Provisions Related to TDS Payment and Furnishing of TDS Certificate

Provisions Related to TDS Payment and Furnishing of TDS Certificate

1. Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made.

2. TDS payment U/s. 194-IA  shall be accompanied by a challan-cum-statement in Form No.26QB.

3. Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QB, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically within the time specified in sub-rule (2A) into the Reserve Bank of India or the State Bank of India or any authorised bank.

4. Every person responsible for deduction of tax under section 194-IA shall furnish the certificate ofdeduction of tax at source in Form No.16B to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QB.

5. Form 16B is to be generated online from the web portal.

Provisions Related to TDS Deduction and applicability

The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.  The rate at which tax is to be cut is 1%, but it would go up to as high as 20% if the seller does not disclose his permanent account number.  Thisamendment is effective from 1^st June, 2013.

Key highlights of the Maharashtra budget

Key highlights of the budget are as follow:

Deputy Chief Minister and Maharashtra Finance Minister Ajit Pawar today presented Maharashtra's budget for 2013-14.
Total tax proposals to mobilize at Rs 1,150 crore
 
Increase in tax rate of gold, silver and their jewellery hiked from 1% to 1.10% for one year due to prevailing drought conditions
 
Increase in sugarcane purchase tax from 3% to 5% to raise fund for drought relief for one year
 
Tax on cigarettes hiked from 20% to 25%
 
Increase in tax on bidi from 5% to 12.5%
 
Unmanufactured tobacco to be taxed at 12.5%
 
5% levy on textile for industrial use
 
Rise in tax on certain powder, cubes and tablets from which non alcoholic beverages are prepared to 12.5% from 5%
 
Increase in tax on Paver blocks from 5% to 12.5%
 
Increase in tax on Lottery: Tax on weekly lottery will be Rs 60,000, Tax on fortnightly lottery scheme or any lottery scheme between a week and a fortnight Rs 1,25,000, Tax on monthly lottery scheme or any lottery scheme of any duration exceeding fortnight Rs 2,50,000
 
Financial Institutions liable to pay stamp duty on mortgage deeds
 
Rounding off fractions in stamp duty payable.
 
If agreement to sale is registered by paying proper stamp duty by treating as deemed conveyance deed will be charged with Rs 100 stamp duty
 
Increase in excise duty on Country Liquor to Rs 110 per proof litre from Rs 95 per proof litre,

Excise duty on Indian Made Foreign Liquor hiked from Rs 240 per proof litre to Rs 300 per proof litre,

On fragmented strong beer Rs 60 per bulk litre or 200% per cent of the manufacturing cost whichever is higher. Earlier rate on fermentes strong beer was Rs 42 per bulk litre or 175% of manufacturing cost whichever is higher
 
Increase in export fee on Indian Made Foreign Liquor (IMFL) having maximum retail price less than Rs 500 to Rs 3 per bulk litre from Re 1 per bulk litre
 
Export fee on IMFL having maximum retail price of Rs 500 or more is Rs 5 per bulk litre. It will now be increased to Rs 10 per bulk litre.
 
Tax Mobilisation to surge
 
Sales Tax & VAT Rs 62,422 crore in 2013-14 compared to Rs 53,361 crore in 2012-13

Amnesty Scheme for Service Tax Defaulters

Voluntary Compliance Encouragement Scheme, 2013 (VCES) – To motivate about 10 lakh of those registered assesses of service tax, who are not filing returns and paying tax dues, the Finance Minister has proposed to introduce a one-time scheme called ‘Voluntary Compliance Encouragement Scheme’ in 2013-14 Budget proposals. Under this scheme a defaulter can file a truthful declaration of service tax dues since 1st October, 2007 and make the payment in one or two installments before prescribed dates. In such a case, interest, penalty and other consequences will be waived.1 Scheme is proposed to be introduced to encourage voluntary compliance with the following main features:

(i) The scheme can be availed of by non-filers or stop-filers or persons who have not made a truthful declaration in their return. However it will not be applicable to persons against whom any inquiry or investigation is pending by the issue of search warrant or summon or by way of audit;

(ii) The defaulter will be required to make a truthful declaration of all his pending tax dues (from October1, 2007 to December 31, 2012) and pay at least half of that before December 31, 2013; remaining half to be paid by:

(a) June 30, 2014 without interest; or

(b) By December 31, 2014 with interest from July 1, 2014 onwards;

(iii) On compliance with all the requirements the person will have immunity from interest (as specified), penalties and other proceedings;

2 The scheme will come into force when the Finance Bill is enacted. It is clarified that the tax-payers will need to settle their dues for the period after December 31, 2012 under the present law.

Link to Download Service Tax Voluntary Compliance Encouragement Scheme,2013 - 

http://taxguru.in/wp-content/uploads/2013/03/bill6.pdf

HIDDEN PROPOSALS IN BUDGET 2013-14

Hidden proposal I --in Income Tax Act 1961 by Finance Bill 2013

Under the existing provisions of section 56, the transfer of immoveable properties (stamp value of which exceeds Rs.50,000) without consideration is treated as income in the hands of recipient but transfer of such property for inadequate consideration is outside the ambit of such provisions.
It is now proposed that if the consideration for transfer of such property is less than the stamp duty value of the property by an amount exceeding Rs.50,000/-then the difference between the stamp duty value and the stated consideration shall be treated as income of the recipient.
For example, the stamp duty value of the property is one lakh while the consideration for transfer is Rs.30,000/-. The difference of Rs.70,000/- shall be deemed income of the recipient.
However, it is also proposed that where the date of agreement and date of registering the document is different then, stamp duty value would be taken as on the date of agreement provided such consideration or part thereof had been paid by any mode other than cash on or before the date of agreement.
Necessary amendment is being proposed in section 56.

Hidden proposal II --in Income Tax Act 1961 by Finance Bill 2013

Agricultural income & capital gain on agricultural land:

under the existing provisions, the distance from the limits of the municipality is to be measured by road. It is now proposed that distance is to be measured aerially. How the aerial distance will be calculated is not prescribed.
Further, under the proposed amendment, the distance from the municipality shall now be 2 KM from the local limits of municipality having population of more than 10000 but not exceeding one lakh; 6 KM from the local limits of municipality having population of more than one lakh but not exceeding ten lakhs; and 8 KM from the local limits of municipality having population of more than 10 lakhs.
(The necessary amendments have been made in sections 2(1A) & 2(14))

Hidden proposal III --in Income Tax Act 1961 by Finance Bill 2013

Under the existing provisions, the provisions of section 50C are applicable only to the transfer of capital assets. Such provisions are not applicable to sale or transfer of immoveable properties by a person engaged in the business of real estate.
It is now proposed to insert section 43CA, similar to section 50C, so as to apply such deeming provisions to the transactions of transfer of immoveable properties by a person engaged in the business of real estate. For example, if the builder transfers a flat to the buyer at a consideration of Rs.30 lakhs but value for the purpose of stamp duty is taken at Rs.35 lakhs then, the profit of the builder shall be computed as if the sale consideration is Rs.35 lakhs.
It is also proposed that the existing provisions of section 50C(2) will apply to such transactions also.
However, it is also proposed that where the date of agreement and date of registering the document is different then, stamp duty value would be taken as on the date of agreement provided such consideration or part thereof had been paid by any mode other than cash on or before the date of agreement.

HIGHLIGHTS BUDGET 2013-14 INDIRECT TAXES

Indirect Taxes

1. Service Tax on AC Restaurants

2. 2% customs, CVD on coal imports

3.  Excise duty raised by18% for cigarettes

4.  Cut abatement rate on expensive homes to 75%

5.  Customs duty unchanged for non agri products

6.  Extend tax benefit to electrical vehicles

7.  Excise duty on SUVs raised from 27% to 30%. Will not apply to SUVs registered as taxis

8.  Amnesty Scheme for Service Tax Defaulters

9.  Exempts imported ships and vessels from duty

10.  Excise Duty cut on leather, leather good machines

11.  No Change in Normal Rate of Service Tax & Excise Duty

12.  Import Duty Hiked on Set top boxes

HIGHLIGHTS OF BUDGET 2013-14 DIRCT TAXES

1 Tax credit of '2,000 for income up to '5 lakh:   2 Additional surcharge on taxes only for 1 year:   3 To continue with education cess at 3%:   4 10% surcharge on companies with income over '10 cr:   5 DDT surcharge raised to 10% from 5%:   6 Extend 80IA by 1 year:   7 Tax holiday for power plants extended to March 2014:   8 15% tax on dividend from overseas arms to continue:   9 FY14 fiscal deficit seen at 4.8% vs 5.2% in FY13:   10 TDS at 1% of land deals over '50 lakh:   11 To reduce STT on equity futures, MF units:   12 Agri commodities to be exempt from CTT:   13 To introduce CTT on non agri futures contracts at 0.1%:   14 To incorporate decisions on GAAR:   15 STT reduced from 0.17% to 0.1%:   16 DTC is work in progress:

MCA Site not Working –What to do?

MCA has kept entire corporate on hold. New companies are not incorporating and existing companies can’t file their returns due. On 17 January 2013, MCA changed its drivers of site. Earlier TCS use to manage MCA21, not batten has been passed to Infosys. The site is under transitional stage and hence some problems are bound to occur. We don’t blame MCA for it, because MCA21 has drastically improved filling and compliance in India. It’s a e-governance project, which the government can definitely boast of.

My concern is different. MCA has not given any clarifications waiver of additional fees, whose due date falls between this period. They have extended time limit for filling 23AC/ACA and Cost Compliance Report in xbrl mode. But they have not done the same in case of other forms.

Let us say, if I have changed my registered office on 24 December 2012, I have to file Form 18 latest by 23 January 2013. However, site is non-functional during this time period. Let us assume that site become operational today i.e. 2 February 2013. If I try to upload that form, MCA will demand additional fees.

This is injustice for all corporate. They have been charged additional fees without their fault. MCA should come out with solution to this problem. They must relax due dates of forms which falls due during this transits period. Due date shall be extended to 15 February 2013 or any other reasonable duration for all forms.

MCA shall work out this solution at the earliest in the best interest of stakeholders.

Policy of Empanelment of CA Firms and Selection of Auditors of PSUs

Policy of Empanelment of CA Firms and Selection of Auditors of PSUs

Empanelment of CA firms



Chartered Accountant firms in India with at least one full time [1] FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector Undertakings.  



The criteria for empanelment and selection of statutory auditors have been arrived at after due consultation with the Institute of Chartered Accountants of India.



 Selection of CA firms for appointment as statutory auditors of PSUs whose audit fees are up to Rs 1.50 lakh



The selection is made by correlating the point score earned by each firm of Chartered Accountants towards empanelment with the size of the audit fee. The point score[2] is based upon the experience of the firm, number of partners and their association [3] with the firm, number of Chartered Accountant employees, as detailed below:  

Experience of the firm	0.5 point for every calendar year -Maximum 15. (Counted from the date of constitution of the firm with one full time FCA or date of joining of the firm by the existing partner having the longest association with the firm whichever is later.)
Full Time FCA Partners	5 points each for first 5 partners and 2.5 points each from 6th partner onwards.
Full Time ACA Partners	3 points each for first 5 partners (including FCA partners) and 1.5 points each from 6th partner onwards.
Points for long association with the same firm	5 points for each partner above 25 years.
	4 points for each partner above 20 years.
	3 points for each partner above 15 years.
	2 points for each partner above 10 years.
	1 point for each partner below 10 Years but above 5 Years.
Full Time CA Employees	1 point each for first 20 C.A Employees-Maximum 20 points
CISA/ISA Qualified Partners	2 points each for three partners. -maximum 6     points
CISA/ISA Qualified Employees	1 point each – Maximum 3 points for 3 employees.

 



Selection of CA firms for appointment as statutory auditors of PSUs where audit fee is above Rs 1.50 lakh ( Major Audits)



(a)      C riteria for short-listing eligible firms of CAs for allotment of Major Audits are as under:



(i)           The firm should have at least 6 CAs (out of which 5 should be full time partners and one could be a full time paid CA employee), which is indicative of capacity to handle big audits .



(ii)         At least one partner should have an association of 10 years or more with the firm and at least 3 partners of the firm should have an association of 5 years or more with the firm and the remaining two should have an association of one year or more with the firm, to demonstrate stability over time.



(iii)         The firm itself should have been in existence for 10 years or more, to prove that it is a well established firm .



(b)       Allotment of major audits is based not only on the size of the firm considering the number of partners, and their association with the firm, number of Chartered Accountant employees, and the Zone in which the firms’ head office is located but also on the basis of factors such as sectoral experience, service tax paid by the firm on assurance services, capability of handling big audits, past performance, eligibility of the firm to conduct a particular audit, location of the firm’s branch offices etc.

---

[1] Full time partner does not include


   A person who is


(a) a partner in other firms


(b)  Employed full time/part time elsewhere, practicing in their own name or engaged in practice otherwise or engaged in other activity which would be deemed to be in practice under Section 2(2) of the Chartered Accountants Act, 1949.


            (c)    i)    Partners whose  total compensation@ from the firm is below the following limit:
Head office of the firms located in Delhi, Mumbai, Chennai, Kolkata, Bangalore and Hyderabad:


                                                ACA partner       Rs. 1.80 lakh in a year (Rs. 15000/- per month)


                                                FCA partner        Rs. 3.00 lakh in a year (Rs. 25000/- per month)


                                Head office of the firms located other Places:


                                                ACA partner       Rs. 1.20 lakh in a year (Rs. 10000/- per month)


                                                FCA partner        Rs. 1.80 lakh in a year (Rs. 15000/- per month)


            (c)  ii)   A partner whose total compensation@ from the firm is less than:


Firms having more than 14 partners                       1%


Firms having 10 to 14 partners                             3%


Firms having 5 to 9 partners                                  5%


Firms having less than 5 partners                           8%


@Total compensation = Sum total of share of profit, remuneration and interest on capital.


 

[2] All members (sole proprietors/partners/ CA employees) will get points if they were exclusively associated with the firm throughout the calendar year immediately preceding the year of empanelment.


 

[3] In case of merger, the partners of the merging firms will be assigned points after one year of merger and points for partner’s association to be given after five years from the date of merger.


 

Chartered Accountants Final Examination held in November, 2012

The details of percentage of candidates passed in the above examination is given below:

Examination	Group	No. of candidates appeared	No. of candidates passed	% of pass
FINAL	Both Group	29339	3804	12.97
	Group– I	48320	13193	27.30
	Group–II	51906	11341	21.85

Search online if your dividend is lying unpaid or Unclaimed

Obtaining information about unpaid and unclaimed amount lying with Companies

The Ministry of Corporate Affairs has launched a new search facility on its website for unpaid and unclaimed amounts lying with the companies. Investors can visit the web page www.iepf.gov.in and obtain information regarding such amounts by providing any of the following combination:

i. Investor Name, Country, State

ii. Investor Name and Company

iii. Folio Number as per certificate

iv. Investor Name, Type of  Investment, Company

v. Investor Name and Father/Husband Name

Issued in public interest by the Ministry of Corporate Affairs under the aegis of Investor Education and Protection Fund

शासकीय लेखापरीक्षण विभाग बंद होणार

सांगली - राज्य शासनाने सहकारी संस्थांच्या लेखापरीक्षणसाठीचा लेखापरीक्षक विभाग बंद करणार आहे. सनदी व प्रमाणित लेखापरीक्षकांमार्फत लेखापरीक्षण करण्याचा अध्यादेश येत्या दोन महिन्यांत होण्याची शक्‍यता आहे. लेखापरीक्षक विभागाकडील चार हजार अधिकारी आणि कर्मचाऱ्यांचे सहकार विभागाकडे समावेश करण्याच्या हालचाली सुरू आहेत. 

सहकारी साखर कारखाने, बॅंका, सूतगिरण्या, औद्योगिक संस्था, पतसंस्था आणि विकास सोसायट्यांचे लेखापरीक्षण करण्यासाठी शासनाने हा विभाग सुरू केला होता. संस्थांकडून मिळणारी फी आणि या विभागावर होणारा खर्च लक्षात घेता तफावत असल्याचे शासनाच्या पाहणीत आढळले. तसेच, शासनाने सहकार कायद्यात दुरुस्ती केली असून, 97 व्या घटना दुरुस्तीत संस्थांना मुभा दिली आहे. त्यात लेखापरीक्षणाचा उल्लेख आहे. 

राज्य शासनाने सन 2004 ला सहकारी संस्थांचे लेखापरीक्षण पॅनेलवरील प्रमाणित आणि सनदी लेखापरीक्षकांमार्फत करण्याचा घेतला होता. पण, लेखापरीक्षक संघटनेच्या विरोधामुळे हा निर्णय बारगळला; पण आता सहकारी कायद्यातील दुरुस्तीचा झटका या विभागाचे कर्मचारी आणि अधिकाऱ्यांना बसणार आहे. राज्यात 250 अधिकारी आणि 3750 कर्मचारी आहेत. शासन विभाग बंद करणार असल्याने सारे हादरले आहेत. सारे कर्मचारी अतिरिक्त ठरणार असून, त्यांचे टप्प्याटप्प्याने सहकार विभागात समावेश होणार आहे. जिल्हा उपनिबंधकांच्या हाताखाली काम करावे लागणार आहे. 

संघटनेने लेखापरीक्षण विभाग बंद करू नये, स्वतंत्र अस्तित्व ठेवून लेखापरीक्षणाऐवजी तपासणीस म्हणून कार्यभार द्यावा, अशी मागणी केली आहे. पण, यावर शासनाने अद्याप निर्णय दिला नाही. त्यामुळे अधिकारी आणि कर्मचाऱ्यांमध्ये अस्वस्था आहे. शासन येत्या दोन महिन्यांत हा विभाग बंद करण्याचा निर्णय घेण्याची शक्‍यता आहे. याला लेखापरीक्षक अधिकाऱ्यांनी दुजोरा दिला. 

कर्मचाऱ्यांचे भवितव्य मंत्र्यांच्या हाती 
सहकार कायद्यात केलेल्या दुरुस्तीवर अंतिम निर्णय घेण्यासाठी सहकारमंत्री हर्षवर्धन पाटील यांच्या अध्यक्षतेखाली सहा मंत्र्यांची समिती नियुक्त केली आहे. त्यामुळे लेखापरीक्षक विभागाचे अधिकारी आणि कर्मचाऱ्यांचे भवितव्य या मंत्री समितीच्या हाती आहे.

CAG Empanelment for FY 2013-14 to Start from 01.01.2013

Applications are invited online from thefirms of Chartered Accountants who intend to be empanelled with this office for appointment as auditors of Government Companies/Corporations the year 2013-2014.

The format of application will be available on our website: www.cag.gov.in from1st January 2013 to 15th February 2013. Chartered Accountant firms can apply/update the data showing the status of their firm as on 1st January 2013 and generate online acknowledgement letter for the year.They are also required to submit related documents (to be notified in this office website) to this office by 31st March 2013. Only the Chartered Accountant firms who have generated online acknowledgement letter for the year 2013-2014 and submitted the documents before the due dateswill be considered for empanelment.

Visit www.cag.gov.in

Invitation for Contribution of Questions for ISA-AT Question Bank

The Information Systems Audit Assessment Test (ISA-AT) is an objective type test
having multiple choices and contains 200 questions carrying 200 marks. The time
allowed for answering 200 questions is four hours. The aforesaid Test is meant for
the members of the Institute to enable them to develop understanding in the field of
Information System Audit.

With a view to develop the Question Bank for the various Modules spread over
the Syllabus of the ISA-AT, it has been decided to invite questions from Chartered
Accountants/experts working in various organisations/institutions. The titles of these
Modules prescribed in the Syllabus are given hereunder:

Module No.
1

2
3
4
5
6

The Contributor can contribute as many questions as he/she can, but in a lot of
minimum 50 questions on the aforesaid modules in the following manner:
Q. No.
Questions and answer options
Answer(for Example)
01
Question description…….
A) Option A
B) Option B
C
C) Option C
D) Option D
02
………
50

While framing the questions, the contributors have to prepare the questions for
individual modules in separate files/documents. The questions should cover all the
sub chapters or aspects of the syllabus and be free from any ambiguity, doubt etc.

Module Title
Information Technology Infrastructure & Communication/
Networking Technology
Protecting Information Assets
Systems Development, Life Cycle & Application Details
Business Continuity Planning
Information Systems Organisation And Management
Information System Control & Audit Process

The question should convey the same meaning which you intend to convey. It is
also essential that proper care is taken in framing the questions and the options
(answers) are provided below the questions. The solution (correct answer) to each
option (answer) shall be given as per the above format.

The copyrights of the questions as well as the answers so submitted shall vest with
the Council of the Institute. The contributor of the questions shall ensure that the
questions so submitted to the Institute are not parted with by him/her to any Body/
Person and shall be meant only for the exclusive use by the Council of the Institute.
It should be ensured that the questions are original and framed with the meticulous
care.

For each question framed and forwarded and accepted by the council of the Institute
for developing a Question Bank of ISA-AT, Rs. 500/- per question selected/accepted
will be paid as honorarium. In addition to honorarium payable towards questions
selected, Rs. 100/- (fixed) will be paid for other services also. The questions may
be sent in a sealed envelope super scribed “Question Bank ISA-AT” to Shri G.
Somasekhar, Additional Secretary (Exams), The Institute of Chartered Accountants of
India, “ICAI Bhawan”, Indraprastha Marg, New Delhi-110002 by name or by e-mail
to exam.development@icai.in.

While sending the questions by post/mail, please mention your name and
complete postal address alongwith contact details including mobile number. All
correspondence on the subject should be treated as secret. Interested persons may
kindly contribute to the Question Bank of ISA-AT.

Empanelment of Coordinators in the centres organizing GMCS Course and Orientation Programme

The Board of Studies intends to draw a Panel from amongst its Members
for acting as Coordinator for monitoring GMCS Course and Orientation
Programme. Presently, GMCS Course and Orientation Programme are
organized by Regional Councils, DCOs and Branches of ICAI.

Eligibility

The Coordinator shall –

1. Be CA with 5 years in practice or MBA with 5 years experience
2. Visit the organizing centre twice during the GMCS Course and once during
the Orientation Programme
3. For each visit, an amount of Rs.2500/- will be paid.
4. Check the attendance record of the students.
5. Check the faculty attendance record.
6. Check infrastructure and other facilities provided to the students.
7. Submit report of his/her every visit.
8. Collect students’ feedback form on the last day of the course.
9. Analyse “Students’ Feedback Form” and submit a consolidated report to
the Director, Board of Studies.

How to apply

Members who are interested to act as Coordinator may down load the
Empanelment Form and send the same to:

The Director, Board of Studies, The Institute of Chartered Accountants
of India, Plot No. A-29, sector-62, Noida – 201309 or email
to: ranjit.sarmah@icai.org.

(Source: www.icai.org; The Chartered Accountant- ICAI Journal)

Join Panel of Examiners of ICAI

Join Panel of Examiners

The Institute maintains panel of examiners for evaluation of answer books
of CA IPCE and Final (New Course) Examinations. The Institute is in
the process of strengthening its panel of examiners with professionals/
academicians/resource persons for all the papers in CA IPCE and Final (New
Course) Examinations in general and for the following subjects in particular:
1) Strategic Financial Management
2) Advanced Auditing and Professional Ethics
3) Advanced Management Accounting
4) Information Systems Control and Audit
5) Direct Tax Laws
6) Indirect Tax Laws
7) Taxation
8) Business Law, Communication and Ethics
9) Information Technology

Eligibility
1) Chartered Accountants with a minimum of two years standing in
practice or in service and University Lecturers with a minimum of five
years teaching experience at a level of graduate and above in the
relevant subjects with examiner-ship experience of five years are
eligible to apply.
2) Persons above 60 years of age are not eligible for empanelment as
examiner.
3) Chartered Accountants who secured rank up-to first 25 positions in
Final Examination conducted by the Institute and possess one year of
professional experience are eligible for empanelment.

How to apply
Persons (including Chartered Accountants) who have the requisite proficiency
in the above subjects, inclination for evaluation of answer books and who can
spare time may send in the Empanelment Form duly filled in to the Sr. Deputy
Director (Exams), The Institute of Chartered Accountants of India, ICAI
Bhawan, Indraprastha Marg, New Delhi -110002. The form may be obtained
by sending a request letter or in alternative, download by clicking on to link

http://220.227.161.86/15857ExaminersEmpanelmentForm.pdf

(Source: www.icai.org; The Chartered Accountant- ICAI Journal)

LLPs established to carry on a profession would now need to obtain NOC at the time of change of name

No Objection Certificate (NOC) from the concerned regulator/Institute for LLP Name approval/incorporation

General Circular no. 40/2012, dated 17-12-2012

In continuation of this Ministry’s CircularNo. 2/2012, dated 1st March, 2012 on registration of companies or LLPs where one of their objects is to carry on the profession of Chartered Accountant, Company Secretary, Cost Accountant, Architect, etc. relating to the requirement of obtaining NOC from the concerned regulator, it is hereby stated that the approval of the council/regulator governing the profession shall be obtained both at the time of application for incorporation and while seeking to change the name of an existing Limited Liability Partnership.

All ROCs are accordingly advised to ensure that in-principle approval/NOC of the regulator/institute governing such profession is obtained at the time of incorporation/conversion into LLP and not while making application for name approval for new LLP.

3. However, in case of change of name of an existing LLP, NOC from the concerned regulator shall be obtained at the time of making application for name approval because change of name of LLP is made by filing Form 5 through STP mode.