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: articles on VAT and GST in India :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

ICAI seek more changes to Companies Act 2013 for ease in doing business
April, 06th 2015

To make doing business easier, chartered accountants' grouping ICAI has sought more changes in norms governing companies, including those pertaining to related party transactions.

The Institute of Chartered Accountants of India (ICAI) has suggested changes in various aspects of the Companies Act, 2013, whose most provisions came into force from April last.

With regard to proposed changes, the institute has communicated with the Corporate Affairs Ministry which is implementing the Act.

ICAI President Manoj Fadnis said some concerns with respect to related party transactions norms are yet to be addressed.

"We are talking about the concept of ease in doing business... The Ministry has been very receptive," he told PTI.

Noting that certain concerns have already been taken care of and some are in the process of being addressed, Fadnis said

For the institute, the main concern about related party norms is that a company cannot appoint an auditor if his or her relatives hold shares in that particular firm.

"If you look at the social fabric, many of the times such information (about shareholding in companies) are not shared between the relatives... So their shareholding should not be a criteria for qualification of a chartered accountant to be an auditor," Fadnis said.

To address the issue, the institute has suggested that the norms should mention "dependent relatives" only.

Welcoming the Ministry's latest clarification on companies taking deposits, Fadnis said the move would provide a "lot of relief" for many smaller private limited companies in terms of ensuring compliance with the norms.

"It is a good step and it should help a large number of smaller private limited companies to ensure compliance.

"Otherwise the law required that certain kinds of deposits were to be repaid by March 31, 2015 and many of these companies did not have funds available to repay those deposits," Fadnis said.

On Monday, the Ministry said that amounts received by private firms from its members, directors or their relatives prior to April 1, 2014, would not considered as deposits under the new companies law.

To ease practical difficulties faced by stakeholders, the government has already moved a Companies (Amendment) Bill, 2014. The changes have been approved by Lok Sabha and is now awaiting Rajya Sabha nod.

As per the Ministry, some of the amendments are aimed at further facilitating ease of doing business.

On the proposed National Financial Reporting Authority (NFRA), Fadnis said there needs to be more deliberations on the matter. ICAI has raised concerns about setting up the new body.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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