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What is IFCFR & IFC in co's act 2013?

IFCFR means the controls over reliable reporting of financial statements.The Companies Act, 2013 has imposed specific responsibilities on the Board of Directors towards the company’s internal financial controls and, inter alia, requires the Board to state that they have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles.Companies Act, 2013: Section 134(5)(e) explains internal financial controls(IFC) as the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business , including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.P.S.1 The scope of Internal Financial Controls is much wider than the reporting on internal controls in CAROP.S.2 Statutory auditors are required to report on the adequacy and operating effectiveness of the company’s IFCFR. The reporting by the auditors is voluntary for the year ending 31 March 2015 and mandatory for financial years beginning on or after 1 April, 2015

What changes are there in the CA Final syllabus for both group comparatively from November 2016 to May 2017?

The next examination of CA Final course will be held in the month of May, 2017. The Institute of Chartered Accountants of India (ICAI) has announced the applicability of standards, Guidence Notes and Legislative Amendments for May, 2017 - CA Final Examination.Accordingly, do these topics thoroughly which are very important and relevant for CA Final - May, 2017.These amendments are related to following subjects:Financial ReportingAdvanced Auditing and Professional EthicsCorporate and Allied LawsDirect Tax LawsIndirect Tax LawsPaper 1 Financial Reporting39 Indian Accounting Standards (Ind AS) have been prepared by the National Advisory Committee on Accounting Standards (NACAS) and the Ministry of Corporate Affairs (MCA), Government of India has now notified Roadmap in a phased manner from 2016-17 onwards for applicability of Ind AS vide Notification No. G.S.R. 111(E) dated 16 February, 2015, for compliance by the class of companies specified in the said roadmap.All 39 IFRS converged Indian accounting standards (Ind AS) has been hosted on MCA official website Ministry Of Corporate Affairs along with the Companies (Indian Accounting Standards) Rules, 2015 which has come into force on the 1st day of April, 2015. After notification of Ind AS in February, 2015, the CA Institute has also announced dated 23/11/2015 that Ind AS 32, Ind AS 107 and Ind AS 109 would be applicable in place of AS 30, AS 31 and AS 32 to the topic ‘Accounting for Financial Instruments’.Accordingly, Ind AS 32 “Financial Instruments: Presentation”, Ind AS 107 “Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” shall be applicable on the topic ‘Accounting for Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”, AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures” in May, 2017 examinations for Paper-1: Financial Reporting at the Final level.In view of the complexities involved, simple practical problems involving conceptual issues or application issues may be asked in the examination.Further, some topics has been newly included by ICAI vide notification dated 30th May, 2015 in the syllabus of CA Final Course May, 2016 exams onward.i) Introduction of Indian Accounting Standards (Ind AS);ii) Comparative study of ASs vis-a-vis Ind ASs; andiii) Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs).Accounting Standards: (Almost same as earlier except AS 10)Following are the list of all 28 Accounting Standards (AS) which are fully applicable for CA Final May, 2017 examinations:AS 1: Disclosure of Accounting PoliciesAS 2: Valuation of InventoriesAS 3: Cash Flow StatementsAS 4: Contingencies and Events Occurring after the Balance Sheet DateAS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting PoliciesAS 6: Depreciation AccountingAS 7: Construction Contracts (Revised 2002)AS 9: Revenue RecognitionAS 10: Property, Plant and Equipment (2016)AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)AS 12: Accounting for Government GrantsAS 13: Accounting for InvestmentsAS 14: Accounting for AmalgamationsAS 15: Employee BenefitsAS 16: Borrowing CostsAS 17: Segment ReportingAS 18: Related Party DisclosuresAS 19: LeasesAS 20: Earnings Per ShareAS 21: Consolidated Financial StatementsAS 22: Accounting for Taxes on IncomeAS 23: Accounting for Investment in Associates in Consolidated Financial StatementsAS 24: Discontinuing OperationsAS 25: Interim Financial ReportingAS 26: Intangible AssetsAS 27: Financial Reporting of Interest in JVAS 28: Impairment of AssetsAS 29: Provisions, CL and CAAmendments made by MCA on 30/03/2016 in Companies (Accounting Standards) Rules, 2006 and Companies (IND AS) Rules, 2015 are applicable for May, 2017 exam.Guidance Notes: (Almost same)Following are the list of 14 Guidance Notes which are fully applicable for CA Final May, 2017 examinations:1. Guidance Note on Accrual Basis of Accounting.2. Guidance Note on Accounting Treatment for Excise Duty.3. Guidance Note on Terms Used in Financial Statements.4. Guidance Note on Accounting Treatment for MODVAT/CENVAT.5. Guidance Note on Accounting for Corporate Dividend Tax.6. Guidance Note on Accounting for Employee Share-based Payments.7. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.8. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.9. Guidance Note on Applicability of AS 25 to Interim Financial Results.10. Guidance Note on Turnover in case of Contractors.11. Guidance Note on the Schedule III to the Companies Act, 2013.12. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.13. Guidance Note on Accounting for Derivative Contracts.14. Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013The Companies Act, 2013:Accounting related sections of the Companies Act, 2013 notified up to 31/10/2016 along with the clarifications issued by the Ministry of Corporate Affairs are applicable for May, 2017 Examination.The cut-off date for any other legislative amendments including relevant Notifications, Circulars, Rules and Guidelines issued by Regulating Authority will be six months i.e. up to 31st October, 2016.Paper 3 Advanced Auditing and Professional EthicsThe statement on reporting under Section 143 of the Companies Act, 2013 (Section 227(1A) of the Companies Act, 1956) shall be applicable for May, 2017 Examination. Companies (Auditor’s Report)Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for CA Final May 2017 Exams.All auditing related sections of the Companies Act, 2013 up to 31-10-2016 shall be applicable for CA Final May, 2017 Exams. All other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2016 is applicable for May 2017 Examination.SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2017 Examination.Paper 4 Corporate and Allied LawThe Companies Act, 2013:The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2016 will be applicable for May, 2017 Examination.Additionally, the RTP of May, 2017 examination shall be referred side by side so as to know what is applicable/not applicable for May, 2017 examination.SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009:Vide Notification No. SEBI/LAD-NRO/GN/2016-17/003 (http://www.sebi.gov.in/cms/sebi_data/attachdocs) dated 25th May, 2016, SEBI hereby further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 through the enforcement of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Third Amendment) Regulations,2016 from the date of their publication in the Official Gazette. Amendments have been made in relevant Regulations 2, 4, 73 & 84 of the Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements) Regulations, 2009 and these shall be applicable to issuers filing offer documents with the Registrar of companies on or after the date of commencement of these regulations.The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016:Ministry of Law and Justice on 16th August, 2016 has published for general information, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.It is an Act further to amend four laws: (i) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), (ii) Recovery of Debts due to Banks and Financial Institutions Act,1993 (RDDBFI), (iii) Indian Stamp Act, 1899 and (iv) Depositories Act, 1996, and for matters connected there with or incidental thereto.Chapter II, of this amendment Act (http://financialservices.gov.in/Banking/LAWS.pdf) deals with the amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, whereby, it is an act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a central database of security interests created on property rights, and for matters connected therewith or incidental thereto.Paper 7 Direct Tax LawsPart-I of Paper-7 contain topics related to Direct Taxation. Accordingly, all amendments made in the provisions of Direct Tax by the Finance Act, 2016 including various circulars and notifications issued up to31st October, 2016 will be applicable for CA Final May, 2017 examinations.Accordingly, the applicable assessment year shall be A.Y. 2017-18 for Direct Tax Laws for CA Final May,2017 Examination. Part-II of Paper-7 of CA Final New syllabus covers topics related to International Taxation.You should note that CA Institute has already excluded the Wealth-tax Act, 1957 and Rules there under from the syllabus of CA Final Course and therefore not applicable for May 2017 examination.Paper 8 Indirect Tax LawsAmendments made in the provisions of Indirect Tax Laws by the Finance Act, 2016 including various circulars and notifications issued up to 31st October, 2016 will be applicable for CA Final May, 2017 examinations.Source: The Institute of Chartered Accountants of IndiaThanks.!

I incorporated a Pvt Ltd company in India on March of 2015. When should I file my annual returns and income tax returns to the MCA and Income Tax Department respectively?

In one word, the answer is YES. If you are still finding logic on why this is required, here you can answer yourself. I repeatedly ask this question to our clients that unless you file reports to Ministry, how it will know about no transactions. Maybe this question would surely make you realise why this is mandatory for all businesses. If that is also not reasonable for you, it is mandatory and therefore filing is necessary. You will also know the consequences of non-filing by the end of this blog.For a company, the compliance parts can be divided in following;Accounts and AuditIncome Tax Return filingAnnual ComplianceLet’s get into detail for every individual part and know its requirements.1. Accounts and AuditAlthough there may be no turnover or profitable transaction, a company must keep its books of accounts up-to-date. The accounts consist of all those transactions undertaken by the company during the whole year, which consistsEven a single transaction of paying rent or employee’s/ director’s salary or otherwisePreliminary expenses and the issue of shares for newly registered companiesPreparation of Financial Statements including Balance Sheet providing the company’s financial position on Financial Year closure.Every financial year is closed on 31stMarch of every calendar year. The first financial year is generally closed on the immediate next 31stMarch. However, for companies registered between January to March, it can be closed on the 31stMarch of next calendar. Get here an idea from an example.Month of IncorporationFirst Financial Year ClosureJanuary – March, 201731stMarch, 2018April – December, 201731stMarch, 2018January – March, 201831stMarch, 2019For any company incorporated in India, Audit is a mandatory and imperative process. Whether there is any profit or not, the appointment of an auditor will be mandatory for the company. On the basis of said audited financial statements, the statutory filings of ITR and Annual Compliances are made.2. Income Tax Return FilingFiling Income Tax Return by any company is also a mandatory requirement, irrespective of the amount to taxability of income. As the provisions of Audit are applicable to every company, the due date for ITR by companies is set as 30thSeptember. For Financial Year 2017-18 the last date is 30thSeptember, 2018. If the company delays in ITR Filing for prescribed due date, it has to pay INR 5,000 as the late fee, which can further be extended to INR 10,000 for filings after December. The late fee is INR 1,000 for small business having with an income up to INR 5 Lakh.3. Annual ComplianceAnnual Compliance for a Private Limited Company follows the Audit and Annual General Meeting. Where it includes two forms – AOC-4 (filing financial statements) and MGT-7 (filing an annual return), an intimation of auditor’s appointment (ADT-1) is also necessary for new companies and where an auditor is newly appointed.Since its first financial year closure, the company has to fulfil all the annual compliance. For this purpose, the company is required to hold an Annual General Meeting once the audited accounts are presented in Board Meeting. In the AGM, the members will adopt the said financial statement, which will further be uploaded with MCA in given time. From AGM to form filing, there is a timeline prescribed. Check out the dates here:Compliance DetailsDue Date of complianceDue date for F.Y. 2017-18Conducting an Annual General meetingWithin 6 months of Financial Year End*(Gap between two AGM shall not exceed 15 months)30thSeptember, 2018(or within 15 months of previous AGM)Intimation of Auditor’s Appointment or re-appointment (if any)Within 15 days of AGM heldNot later than 14thOctober, 2018AOC-4 (filing financial statements)Within 30 days from the conclusion of the AGM29thOctober, 2018MGT-7 (filing annual return)Within 60 days from the conclusion of the AGM28thNovember, 2018*If the company is to close its first Financial Year, AGM can be held within 9 months of F.Y. end i.e. 31stDecember, 2018 for F.Y. 2017-18.What are the consequences of non-filing?As mentioned earlier, for a delay in ITR filing one has to pay the additional fee of INR 5,000. Additionally, the company has to forgo all the benefits offered because of regular ITR filing, such as carry forward of losses and more.When we talk about Annual Compliance, below listed are the consequences:Hefty additional Government fee of INR 100/day for each day of delay is charged at the time of filing.Continuous non-filing of annual compliance forms leads to disqualification of the director. It can also lead to strike-off of the company name by Registrar’s order. In recent times, MCA has taken many steps whereby, list of more than 1 Lakh disqualified directors and companies under strike-off has been provided.On failure to file the annual return of the company, the company is punishable with a fine not less INR 50,000 and which may extend to INR 500,000.Further, the office in default (director) is also punishable with the same fine or imprisonment of a term which may extend to 6 months or both.Hence, instead of paying the hefty amount of penalties for delays, one better choose to fulfil the compliance on time. Whether a company’s business turns to zero or ranges in millions, given list of annual compliances for a Private Limited Company must be fulfilled.

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