Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save
 ITR filing 2024: New vs old income tax regimes, 6 key things to consider while filing your tax return
 These five technical glitches may impact your Income tax return (ITR) filing. Know here
 ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns
 ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year
 Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year
 ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year
 Income Tax Filing: 10 necessary guidelines that you must be aware of
 Why you should file your income tax returns before July 31
 What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
 Income Tax Return: What are the alternatives to Form 16 that can be used while filing ITR?

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting