Saturday, April 18, 2015

Profession (al) ?! < A REVIsit

An Update


 Secretarial Audit under Companies Act, 2013 – An Analysis

Rule 12 of Income Tax Rules wef 1st April 2015 Tuesday, April 14, 2015
Taxmann Daily
A Tax & Corporate Laws Daily

Comparative study - Old vs New CARO

After the enactment of the Companies Act, 2013, the Companies Act, 1956 ('Old Act') ceased to have effect from April 1, 2014. As a corollary, the Companies (Auditor's Report) Order, 2003 (CARO, 2003) also ceased to have effect from the said date.
The Institute of Chartered Accountants of India ('ICAI') were receiving queries from the members regarding applicability of CARO, 2003 along with Auditors' Report on financial statements of companies for the financial year 2014-15. To clear the air on this issue, the ICAI made announcement on April 8, 2014, wherein it was provided that a smaller version of CARO 2003, applicable for the financial year 2014-15, might be notified under section 143(11) of the Companies Act, 2013 ('New Act').
Now the new CARO (herein referred to as 'CARO 2015') has been notified by the Government vide order dated April 10, 2015 which would be applicable from financial year 2014-15. New CARO excludes One Person Company and small company from its purview. For exclusion of private limited company, the ceiling of paid-up capital and reserve, and turnover remain unchanged. However, the ceiling of outstanding loan has been increased from 10 lakhs to Rs. 25 lakh.
CARO, 2015 requires auditor to report whether there is an adequate internal control procedures for sale of services in addition to report on adequacy of internal control for purchase of inventory, fixed assets and sale of goods.


In purely economic and legal
T C A Srinivasa-Raghavan
terms, net neutrality is a flawed idea. Its politics is based on user greed

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Pratip Kar
Implementation will be weakened if we fail to define terms used in the Act clearly and precis

< When it comes to meanings of words, the advice of March Hare and Humpty Dumpty are too grave to be trifled with. The March Hare's advice to Alice was, "Then you should say what you mean...'I see what I eat' is not the same thing as 'I eat what I see!'" Humpty Dumpty separately advises Alice as follows: "When I use a word," Humpty Dumpty said in rather a scornful tone, "it means just what I choose it to mean - neither more nor less." "The question is," said Alice, "whether you can make words mean so many different things." "The question is," said Humpty Dumpty, "which is to be master - that's all.">


Rajan cuts through the RBI fog; tells officials to be professional


Older Blogs:
The result is that while everyone is a developed personality in terms of his profession, in terms of his own nature, everyone is an underdeveloped personality.
Take anyone at random and ask him about his profession. He will readily give you specific answers. If you speak to him about his professional subject, he will give you a detailed answer for every question. But, if you ask him about those issues which pertain to human life, that is, non-professional issues, then you will find that he is not mentally prepared to discuss this subject.>


Any such so-oft repeated pointer to NPAs, that has been growing in leaps and bounds in recent years, forcibly brings to one's mind / sharp focus the (in)valuable/negative contribution determinedly made by the notorious sector- 'realty' , widely admitted as a highly disorganized and uncontrolled culprit primarily responsible for the current scenario. It is no longer a hidden secret that, besides the management of the suffered or victimized banks, the blame has to be undeniably shared in equal measure by the concerned rest- besides the property registrars, notably, the advising professionals , overwhelmingly commercialized, as they have chosen to remain (Lawyers, CAs (operating /functioning , equipped or not, in a dual /mutually conflicting capacity) , et al). Last but not least, the blame lies on the stakeholders as well, thanks to their blissful ignorance, imp(r !)udence, or whatever it really is.



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