Institute of Chartered Accountants of India

Procedure for Authorization of Related Party Transactions under the Companies Act, 2013 – The Conundrum that it is

Introduction Members of the professional fraternity are aware that the Companies Act 2013(hereinafter referred to as The Act) is being notified for implementation in a phased manner-not surprisingly though, considering its overwhelming slant and dependence on sub-ordinate Legislation in the form of Rules. As we write these lines, only 98 out of the 470 Sections  … Read More

Tags: Audit CommitteeCompanies ActCorporate Affairs MinistryCorporate GovernanceCorporate lawInstitute of Chartered Accountants of IndiaNational Football League DraftOfficial Gazette

Capital and Provisioning Requirements for Exposures to entities with Unhedged Foreign Currency Exposure

RBI/2013-14/448 DBOD.No.BP.BC. 85 /21.06.200/2013-14 January 15, 2014 The Chairman and Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs and LABs) Dear Sir, Capital and Provisioning Requirements for Exposures to entities with Unhedged Foreign Currency Exposure Please refer to the draft guidelines on the captioned subject issued on July 2, 2013 and paragraph… Read More

Tags: Capital requirementDerivativesExchange rateFCEHedge (finance)IndiaInstitute of Chartered Accountants of IndiaUFCE

MCA Investor Awareness Programmes during the Current FY Cross the 800 Mark

During the Current Financial Year, a total of 801 Investor Awareness Programmes have been organized by the Ministry of Corporate Affairs in various parts of the country (till the end of October) through its 3 Professional Institutes: Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and the Institute of… Read More

Tags: Companies ActCorporate Affairs MinistryIndiaInstitute of Chartered Accountants of IndiaInstitute of Company Secretaries of IndiaInstitute of Cost Accountants of IndiaOctoberRural area

Amendments in Company Law Board Regulations,1991 in relation to Companies Act 2013

File No. 10/36/2001-CLB GOVERNMENT OF INDIA COMPANY LAW BOARD Paryavaran Bhawan, 3rd Floor, B-Block, C.G.O. Complex, Lodhi Road New Delhi - 110 003 Dated:25/09/2013 ORDER In exercise of the powers conferred by sub- section (4B) and sub-section (6) of Section 10(E) of the Companies Act, 1956 (1 of 1956) read with Regulation 4 of the Company… Read More

Tags: Companies ActCompanies Act 1956Company Law BoardCorporate Affairs MinistryIndiaInstitute of Chartered Accountants of IndiaNew DelhiRegistrar of Companies

Order under Section 119 of the Income-tax Act 1961

F. No. 225/117/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 26th of September, 2015 Order under Section 119 of the Income-tax Act 1961 CBDT in exercise of power under sec 119(2)(a) of the IT Act, 1961 read with Sec 139 andRule 12 has decided to relax the requirement of furnishing… Read More

Tags: Government of IndiaIndiaInstitute of Chartered Accountants of IndiaNagpurNew DelhiReport of AuditRohit GargTaxation in India

Food Security Act Readiness Review

In the wake of the just-enacted National Food Security Act, the Union Minister for Food and Public Distribution, Prof. K V Thomas, today reviewed the operations of Food Corporation of India (FCI), especially from the point of view of its preparedness for implementing the law. Shri Sudhir Kumar, Secretary (Food and Public Distribution), was also… Read More

Tags: FCIFCI Board of DirectorsFood Corporation of IndiaFood securityInstitute of Chartered Accountants of IndiaK V ThomasMadhya PradeshThomas

ICSI, ICAI, ICWAI sign MoU with Ministry of Corporate Affairs for setting up Centre of Excellence and Ethics

An MOU was signed between the three Professional Institutes of the Ministry of Corporate Affairs viz., The Institute of Company Secretaries of India (represented through its President, Shri S. N. Ananthasubramanain) , The Institute of Cost Accountants of India (represented through its President, Shri Suresh Chandra Mohanty) and the Institute of Chartered Accountants of India… Read More

Tags: AjmerCorporate Affairs MinistryCorporate GovernanceInstitute of Chartered Accountants of IndiaInstitute of Company Secretaries of IndiaInstitute of Cost Accountants of IndiaProfessional developmentSachin Pilot

MCA & ICAI organises Accountancy & Commerce Education Summit

The Institute of Chartered Accountants of India (ICAI), functioning under the aegis of the Ministry of Corporate Affairs, organized ˜Accountancy & Commerce Education Summit™ here yesterday. The Summit provided a forum for exchange of thoughts and interaction on various areas of academic and practical interest such as the need for relevant course curriculum, method of… Read More

Tags: Accountingchartered accountantCompany SecretaryCorporate Affairs MinistryICAIIndiaInstitute of Chartered Accountants of IndiaLaw firm

ICAI Announcement w.r.t. Suggestions on Revision of the Guidance Note on Audit of Banks

1.   The Guidance Note on Audit of Banks, brought out by the Auditing & Assurance Standards Board (AASB) of the ICAI is an important publication providing comprehensive guidance to the members carrying out audits of banks and bank branches. Improving the quality of audit of banks is one of the prime objectives of the Guidance… Read More

Tags: AASBAuditBusinessFinancial auditFinancial statementICAIInstitute of Chartered Accountants of IndiaMarch 2013

MCA initiatives to Protect the Interests of Investors

The Ministry of Corporate Affairs has initiated several steps to protect the interests of investors through programmes of investors™ awareness and education. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that important among such steps are : (i) Undertaking investor awareness… Read More

Tags: Corporate Affairs MinistryDoordarshanIndiaInstitute of Chartered Accountants of IndiaInstitute of Cost Accountants of IndiaInvestorRajya SabhaSachin Pilot

Order under Section 119 of the Income-tax Act 1961

 F. No. 225/117/2013/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi, the 23rd of July, 2013 Order under Section 119 of the Income-tax Act 1961 Considering the large-scale devastation due to recent natural calamity in the State of Uttarakhand, the Central Board of Direct… Read More

Tags: Government of IndiaIncome taxIncome Tax Act 1961IndiaInstitute of Chartered Accountants of IndiaNagpurNew DelhiTaxation in India

Draft XBRL Taxonomies for Insurance Companies

Tomorrow is the last date for sending the comments to the Institute of Chartered Accountants of India (ICAI) on the Draft Templates of Taxonomy for Life and Non-life Insurance Companies. The Comments may be sent by e-mail at xbrl@icai.in so as to be received not later than July 12, 2013. ICAI has prepared these separate Drafts… Read More

Tags: BusinessFinancial servicesFinancial statementInstitute of Chartered Accountants of IndiaInsuranceInsurance ActLifexbrl

Master Circular- Exemptions from the provisions of RBI Act, 1934

RBI/2013-14/38 DNBS.PD. CC.No.336/03.02.004/2013-14 July 1, 2013 (i) The Secretary, Ministry of Finance (ii) The Chairman, Securities and Exchange Board of India (iii) President of the Institute of Chartered Accountants of India (iv) President of the Institute of Company Secretaries of India (v) Associations of NBFCs Dear Sirs, Master Circular- Exemptions from the provisions of RBI… Read More

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