Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: empanelment :: due date for vat payment :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016

ROCs registering change
December, 25th 2006

For the first time, corporate India had a user-friendly experience at the peak annual-returns-filing season this year-end, say chartered accountants who work with top corporates.

Thats because the 20 registrars of companies (RoCs) across the countrythe interface between the state and business housesstarted undergoing a surprising metamorphosis this year. From a temperamental regulator burdened with tasks beyond its resources to a fully paperless service provider all set to give a pleasant experience to corporates.

The difficulty in managing truck-loads of documents, which earlier afforded a pretext to the inefficient to skip their duties and the corrupt to manipulate records has been done away with under a massive e-governance project.

On September 16, it become mandatory for corporates to file all statutory documents like financial statements and compliance certificates online. Besides the ease to file records, the most important change is that officials have been stripped of any flexibility to work around the rules.

The system is programmed not to accept anything that is not in sync with the rules. The new regulator reflects the underlying philosophy of economic reforms. Wealth creation is no more a sin and regulators need not act too pricey. While being a transparent and accountable regulator, their job is also to provide professional services to entrepreneurs.

That is an impressive beginning. But enforcement of compliance is still a big challenge. RoCs, who are empowered to inspect the premises of companies and scrutinise their records, have not been able to cover even a small fraction of the corporate sector yet. That, despite the fact that only about a half of the more than seven lakh registered companies are functional.

When the UPA government took over, the number of inspections carried out by RoCs a year was just 200. Although it has gone up noticeably since then, inspections now do not cover even a per cent of the industry, which itself would run into a few thousand companies.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions