at large to support the financial inclusion program with affordable credit at home. NBFCs are playing a key role in meeting the credit demands unmet by the traditional banks, specifically fo......