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Mandatory requirement of implementing Internal Financial Controls for all Companies

Companies Act, 2013 has introduced a new requirement for listed companies and also all other companies making the Board of Directors (Sec 134), Audit Committee (Sec 177) and Independent Directors (Sch. IV) responsible for laying down internal financial controls (IFC) and to conform on adequacy and operating effectiveness of the framework for IFC.   The revised guidance note issued by the ICAI recently have also extended the requirement of opinion from the external auditors to the consolidated financial statements, thereby emphasizing the focus required on completing the management design and testing across all companies within a group.   These provisions are applicable for the Financial...

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Amendment to the Payment of Bonus Act, 1965

Dear Mr. T S Shankar Deepa,   The Payment of Bonus (Amendment) Act, 2015 received the assent of the President on 31st December 2015.  The Amendment Act shall be deemed to have come into force on 01st April, 2014 i.e. with retrospective effect.   The major changes brought in by the amendment are as follows:   Existing position Amendments Impact Employees eligible for bonus As per Section 2(13) of the Act, ‘employee’ means a person (other than apprentice) employed on salary or wages not exceeding INR 10,000 per month.   The limit of INR 10,000 per month is increased to INR 21,000 per month.   More number of employees brought into the ambit of...

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Advance tax due date is 15.12.2015

This is to bring to your kind notice that the due date for payment of third installment of advance tax for companies (second installment for other than companies) for the financial year 2015-16 is 15.12.2015. Kindly take necessary actions to make the payment within the due date.   Kindly let us know for any help from us in this regard.   Thanks and Regards   VD Tax Alert Team Vishnu Daya & Co., Chartered Accountants, GF 7, Karuna Complex, No. 337, Sampige Road, Malleswaram,Bangalore-560003. Office: +91-80-23312779 | +91-80-23560633 shankar@vishnudaya.com Cell: +91-9880715963 | Fax: +91-80-23313725 Website: www.vishnudaya.com Thank you for considering the environmental impact of printing emails.   *****************************************************************************************************DISCLAIMER**************************************************************************************************** The information contained in this e-mail, and attachment(s) thereto, is confidential and may...

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Note on Swachh Bharath Cess

We are pleased to present this Tax Alert which summarizes the recent Clarifications issued with regard to levy of Swachh Bharat Cess effective from 15 November 2015.   We hope this alert will be useful to all concerned.   Best Regards Vishnu Daya Alert Team   Vishnu Daya & Co., Chartered Accountants,   GF No.7 & 3rd Floor, Karuna Complex, No.337, Sampige Road, Malleswaram, Bangalore – 560003 Office: +91-80-23312779 | +91-80-23560633 shankar@vishnudaya.com Cell: +91-9880715963 | Fax: +91-80-23313725 Website: www.vishnudaya.com   Thank you for considering the environmental impact of printing emails.   Disclaimer The information contained in this e-mail, and attachment(s) thereto, is confidential and may contain privileged communications. If you are not the intended recipient, you are hereby notified that any dissemination, distribution,...

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