Wondering what the numbers are doing on our banner this time ? We as a firm do not take care of accounting or tax matters per se but September is all about number crunching for most corporates. 15th is the due date for advance tax while 30th is the date for filing Corporate Tax returns. Other dates are highlighted in our statutory compliance calendar. It is a reminder for all of us to be tax-compliant corporate citizens.
Last issue highlighted 5th September as the birthday of Dr. S. Radhakrishnan. 15th September is equally significant. It is the 151st birth anniversary of Sir M. Visweswarayya, a doyen of our State (Karnataka), a visionary, a thinker and an exemplary engineer who said “Industrialise or perish”. He was known for his discipline and integrity of the highest order (would use separate stationery for official work and personal work !). While we took his call to industrialise seriously I think we have conveniently ignored the other “I” i.e. “Integrity”, which he stood for. It is all too evident in most walks of life today and is surely taking its toll on the economy. Continued lack of governance / mis-governance seems to be the order of the day. While the going is good we would do well to take a leaf or two out of the lives of such leaders of the bygone era (because we are hardly left with any to look upto) in our quest for success in business and life.
To read the earlier issues and articles Click Here
Ministry of Corporate Affairs (MCA) has decided to accept certain event based information from the Defaulting Companies even before regularizing their Annual Filing status. Consequently the Defaulting Companies can file the following forms with Registrar of Companies w.e.f. from 18th September, 2011subject to certain conditions relating to status of the Company:
Form DIN – 3, 32, 2, 3, 5, 21, 23, 61, 23AC, 23ACA, 20B, 21 A, 66, 23B and Form FTE.
Companies planning for Initial Public Offering/Further Public Offering (IPO/FPO) during FY 2011-12 are exempted from preparing their financial statements for IPO/FPO purpose as per revised Schedule Vl provisions during FY 2011-12. However it is mandatory for them to prepare the financial statement as per revised Schedule Vl provisions from the period beyond 31st March, 2012.
MCA has made us eat humble pie..!
In our 39th issue we had carried news of Singapore – like Incorporation of Companies within a day. However in a strange turnaround act the Ministry has reversed this circular since it claims that Companies are in any case being registered within a day or two.
Inward transactions under Real Time Gross Settlement (RTGS) continue to be free of charge. However RBI will levy service charges on its member banks’ outward RTGS transactions w.e.f. 1st October, 2011. This is bound to increase the cost of RTGS transactions since time varying tariff not exceeding Rs. 105 per transaction may be passed on to the customers.
As a measure of simplification power to approve the change in lender for an existing External Commercial Borrowing (ECB) has been delegated to AD Category I Banks subject to certain conditions w.e.f 07th September, 2011. Before this relaxation the power to approve the change was only available to RBI. Post change reporting must be done to RBI, Mumbai.
Name: The Payment of Bonus Act, 1965
Applicability: Every Establishment wherein 10 or more persons are employed with the aid of power or 20 or more persons are employed without the aid of power on any day during an accounting year.
Appropriate Authority: Respective State Government
Eligibility of Bonus: An employee drawing salary not exceeding Rs. 10,000 per month and having worked for 30 working days in that year.
Payment of Minimum Bonus: 8.33% of the salary or Rs.100 whichever is more.
Irene’s Law: There is no right way to do the wrong thing.