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ESIC compliances for newly incorporated companies

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ESIC compliances for newly incorporated companies Ministry of corporate affairs (MCA) earlier this year launched Spice+ service for incorporation of companies through integrated web form which provides 10 services like registration under ESIC, PF, GSTN, Profession tax etc. I.e. Companies registered through spice+ form are compulsorily registered under these acts as well irrespective of strength of employees. Earlier Ministry of Labour & Employment had issued press release to the effect that new companies will have to comply with the provisions of EPF & MP Act, 1952, and ESI Act, 1948 when they cross the threshold limit of employment under the respective Acts. ( PIB dated 06 MAR 2020, No: 1605558). In simple words registration is compulsory for new companies under various labour laws but compliances are applicable only upon crossing of applicable threshold limits under respective acts. However, ESIC letter No. P-11/14/19/Misc/02/2022-Rev.II dated 21/11/2022  instructed that, new

Tax audit due date extended for the FY 2021-22

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CBDT has extended due date for filing various forms for the FY 2021-22 Noting the hardships of taxpayers & IT glitches Income Tax department extends the due date for filing of various reports of audit for assessment year 2022-23 (FY2021-22) to October 7th 2022. Earlier the deadline was 30th September 2022. Ref: CBDT Circular No. 19/2022 in F.No.225/49/2022/ITA-II dated 30.09.2022 issued.

Submission of Trust Accounts online for the FY 2021-22

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Trust audit submission due date extended for the FY 2021-22 Charity Commissioner of Maharashtra has extended due date for submitting trust accounts online for the FY 2021-22. Extended due date vide Circular No 596 dated 30/09/2022 is 15th October 2022. Trust Audit The trustee shall get the accounts audited within six months of the date of balancing the accounts (generally 31st March) under section 33 (1) of the Maharashtra Public Trusts Act 1950. Take benefit of such extension and ensure timely compliance. Several thousand trusts and societies have been de-registered by  the charity commissioner on account of failure to submit annual audited accounts. Trust Audit is an important compliance to keep your trust active with Charity Commissioner. Here is the circular no 596 of extension of due date for online submission of trust accounts for the FY 2021-22

Draft format of independent auditors report for the FY 2021-22

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Independent auditors report for the FY 2021-22 Everyone is talking about amendments in schedule III & CARO however most of those are not highlighting changes in Independent Auditors Report . Though changes are small but can result into significant risk of negligence. First I would like to request every one kindly read entire independent audit report for every auditee. At least read what you are signing and what would be the implications. I have seen audit reports for the FY 2021-22 which are not referring to the The Companies (Accounting Standards) Rules, 2021. MCA already prescribed accounting standards w.e.f. 01/04/2021. But as usual due to "Ctrl C+ Ctrl V" same is not reflecting in the independent auditors report and reference to old rule of 2006 is given. Also some of us not inserting new para under rule  Rule 11 of the Companies (Audit and Auditors) Rules, 2014. Kindly refer attached report of Small Company for ease reference only (please note this is just a draft

Definition of small company

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Revision in the definition of small company  The ministry of corporate affairs (MCA) has amended definition of "small company" wide notification no G.S.R. 700(E). dated 15th September 2022.  The revised paid-up capital and turnover thresholds for small companies that will be applicable w.e.f. 15th September 2022. Now onwards, companies having paid capital upto Rs 4 Cr & turnover upto Rs 40 Cr will be considered as Small Companies. Earlier limit was Rs 2Cr & 20Cr respectively. Small companies enjoy certain exemptions such as  -small companies not required to prepare cash flow statements, -small companies can prepare annual report in abridged form -only 2 board meetings needs to conduct in a calendar year  -various E-forms can be signed by the directors only -reduced penalties under the Company Act 2013 -Auditors not require to report on internal control over financial reporting etc.