Daily Archives: August 15, 2015

Indemnity Insurance for Chartered Accountants & Professionals

By | August 15, 2015

 Professional Indemnity Insurance for Chartered Accountants Key Benefits of the Policy are :- 1. WHO CAN TAKE THIS POLICY Any professional acting in professional capacity can take this policy. Failure to exercise due care in one’s profession may give cause of action against him by his client, since such duty to the client applies to… Read More »

AUDIT ENGAGEMENT LETTER FORMAT

By | August 15, 2015

AUDIT ENGAGEMENT LETTER The Board of Directors, Company Name Address. Dear Sirs, Re.:   AUDIT ENGAGEMENT LETTER The purpose of this letter is to confirm our understanding of the terms of our appointment to audit the Balance Sheet of Company Name.(“the Company”) and the related Statement of Profit and Loss, Cash flow statement and notes thereon collectively referred to as… Read More »

Format of Directors Report

By | August 15, 2015

Format of Directors Report . It is only to read. Make necessary amendment to use as format                                  DIRECTORS REPORT To, The Members, Your Directors have pleasure in presenting the ………th Annual Report of your company along with the Audited Financial Statements for… Read More »

Draft offer letter for Right issue

By | August 15, 2015

Draft offer letter for Right issue, Application for Right Issue and letter of renunciation. If you want to raise further share capital than these draft letters may be useful. DRAFT OFFER LETTER FOR RIGHT ISSUE  Name of the Company Regd. Office: _________________________________________ Notice / Letter of offer To, Issue of ……..00 equity shares of Rs.… Read More »

Expedite disposal of pending rectification under section154 CBDT

By | August 15, 2015

CBDT asks Pr. CIT and Chief CIT to expedite disposal of pending rectification applications F. No. DGIT (s)-3/AST/Pending Rectifications/92/2015-16/135 Dated 10.08.2015 To All the Principal Chief Commissioners of Income-Tax / Chief Commissioners of Income-Tax Sir/ Madam, List of pending Rectifications u/s 154 of I.T. Act in demand cases as on 22.07.2015 – reg. Kindly refer… Read More »

INVESTMENT IN SHARES OUTSIDE INDIA

By | August 15, 2015

INVESTMENT IN SHARES OUTSIDE INDIA INVESTMENT IN FOREIGN SECURITY Question : What are the types of Investment in foreign security ? Transfer or issue of foreign security has three aspects. – (a) Issue of ADR/GDR/FCCB (b) Investment in Joint Venture/Wholly Owned Subsidiary abroad (JV/WOS) (c) Investment by Indian resident or body corporate. Provisions relating to all… Read More »

Financial Statement of Companies

By | August 15, 2015

Q : What is the definition of Financial Statement  as per Companies act 2013 ? According to section 2(40) ( Enforced with effect from 12-9-2013.) of the 2013 Act, in relation to a company, the term “financial statement” includes: (i)           a balance sheet as at the end of the financial year; (ii)          a… Read More »

Competition Act allows compromise or settlement

By | August 15, 2015

Competition Act allows compromise or settlement between parties subject to scrutiny of CCI Competition Act, 2002: Scheme of the Competition Act, 2002 allows the parties to enter into a compromise or settlement, but the same shall be subject to a scrutiny by the Commission, for examining whether public interest would continue to suffer and whether the… Read More »

Haryana VAT Reassessment and revision period extended

By | August 15, 2015

Recently, Haryana Value Added Tax, 2003 has been amended vide Ordinance issued by the Governor dated 31.7.15 published vide Notification No Leg. 9/2015 dated 3rd August 2015. The concerned amendment is effective with effect from 3rd August 2015. The major amendment increasing time limits for conducting assessment/ reassessment/ revision are laid down as below Section… Read More »

Payment of Agency Commission Conduct of Govt Business by Banks

By | August 15, 2015

RBI/2015-16/153 DGBA.GAD.No. 617/31.12.010(C)/2015-16 August 13, 2015 The Chairman/Chief Executive Officer All Agency Banks Dear Sir / Madam, Conduct of Government Business by Agency Banks – Payment of Agency Commission Please refer to paragraphs 2 to 7 of our Master Circular No RBI /2015-16/81 dated July 01, 2015 on the captioned subject, wherein government transactions eligible… Read More »

Transferee Company can change its name

By | August 15, 2015

Q Can the Transferee Company can change its name as per Amalgamation Scheme without adhering to Companies Act ? Where scheme of amalgamation provided that name of transferee company would be deemed to have been changed to name of transferor company but Regional Director raised an objection that transferee company would follow Procedures and Rules… Read More »

Steps to Calculate Depreciation as per Schedule II of Companies

By | August 15, 2015

Easy Steps to Calculate Depreciation as per Schedule II for the year 2014-15 Classify Assets as per Schedule II. Determine useful life as per Schedule II. Calculate Used Life of Assets till 31st Mar 2014. Determine remaining useful life (useful life as per schedule II- used life till 31st Mar 14). Remaining useful life may be round… Read More »