The general election to Lok Sabha is the most important democratic process in the Indian Constitutional Framework. Current elections have attracted a huge turnout of the voters, clearly indicating to the political leadership that India need change and Indian democracy, economy and expectations of public and society is under transformation.
"Humility will teach you knowledge, arrogance will teach you ignorance. If you think you know it all, you have learned nothing" Hi good morning, attached today's newsletter 01.09.2020. great day ahead
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
Newsletter on daily professional updates- 05/02/2020CA PRADEEP GOYAL
Sharing knowledge is the most fundamental act of friendship.
Because it is a way you can give something without loosing something.
Here is your Daily dose of professional updates 05.02.2020
INDIAN ECONOMY THE SHOW MUST GO ON GROWTH PADDLENeha Sharma
The monsoon session of parliament was over without transacting any meaningful business.In this process, the government could not get the constitutional amendment passed by Rajya Sabha (Lok Sabha has already passed the bill) to bring Goods and Service Tax (GST) to replace Excise, VAT and few other indirect taxes. Even the Land Acquisition Bill to facilitate Industrial Development and other public purposes was deffered on the recommendation of the joint parliamentary comittees.
Newsletter on daily professional updates- 6th December 2019CA PRADEEP GOYAL
Your most important assets are your Health and Knowledge, always take best care of it.
Here is your Daily dose of professional updates in newsletter form- 6th December, 2019
"Humility will teach you knowledge, arrogance will teach you ignorance. If you think you know it all, you have learned nothing" Hi good morning, attached today's newsletter 01.09.2020. great day ahead
COMPANIES ACT, 2013 - CORPORATE GOVERNANCE IN NEW DIRECTIONSNeha Sharma
The Government of India has already notified 98 sections of the new Companies Act and has also announced draft rules in 1st phase as well as in 2nd phase on most of the chapters of Companies Act, 2013. It may be an interesting debate to examine certain issues having wider implications.
Newsletter on daily professional updates- 05/02/2020CA PRADEEP GOYAL
Sharing knowledge is the most fundamental act of friendship.
Because it is a way you can give something without loosing something.
Here is your Daily dose of professional updates 05.02.2020
INDIAN ECONOMY THE SHOW MUST GO ON GROWTH PADDLENeha Sharma
The monsoon session of parliament was over without transacting any meaningful business.In this process, the government could not get the constitutional amendment passed by Rajya Sabha (Lok Sabha has already passed the bill) to bring Goods and Service Tax (GST) to replace Excise, VAT and few other indirect taxes. Even the Land Acquisition Bill to facilitate Industrial Development and other public purposes was deffered on the recommendation of the joint parliamentary comittees.
Newsletter on daily professional updates- 6th December 2019CA PRADEEP GOYAL
Your most important assets are your Health and Knowledge, always take best care of it.
Here is your Daily dose of professional updates in newsletter form- 6th December, 2019
INVESTMENT BY A FVCI REGISTERED UNDER SEBI; TRAI SHOW CAUSE NOTICE TO AIRTEL, VODAFONE AND IDEA; RBI POLICIES ON FOREIGN INVESTMENT IN “OTHER FINANCIAL SERVICES; SEBI MANDATES FREEZING OF PROMOTERS’ DEMAT ACCOUNTS ON NON-COMPLIANCE WITH CERTAIN PROVISIONS OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015; RBI POLICIES ON REVIEWS OF SECTORAL CAPS; MCA TO ESTABLISH A STEERING COMMITTEE TO CONDUCT ITS OWN NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD
FINANCE BILL 2012 – MAJOR ISSUES AND CHALLENGESNeha Sharma
The Finance Bill 2012 was presented in the Lok Sabha recently and is under consideration of the Parliament. A very heated debate is happening on several new provisions and issues arising there from.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
The recent statement of Shri Narendra Modi, the Prime Ministerial Candidate of BJP that the BJP is very seriously examining to bring in a more friendly tax structure is heartily welcome. It is important to analyze the current issues and options available before the policy makers to initiate a meaningful public debate.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
Newsletter on daily professional updates- 23/01/2020CA PRADEEP GOYAL
I believe that the greatest crime is to learn something that can significantly benefit other people, yet share it with no one
Here is your Daily dose of professional updates 23.01.2020
National General Election – Our vote to be decisiveNeha Sharma
The general elections have been announced and within 3 to 4 weeks voting process will commence. It is very important for the Chartered Accountants fraternity to actively participate in the election process not only by casting their votes but also actively participating in shaping the thought process of the society.
“In today's environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.” Here is today's newsletter 11/08/2020. Stay safe, Stay Healthy- Pradeep
The Delhi high court, in a leading judgement delivered on 3rd June, 2016, has declared service tax audit being conducted by Central Excise and Service tax department as ultra virus, in the matter of Mega Cabs Vs UOI. The matter was argued by Mr. J.K. Mittal, FCA as advocate of the petitioner.
Newsletter on daily professional updates- 17th September 2019CA PRADEEP GOYAL
In today's environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.
Here is your Daily dose of professional updates in newsletter form- 17th September 2019
Greetings
Union budget for FY 2018-19 was presented by Hon'ble Finance Minister Shri. Arun Jaitely . As most of you are aware, this budget is unique being presented before election in 2019
The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
INVESTMENT BY A FVCI REGISTERED UNDER SEBI; TRAI SHOW CAUSE NOTICE TO AIRTEL, VODAFONE AND IDEA; RBI POLICIES ON FOREIGN INVESTMENT IN “OTHER FINANCIAL SERVICES; SEBI MANDATES FREEZING OF PROMOTERS’ DEMAT ACCOUNTS ON NON-COMPLIANCE WITH CERTAIN PROVISIONS OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015; RBI POLICIES ON REVIEWS OF SECTORAL CAPS; MCA TO ESTABLISH A STEERING COMMITTEE TO CONDUCT ITS OWN NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD
FINANCE BILL 2012 – MAJOR ISSUES AND CHALLENGESNeha Sharma
The Finance Bill 2012 was presented in the Lok Sabha recently and is under consideration of the Parliament. A very heated debate is happening on several new provisions and issues arising there from.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
Make in india – a formidable step in right directionNeha Sharma
Make in India campaign of Prime Minister Narendra Modi has evoked lots of attention all over the world. Prospective investors from China, Japan, USA etc are eagerly watching changes being made in the directions of investment liberalization . There is no doubt that with this PM has taken a major initiative to bring Indian and International Corporate Sector on one platform to aggressively boost industrial production and growth in India.
The recent statement of Shri Narendra Modi, the Prime Ministerial Candidate of BJP that the BJP is very seriously examining to bring in a more friendly tax structure is heartily welcome. It is important to analyze the current issues and options available before the policy makers to initiate a meaningful public debate.
Ease of doing business challenges persistingNeha Sharma
The new government has been brought to power by electorate of our nation along with large expectations by industry, businesses and professions and other stakeholders of the Indian economy.
Newsletter on daily professional updates- 23/01/2020CA PRADEEP GOYAL
I believe that the greatest crime is to learn something that can significantly benefit other people, yet share it with no one
Here is your Daily dose of professional updates 23.01.2020
National General Election – Our vote to be decisiveNeha Sharma
The general elections have been announced and within 3 to 4 weeks voting process will commence. It is very important for the Chartered Accountants fraternity to actively participate in the election process not only by casting their votes but also actively participating in shaping the thought process of the society.
“In today's environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.” Here is today's newsletter 11/08/2020. Stay safe, Stay Healthy- Pradeep
The Delhi high court, in a leading judgement delivered on 3rd June, 2016, has declared service tax audit being conducted by Central Excise and Service tax department as ultra virus, in the matter of Mega Cabs Vs UOI. The matter was argued by Mr. J.K. Mittal, FCA as advocate of the petitioner.
Newsletter on daily professional updates- 17th September 2019CA PRADEEP GOYAL
In today's environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.
Here is your Daily dose of professional updates in newsletter form- 17th September 2019
Greetings
Union budget for FY 2018-19 was presented by Hon'ble Finance Minister Shri. Arun Jaitely . As most of you are aware, this budget is unique being presented before election in 2019
The Reserve Bank of India had recently directed to Public Sector Banks as well as Private Sector Banks to downgrade the asset classification of more than 150 borrower accounts, based upon Asset Quality review, to Non- Performing Assets (NPAs). The exposure of banking sector to such borrower accounts was in the range of ` 1,50,000 Crores to ` 2,00,000 Crores.
The Challenges and Opportunities of IFRSNeha Sharma
The Ministry of Corporate Affairs (MCA) has drawn up a revised roadmap for companies for implementation of the Indian Accounting Standards (Ind AS) converged with the International Financial Reporting Standards (IFRS) for companies other than banking companies, insurance companies and NBFCs.
The issues of proper Financial Management and Corporate Governance have taken a centre stage. The Public Sector Banks as well as Private Sector Banks are witnessing acute rise in nonperforming assets, moving up to 4.6% in March, 2015, whereas stressed advances have increased to 11.1% of the total advance, from 8% about 2 year ago. The major reasons as per a research of a large sample are as follows:
Το κείμενο της πρώτης διάλεξης εισαγωγής στο σύστημα κρατικής διακυβέρνησης Άμεσης Δημοκρατίας, και πώς μπορεί να εφαρμοστεί πρακτικά. Θα ακολουθήσουν και οι υπόλοιπες για εκπαίδευση και διοίκηση, ασφάλεια και μεθόδους κρατικών απορρήτων.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
Indian economy towards growth momentum strategic moves neededNeha Sharma
In a recent international survey Indian economy has been rated as the 3rd largest economy of the world, after USA and China, on the basis of Purchase Power Parity (PPP). IMF has also projected a smart recovery of growth rate of Indian GDP to around 5.5% to 6% in next 2 years.
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
The BJP Government is on the verge of completing a year and has now stabilised. Major economic initiatives and actions are emerging for a high growth oriented economy.
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
FEMALE SECURITY - A MATTER OF MAJOR CONCERNNeha Sharma
The recent incidents in Delhi followed by the mass protests at India Gate and all across the nation have brought to light a major threat to safety and security of females in the country. The profession of Chartered Accountancy consists of a substantial number of female members and about 50% CA students are also female.
RBSA-Budget-Finance Bill 2023-Key Proposals.pdfRBSA Advisors
Keeping a people-centric approach, various amendments in individual tax provisions and amendments providing benefits under the new tax-rate regime is a welcome move.
INCOME DECLARATION SCHEME A time to come cleanNeha Sharma
The IDS scheme announced by the government is open till 30th September, 2016. It is an important opportunity and the government has committed to not to seek any details or source of money earned and assets created once disclosed in terms of the scheme.
FALL IN RUPEE - A MAJOR CONCERN FOR THE ECONOMYNeha Sharma
The recent fall of the Indian rupee visà-vis US Dollar and other major currencies have caused serious concern in the business, profession and Indian intellectuals. The fall of Indian rupee indicate serious inherent weakness of the Indian economy and in spite of some arrests of the inflationary tendency the overall outlook is very weak. Some major indicators include:
At the outset, the new BJP led NDA Government is to be congratulated for winning the General Election with a thumping majority. The agenda of the BJP government in the shape of their visionary Election Manifesto will lead the direction to a Growth oriented, people friendly, consensus driven policies.
The Chartered Accountants community of Auditors is being exposed to new challenges and expectations while they are finalizing audits for the Financial Year ending March 31, 2015. The new provisions will ensure that all the serious and committed professional Chartered Accountants gain substantially as the value of the Audit Report and its credibility will be much higher in the light of new responsibilities and Corporate Governance Mechanism.
India's Union Budget for FY20 is a hurriedly assembled cocktail of Gandhi, Marx and Adam Smith. All previous attempts to make such a cocktail have ended in disaster. If we do succeed this time, it will be miraculous.
India's Union Budget for FY20 is a half prepared cocktail of Gandhi, Marx and Adam Smith. Not many previous attempts to make such cocktail have succeeded in past
The Indian profession of Chartered Accountants has in recent past faced a large number of challenges including aspersions on their integrity and independence arising out of certain large scale financial frauds and manipulation of financial statements by banks, investment banks and large companies outside India including companies like Satyam in India. The Institute of Chartered Accountants of India have severely punished those who were found guilty in various financial frauds and even removed certain chartered accountants found guilty for Satyam scam for their life from the membership of the Institute. Most of these corporate failures did not had any Indian origin CA firm as their Auditors.
Newsletter on daily professional updates- 09/06/2020CA PRADEEP GOYAL
“The more knowledge you have on a certain topic,
the more equipped you are to deal with it."
Here is your Daily dose of professional updates 09.06.2020
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”- attached today's newsletter 07.08.2020. Have a great day ahead.
The 2015 budget had long list of expectations. On one hand; the Government has addressed major issues surrounding the foreign investors which would certainly boost capital market inflows and revive the private equity industry (by deferring GAAR by 2 years and clarifying Permanent Establishment & Indirect Transfer of Assets). On other hand; it has just rationalized the subsidies. Probably as we see growth coming in and more job creation; subsidy burden can be better dealt with by the Government. Though there are no direct benefits for the middle class. However incentives have been introduced to encourage savings. These savings are expected to fuel the infrastructure and other investment plans laid out by the Government. Certainly Foreign investors have a reason to cheer for this Pro Business; Pro Growth Government budget.
Newsletter on daily professional updates- 27th September 2019CA PRADEEP GOYAL
Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.
Here is your Daily dose of professional updates in newsletter form- 27th September 2019
INDIAN ECONOMY LOOKING FOR DIRECTION FOR INDIA TO SHINE AGAINNeha Sharma
The Indian economy is in the threshold of a big leap towards India shining once again, but the main stumbling block being a sense of confusion about government policies, scarcity of low cost adequate money for funding further investments and most importantly India Inc. awaiting for specific policy decisions and creative actions in the areas which has been adversely impacted due to lack of policy initiative.
RBI AS WELL AS GOVERNMENT OF INDIA MUST RECONSIDER RELAXATION ALLOWED RECENTL...Neha Sharma
The RBI had set up a committee to review various important aspects of audit of public sector banks. The committee, despite serious objections by the Central Council of the Institute of Chartered Accountants of India, gave its interim report recently which inter alia include exemption from audit of branches having Rs. 100 crore advances for large banks and Rs. 50 crore advances for mid size banks. On the basis of the report, RBI has recommended that all the branches of public sector banks having less than Rs. 20 crore advances should be exempted from audit, except once in 5 years.
INDIAN ECONOMY: CHALLENGES AND EXPECTATIONSNeha Sharma
The Reserve Bank of India has recently released a small dose of liquidity by reducing Cash Reserve Ratio (CRR) by 0.5% for the commercial banks. Government borrowings have swallowed significant resources from the banking sector in recent months. The Liquidity with banking sector is still a major issue.
NATION UNDER ANGUISH - ACRIMONIOUS ENVIRONMENT Neha Sharma
The recent announcements of election results are historic and has brought to light serious concerns of the nation, the economy, society and most importantly public at large about the current political as well as economic state of affairs. This is very clear from active involvement and a record turnout of voters for the election.
Election in 4 States: Expectations from the GovernmentNeha Sharma
The Indian democracy is in an active mode in the backdrop of NovemberDecember Elections in 4 important States. The performance of the State Government as well as of the Central Government is under active analysis. The national economic and political scenario will have a major bearing on the voting pattern.
Companies Act 2013 and the draft Rules towards better corporate GovernanceNeha Sharma
The Companies Act 2013 has already been passed by the Parliament and has also received the assent of the President. The government is expected to announce the date from which the specific section of the new Act will come in force.
INDIAN MANUFACTURING SECTOR NEED FOR A POSITIVE ENVIRONMENT FOR GROWTHNeha Sharma
The Indian Economy, the Government, the public at large and specially the people who are in industry, manufacturing sector, service sector or any other arena of business activity , all are deeply concerned with poor growth rate of manufacturing sector during last 2 to 3 years and specially in 2012-13.
GOVERNMENT SHOULD DESIST FROM INTERFERING IN THE CA PROFESSIONNeha Sharma
Over the last few years, the Government is bent upon interfering in the affairs of the CA profession being regulated by the Institute of Chartered Accountants of India, a body set up by an Act of the Parliament. Satyam episode is being cited as the example for mismanagement and lack of regulation.
The Union Budget was presented on 28th February, 2013 in the Parliament. It was being touted as a good mix of growth and reform. The major challenges outlined by the Economic Survey, RBI as well as by the FM were in respect of considerably reduced estimated growth of GDP, increase in fiscal deficit, mounting current account deficit and high inflation rate.
Young Chartered Accountants - New Age CAs, A New Age PowerNeha Sharma
The profession of chartered accountants has enrolled a large number of students in last 7 years and accordingly the number of young bright students who are qualifying as chartered accountants has also grown significantly. This is being seen as a major challenge for the entire profession. We perceive this as a major opportunity not only for the profession, the young chartered accountants, and young C.A. students but also for the entire nation - our motherland INDIA.
Our Honorable Chief Minister of Delhi, announced a special seven day drive of removing Malba, dust and garbage in case he receives photographs through a special mobile application. Huge amounts were spent on the entire exercise specially on advertisement. Delhi did not see any result and the outcome couldn't be measured, in the absence of accounting, Management Information System, proper checks and control and no provision for monitoring of outcome.
ICAI Elections -Your Vote will make the DifferenceNeha Sharma
The most crucial time for the profession of CAs i.e. 3 yearly elections of the Institute are scheduled for December 4-5, 2015. How we exercise our vote will decide future of each one of us. The role being played by the Elected Central Council & the Regional Council is very crucial and it is important to understand while voting that We need a leadership which takes the profession in a right Direction, new and larger professional opportunities are harnessed nationally as well as internationally,we meet various challenges as a profession and all members are effectively, efficiently and respectfully deliver professional services and add a highly acclaimed value to the corporate, while being in employment.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Sustainability: Balancing the Environment, Equity & Economy
India under transformation
1. * Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates. vinodjain@inmacs.com, vinodjainca@gmail.com, +91 9811040004
The general election to Lok Sabha
is the most important democratic
process in the Indian Constitutional
Framework. Current elections have
attracted a huge turnout of the
voters, clearly indicating to the
political leadership that India need
change and Indian democracy,
economy and expectations of
public and society is under
transformation.
• The political leadership needs to have a clear growth
plan for a positive visionary growth for all sections of
economy and society. The plan for growth is to be
followed by decisive action to implement the growth
plan in a practical manner.
• The bureaucracy needs to be empowered towards
responsive, professional and positive decision making,
without fear or favour. It is important to eradicate mal
practices, corruption, delays in decisions and
unjustified and undue treatment. The officials should
not be subject to harassing review by CVC or CBI for
their decisions.
• Vigilance:A vigil on acquisition of properties,
expenditure, wealth and asset creation by bureaucrats
and politicians beyond the disclosed means is
necessary. An annual statement of affairs disclosing
all material transactions, asset and liabilities by
politicians and bureaucrats including their close
relatives and companies, firms, NGO and entities in
which they are directly or indirectly interested need to
be disclosed in a transparent manner and can be
examined by vigilance department in a professional
manner.
• PSU: It is important to run public sector enterprises in
a professional manner while keeping welfare agenda
in the forefront.
CA Vinod Jain*
• Transparency: It is important to implement transparent
electronic web based process for almost all the
government applications, returns, assessments, refunds
and approvals eradicating arbitrary subjective decisions.
• Respect and fair treatment: International investor,
Indian businessman and common man to be treated
with respect, care and fairness by the tax department
and government who should be responsive in a
professional manner to deliver value services without
any harassment.
• Corporate Laws: The CompaniesAct 2013 has moved
in the right direction of corporate governance. The
rules and procedures for private limited companies and
companies in which public is not substantially
interested need to be substantially minimized on the
basis of paid up capital, size of turnover and public
borrowing.
• Direct Taxes: The government needs to consider
substantial simplification of tax laws, reduction in tax
rates, reduction in litigation by clear policy initiative
and substantial reduction in corruption by ensuring
Nil one to one interaction between tax officials and
the assessee. The surveys, searches and raids need to
be a thing of past. There is a need for positive moves
for voluntary tax compliance. The physical interface
with tax department is to be reduced using technology,
fairness and transparency.
• Indirect Taxes: Multiplicity of indirect taxes to be
eradicated by introducing a Single GST rate. The
collection, assessment, refund, rectification and all
other processes are to be automated by centrally
developed software to be approved by a committee of
States. The centalised tax collection, based on point
of sale can be credited in an agreed ratio automatically
to Central Government & State Government. A
complete value added system to be put in place and
India under Transformation
EDITORIAL
Volume XXV, No. 4, April, 2014
contd...Pg.5
2. 2 THE CHARTERED ACCOUNTANT WORLD – April 2014
LATEST IN FINANCE
LATEST IN FINANCE
1.0 No penalty for bank balance below minimum
limit: RBI to banks
Customers may soon be spared penalties for
non-maintenance of minimum balances in savings
accounts with the Reserve Bank of India (RBI)
asking banks to cut down services on low-balance
accounts and do away with fines. Banks however
say the new regime will lead to higher charges
on services for customer.
2.0 Forex hedging rules eased
The Reserve Bank of India (RBI) relaxed some
of the forex hedging rules for importers &
exporters, to allow greater operational flexibility.
Importers & exporters can cancel up to 75% of
their hedged forex exposures, as against 25%
earlier. In addition, the profit or loss from these
cancellations will be borne by the importer/
exporter instead of passing it on to the customers
as was mandated earlier.
3.0 Policy allowing road developers to defer
premium payment cleared
The government has cleared a long pending bailout
policy for financially-stressed highway developers
which would allow them to defer the premium
that they have committed to pay the government.
4.0 India for setting up global agency to manage
internet
India has called for the establishment of a global
agency to manage the Internet, something along
the lines of the UN’s International
Telecommunications Union, as it pushes for
multi-government role in formulating Internet
governance rules.
The key function of managing the domain name
system (DNS) is in the hands of the National
Telecom & Information Administration, an arm
of the US Department of Commerce.
5.0 Steel, cement companies to pay for captive
coal blocks
Steel, cement and sponge iron companies will now
pay for their captive coal blocks that were given
free earlier. The new coal block auction policy
too allows allotment of the blocks at a cost.
Power and state-run firms including Coal India
will pay a one-time reserve price that is 10% of
the estimated reserves in the block valued at cost
of mining of an equivalent grade in international
markets.
6.0 Aadhar cannot be mandatory: SC
The Supreme Court directed the Central
government not to share Aadhar card details with
any agency without the consent of the card
holder. It also asked the government to
immediately withdraw all orders which had made
the card compulsory for registration of marriage
or property or availing of the subsidy on cooking
gas cylinders or for any other service.
7.0 Norms for prepaid payment instruments
modified
The Reserve Bank of India (RBI) made changes
to guidelines to pre-paid payment instruments.
Some of the changes include increasing the
minimum paid-up capital to `500 lakh from `100
lakh and having a minimum positive net worth of
`100 lakh at all the times.
The RBI also said that the escrow balance for
prepaid instrument issuers must be necessarily
maintained with only one scheduled commercial
bank at any point of time. The migration from
one bank to another, in case of need, should be
completed in the minimum possible time and with
the prior approval of RBI.
8.0 CDR Cell: Pvt Sector Players will have to
share the working capital needs of distressed
companies
Bickering between the private sector and state-
owned lenders has forced the Corporate Debt
Restructuring (CDR) Cell to ask all banks,
including private ones, to extend working capital
funding to companies whose loans are getting
restructured. Private sector lenders participate
in the revival programmes of distressed
companies, but usually decline to lend for their
working capital. This puts a disproportionate
burden on state-owned lenders as they end up
meeting the entire working capital requirement.
9.0 Reserve Bank revises FDI valuation norms
It has been decided to withdraw all the existing
guidelines relating to valuation in case of any
acquisition/sale of shares. Such transactions will
henceforth be based on acceptable market
practices. Operating guidelines will be notified
separately by the RBI.
3. 3A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
DIRECT TAXATION / INDIRECT TAXATION
DIRECT TAXATION 6.0 Capital Financing Transactions u/s 92B
The Delhi Bench of ITAT has held that capital
financing transactions covered by clause (i)(c)
of the Explanation to section 92B are international
transactions only if they have any real bearing as
distinct from contingent effect on the profits,
income, losses or assets of the enterprise.
Corporate guarantees issued for the benefit of
Associated Enterprises (AEs) do not cost anything
to the issuing enterprise and yet may provide
certain comfort levels to the parties dealing with
theAEs. These guarantees do not have any impact
on profits, income, losses or assets of the
enterprise. Therefore, corporate guarantees do
not fall within the scope of the term ‘international
transaction’ even after insertion of Explanation
to section 92B by Finance Act, 2012
wref 1-4-2002.
Bharti Airtel Ltd. vs. Additional Commissioner of Income-
tax, Range -2, New Delhi, [2014] 43 taxmann.com 150
7.0 TP Adjustments Taper
Indian tax authorities’ aggression in seeking
transfer pricing adjustments that has trouble
multinationals in India & hurt investor sentiments
seems to be tapered.
1.0 SC Rules in Favour of Black Money Probe by
SIT
The outgoing UPA, which had vigorously resisted
an earlier order to set up a Special Investigation
Team (SIT) headed by a former Supreme Court
judge to probe the black money malaise, suffered
a blow when the court rejected its plea and insisted
that the government make efforts to trace and
recover black money stashed abroad.
2.0 Tax cheer for MNCs: I-T Dept to ink accords
on advance pricing
The Income Tax Department is set to ink the first
set of Advance Pricing Agreements (APAs) with
MNCs. This will send the right signal to MNCs
that they can mitigate transfer pricing adjustment
risks through the APA programme.
3.0 CBDT clarifies key rule related to TDS on
overseas payments
The Central Board of Direct Taxes (CBDT) has
clarified to field officers that the requirement of
deducting tax at source when a person makes
payments to non-residents or foreign companies
should be enforced only on that part of the
remitted amount that accounts for the recipient’s
income chargeable to tax in India.
4.0 Withholding tax on installation charges
Recently, the Pune tribunal has held that
installation/erection and related service charges
formed an integral part of the purchase price of
machinery and the situation would remain
unaffected, whether the charges were embedded
in the cost of purchase price or, were charged
separately. Thus, there was no obligation on the
payer to withhold tax on entire payment.
Based on this, tax payers could consider reviewing
their agreement to evaluate whether installation/
erection and related services form an integral part
of purchase price of machinery and accordingly
determine the applicability of withholding tax on
the payments.
5.0 I-T asks e-filers of tax returns to send ITRV
by Speed Post
If you are filing online your Income Tax return,
the paper copy of the ‘ITRV’ should only be sent
through “Speed Post” to the Central Processing
Centre (CPC) of the department in Bengaluru.
INDIRECT TAXATION
1.0 Taxable services - Commercial Training or
Coaching Services
The High Court of Bombay held that where earlier
judgments of Tribunal were in favour of assessee
and law had to be amended retrospectively,
extended period of limitation was, prima facie,
not invocable.
National Insurance Academy v. Commissioner of Service
Tax, Pune –III, [2014] 43 taxmann.com 235 (Bombay)
4. 4 THE CHARTERED ACCOUNTANT WORLD – April 2014
AUDIT / CAPITAL MARKET
AUDIT
1.0 New accounting standards will bolster foreign fund
inflows
In its new roadmap, the CA institute has recommended
that all listed and unlisted companies having net worth
of over `500 crore be required to prepare their
consolidated financial statements only under IndAS with
effect from the accounting year beginning April 1, 2016.
This would require such companies to prepare previous
year comparatives in Ind AS for the year 2015-16.
The taxman is mostly concerned with standalone
financial statements and implementing Ind AS with
consolidated financial statements will not have tax
implications.
2.0 Applicability of Provisions related to Accounts &
Audit
The Ministry of Corporate Affairs notified that the
financial statements (and documents required to be
attached thereto), auditors report and Board’s report in
respect of financial years that commenced earlier than
1st
April, 2014 shall be governed by the relevant
provisions/ schedules/ rules of the CompaniesAct, 1956
and that in respect of financial years commencing on
or after 1st
April, 2014, the provisions of the new Act
shall apply.
3.0 Clarification on simultaneously undertaking
Concurrent Audit & Quarterly Review
Due to the queries being received from the members, it
has been clarified by The Institute of Chartered
Accountants of India (ICAI) that concurrent audit and
the assignment of quarterly review of the same Bank
cannot be undertaken simultaneously as the concurrent
audit being a kind of internal audit and the quarterly
review being a kind of statutory audit undertaken
simultaneously are prohibited under the provisions of
‘Guidance Note on Independence of Auditors’.
4.0 Registration of Charitable or Religious trust –
Audit Mandatory
The Panaji Bench of ITAT has held that provisions of
section 12A(1)(b) are mandatory and, therefore, even
if a trust is incorporated under a State Act, it is bound
to get its accounts audited in case its total income
without giving effect to provisions of sections 11 and
12 exceeds maximum amount not chargeable to tax.
Vice Chancellor, Vishweshwaraiah Technological University vs. CIT,
Belgaum, [2014] 42 taxmann.com 205
CAPITAL MARKET
1.0 Investment under New Foreign Portfolio
Investment (FPI) Scheme, Govt. and
Corporate debt
• A new ‘Foreign Portfolio Investment’ Scheme
for Foreign Institutional Investors (FIIs) &
Qualified Foreign Investors (QFIs) has been
registered in accordance with SEBI guidelines.
• The scheme commences w.e.f. June 1, 2014.
• Registered Foreign Portfolio Investor (RFPI)
may purchase and sell shares and convertible
debentures
• The individual and aggregate investment limits
for the RFPIs shall be below 10% or 24%
respectively of the total paid-up equity capital
or 10% or 24% respectively of the paid-up
value of each series of convertible debentures
issued by an Indian company. Further, where
there is composite sectoral cap under FDI
policy, these limits for RFPI investment shall
also be within such overall FDI sectoral caps.
• RFPI shall be eligible to open a Special Non-
Resident Rupee (SNRR) account and a foreign
currency account withAuthorised Dealer bank
• RFPI can invest in government securities and
corporate debt, and also trade in exchange
traded derivative contracts
2.0 RBI extends Basel-III deadline
The Reserve Bank of India (RBI) has extended
the deadline for banks to complete implementation
of Basel-III capital norms by a year to March
31, 2019.
3.0 RBI wants trade receivables & credit
exchange for financing MSMEs
The Reserve Bank of India (RBI ) has proposed
setting up of a trade receivables and credit
exchange (TCE) for financing micro, small and
medium enterprises (MSMEs).
In the primary segment, once an MSME delivers
goods as per requirement to a corporate buyer
along with a bill, the buyer on acceptance of the
goods posts the bill on the TCE. These receivables
of the MSME from the buyer become available
to third parties for bidding. The MSME can
access fresh funds through the bidding process.
5. 5A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
EDITORIAL/CORPORATE&ECONOMIC LAWS
EDITORIAL
India under...
refund to be processed only in case of exports.
Inter-state sale and intra-state sale need not be
distinguished.
• Capital Market: SEBI has contributed
significantly to professionalization of capital
market. The market manipulation and lack of
corporate governance need to be firmly addressed.
Too many procedural compliance and
unnecessary allegations of market manipulation
or fraud need to be curbed. The prosecution and
penalty powers are to be separated from SEBI
and should be handled by judiciary.
• Banking: Free availability of low cost fund is
the back bone of growth of the economy and
employment and eradication of poverty.
• Balancing:Authority and responsibilities between
judiciary, administrative and legislative wings of
the government is blurred in recent past. The
boundaries need to be elaborated and respected
by each arm of the government.
The aforesaid agenda before the new government,
our society, economy and the nation can be the
backbone for fast, decisive and inclusive growth
of a welfare Indian State.
contd...
CORPORATE & ECONOMIC LAWS
1.0 New Companies Act takes effect
So far, the government has notified 283 of the
470 sections. The first notification, of 99 sections,
was in 2013. The provisions on corporate social
responsibility (CSR) were notified on February
27. In a circular dated 26th
March,2014 the
Ministry of CorporateAffairs (MCA) notified 183
new sections.
2.0 Fee for filings etc. notified
Table of fees for the documents required to be
submitted, filed, registered or recorded or for
any fact or information required or authorized to
be registered under the Companies Act, 2013,
has been prescribed under section 403.
3.0 Corporate Affairs Ministry clears air on
depreciation schedule for firms
The CorporateAffairs Ministry has made changes
in the depreciation schedule under the new
company law to avoid confusion among
stakeholders and introduce consistency in its
recent guidances.
4.0 Foreign order not always enforceable
The Bombay High Court has dismissed the petition
of Marine Geotechnics LLC of Houston, US,
against the Mumbai-based Coastal Marine
Construction & Engineering Ltd. stating that an
ex-parte summary judgement obtained in a foreign
country against an Indian company could not be
termed a ‘debt’ due & payable by it in a winding
up petition under the Companies Act. The Indian
company represented before the Houston court
when the US firm obtained a decree against it. It
was not made order of the court in India. In such
circumstances, it could not be said that the debt
became payable, the high court said.
5.0 Antitrust rules related to combinations
changed
The government has changed procedural rules
related to combinations between enterprises that
would require approval of fair trade regulator
Competition Commission of India. The focus
would be on the substance of proposed
combinations than their structure. Parties to
combination will be required to provide their
audited annual accounts of preceding two
financial years. Also, the fee for filling forms by
enterprises has been increased.
6. 6 THE CHARTERED ACCOUNTANT WORLD – April 2014
COMPANIES ACT, 2013
ACCOUNTS
Financial Statements
Financial statement in relation to a company to
include:
• a balance sheet as at the end of the FY;
• a profit and loss account / an income and
expenditure account for the FY;
• cash flow statement for the FY;
• a statement of changes in equity, if applicable &
• any explanatory note annexed to, or forming part
of, any document referred to above.
Exceptions: For One Person Company (OPC), small
company and dormant company cash flow
statement excluded
Responsibility of CFO to maintain financial
statements
Consolidated financial statements (Section 129)
If a company has a subsidiary / associate / joint
venture, Consolidated Financial Statements
(CFS) to be prepared and laid before an Annual
General Meeting (AGM) in addition to stand-alone
financial statements
A separate format (similar to existing revised
schedule VI of the Act) has been prescribed for
the preparation of CFS in the Act.
It further requires minority interest to be presented
separately within equity on the balance sheet.
The term significant influence has been re-defined
as “control of at least 20 percent of total share
capital or of business decision under an agreement”.
Audited Accounts
Audited Accounts of all subsidiaries are required to
be prepared & provided to shareholders on request
Audited accounts of the listed companies along with
the subsidiaries to be placed on the website
Accounts Signing
Financial Statements to be signed at least by
• Chairperson of the company, if authorized by
Board of Directors; or
• 2 directors including MD (Managing Director),
where there is one &
• CEO (Chief Executive Officer) if he is a Director,
• CFO (Chief Financial Officer) and CS (Company
Secretary), wherever they are appointed
ACCOUNTS & AUDIT In case of OPC balance sheet and statement of
profit and loss to be signed by 1 director only
Financial Year (FY)
FY of a company / body corporate means the
period ending on 31st March every year.
In case a company has been incorporated on or
after the 1st day of January of a year, the period
ending on the 31st day of March of the following
year, will be its first financial year
Extension of FY – no longer permissible
Exception – A company or body corporate, which
is a holding company or a subsidiary of a company
incorporated outside India and is required to follow
a different FY for consolidation of its accounts
outside India, with NCLT approval
Transition period: - 2 years
Revision of financial statements (Section 132)
In case of fraud & when a Court/ Tribunal passes
an order for restatement (Mandatory Revision)
To comply with Accounting Standards with the
approval of the Tribunal (Voluntary Revision)
National Financial Reporting Authority (NFRA)
(Section 132)
This section is yet to be notified.
Estimated useful life of assets (Schedule II)
For a class of companies, to be prescribed, the
2013 Act removes the minimum thresholds and
provides indicative useful lives and residual values
under Part C of Schedule II to the 2013 Act. If
such a company uses a different useful life or
residual value, then it shall disclose the justification
for the same.
No transition period provided for this change and
the change needs to be applied prospectively.
For other companies the useful life of an asset may
not be longer than the indicated/ prescribed useful
life, and the residual value shall not be higher than
that prescribed in Part C, i.e. 5 %.
AUDITANDAUDITORS
Joint audits (Section 139)
Members of the company may require the audit
process to be conducted by more than one auditor.
Appointment of LLP as Auditors (Section 141)
Limited Liability Partnership (LLP) can be
appointed as auditor of a company.
Only the partners who are Chartered Accountants
in a firm (including LLP) shall be authorised to act
and sign on behalf of the firm.
7. 7A JOURNAL OF ALL INDIA CHARTERED ACCOUNTANTS’ SOCIETY
COMPANIES ACT, 2013
contd...
Tenure and re-appointment of auditors
Auditors appointed in an Annual General Meeting
(AGM) shall hold office from the conclusion of
that meeting until the conclusion of the ensuing
sixth AGM (subject to ratification by members at
every AGM).
The Company may remove the auditors before the
expiry of its term by passing a special resolution
and prior approval from Central Government.
The auditors also have the right to resign, but
reasons for resignation to be mandatorily filed.
Mandatory rotation (As per the Rules)
Transition Period- 3 years
Auditor/Audit firm in case of listed companies
(or such class* or classes of companies as may
be prescribed) should mandatorily rotate after
completion of 5/10 years tenure.
An audit firm cannot be re-appointed for more than
two five-year terms. (i.e. 10 years).
* the class of companies mean the following (excluding
OPCs and small companies):-
(a) all unlisted public companies having paid up
share capital of ` 10 crore or more;
(b) all private limited companies having paid up
share capital of ` 20 crore or more;
(c) all companies not included above, but having
public borrowings from financial institutions,
banks or public deposits of ` 50 crores or
more.
Disqualifications (Section 141)
Additional disqualifications under the new Act:
i. a body corporate other than a limited liability
partnership registered under the LLP Act, 2008;
ii. a person who, or his relative or partner—
• is holding any security of or interest (not
exceeding face value of `1,000 or such sum
as may be prescribed ) in the company or its
subsidiary, or of its holding or associate
company or a subsidiary of such holding
company
• is indebted or has given a guarantee or
provided any security in connection with the
indebtedness of any third person to the
company, or its subsidiary, or its holding or
associate company or a subsidiary of such
holding company, in excess of such amount
as may be prescribed
iii.a person or a firm who, whether directly or
indirectly, has business relationship with the
company, or its subsidiary, or its holding or
associate company or subsidiary of such holding
company or associate company of such nature
as may be prescribed
iv.a person whose relative is a director or is in the
employment of the company as a director or key
managerial personnel
Restriction on number of audits
Restricts the no. of audits to 20 companies for an
individual/ partner irrespective of their nature/ size.
Private companies also included in the limit above.
Additional responsibilities of Auditor (Section 143)
Certain new aspects which need to be covered in
an auditors’ report:
• The observations or comments of the auditors
on financial transactions or matters which have
any adverse effect on the functioning of the
company.
• Any qualification, reservation or adverse remark
relating to the maintenance of accounts and other
matters connected therewith.
• Whether the company has adequate internal
financial controls system in place and the
operating effectiveness of such controls.
Auditor to report to Central Govt.(CG) if any
offence involving fraud is being committed or has
been committed against the company by its officers
or employees within 30 days. Where any auditor
does not comply with the above requirements, he
or she shall be punishable with a fine.
Restricted Services (Section 144)
Transition Period: 1 year
Auditors are prohibited from rendering following
non-audit services, directly & indirectly:
• accounting and book keeping services;
• internal audit;
• design and implementation of any financial
information system;
• actuarial services;
• investment advisory services;
• investment banking services;
• rendering of outsourced financial services; and
• management services
• Other restricted services may be further
prescribed.
For Prohibited Services: “Directly or indirectly”
shall include rendering of services by the auditor –
• Where auditor is an individual - Either himself
or through his relative or any other person
connected or associated with such individual or
through any other entity, whatsoever, in which
8. 8 THE CHARTERED ACCOUNTANT WORLD – April 2014
Contact details : Dharampal (9013363257) All India Chartered Accountants’ Society - CFO World 909, Chiranjiv Tower, 43, Nehru Place,
New Delhi-110019. Ph: 26223712, 26228410, 26226933 E-mail:aicas.cfo@gmail.com / cfoworld@gmail.com EDITOR: Pankaj Gupta, LLB, FCS
E-mail: pankajguptafcs@gmail.com PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered
Accountants’ Society, 4696, Brij Bhawan, 21A, Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : aicas.cfo@gmail.com
Printed at: EIH Ltd., Unit : Printing Press, No. 7, Sham Nath Marg, Delhi-110054. Views expressed by contributors are their own and the Society does not accept
any responsibility.
If undelivered, please return to :
All India CharteredAccountants’Society
4696, Brij Bhawan 21A, Ansari Road,
Darya Ganj, New Delhi-110 002
Date of Printing : 12th
April, 2014
R.N.I. No. 50796/90
Posting Date: 14/15 April, 2014
Registration No. DL(c)-01/1268/2012-14
Licenced to post without prepayment No. U-(C)-82/2012-14
FINANCIAL INDICATORS
CurrentRate* MonthAgo 3Month 6Month
3 Month LIBOR (%) 0.23 0.23 0.24 0.24
3 Month MIBOR (%) 9.37 9.96 9.22 9.66
SENSEX 22715 21935 20713 20273
NIFTY 6796 6537 6168 6021
CRR (%) 4% 4% 4.00 4.00
REPO (%) 8 8 7.75 7.50
REVERSE REPO (%) 7 7 6.75 6.50
Gold (per 10 gm) 28781 30123 29033 28857
Silver (per kg) 43486 45996 44824 48264
Crude (USD/bbl) 107.1 108.21 107.25 111.80
` vs USD 60.21 60.85 61.94 62.14
` vs Euro 83.69 84.42 84.31 83.87
` vs 100 Yen 59.19 58.94 59.01 63.58
` vs RMB 9.70 9.92 10.16 10.05
` vs Pound 101.13 101.21 102.06 99.02
MCX Aluminium 112.80 105.95 106.25 113.00
MCX Copper 406.45 409.00 452.25 441.05
*As on 10th April 2014 (Sources: MoneyControl, NSE, BSE, RBI, MCX)
contd...
such individual has significant influence or control,
or whose name or trade mark or brand is used by
such individual
• Where auditor is a firm – Either itself or through
any of its partners or through its parent, subsidiary
or associate entity or through any other entity,
whatsoever, in which the firm or any partner of the
firm has significant influence or control, or whose
name or trade mark or brand is used by the firm or
any of its partners.
Internal Auditor (Section 138)
Such class or classes* of companies as may prescribed
need to compulsorily appoint Internal Auditor to
conduct the internal audit of functions and activities
of the company.
Internal Audit shall be done either by a CA or a cost
accountant, or such other professional as may be
decided by the board of directors.
* Prescribed class of companies
(i) listed companies, and
(ii) public companies :-
• with paid-up capital or ` 10 crores or more
• with outstanding loans or borrowings from banks
or public financial institutions exceeding ` 25
crores or which have accepted deposits of ` 25
crores or more at any point of time during the last FY.