REVISED FORM NO. 32
Find attached a copy of notification dated 10.2.2010 notifying new Form 32 w.e.f. 14.3.2010. Main changes are:
1) Provision has been made for filing Form 32 for directors who ceased to be associated with the company on or before 31.10.2006 and do not have DIN.
2) Signatory to the form has to verify that the Director has given declaration to the company in writing that he is not restrained/ disqualified /removed of, for being appointed as a director under the provisions of the Act including Sections 203, 274 and 388E.
NEW
DELHI: The country's apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased compliance burden on auditors, it was "prudent'' that the fees paid to auditors should be raised.
"Considering the volume of work, category of professionals deployed, growth in companies and rise in cost of audit due to inflation, it is necessary that the audit fees are increased," a CAG official told ET, requesting anonymity.
While it is for the
managements of the respective companies to take a call on the issue of fixing audit fees, a missive from the CAG is likely to be taken seriously by PSUs, the official said. There has been negligible increase in audit fees paid by PSUs over the past few years.
The CAG's suggestion on increasing
audit fees follows a series of correspondence it carried out with the Institute of Chartered Accountants (ICAI) which has been pushing for a hike to make the job of carrying out statutory annual audits for PSUs lucrative for the domestic CA firms.
Statutory audits of big PSUs often involve more than one CA firm. For instance, NTPC had engaged 6 firms in last year's annual audit while IOC and ONGC had employed 3 and 5 audit firms respectively. Although larger firms are more generous with the fees paid to auditors, the problem lies with the smaller PSUs which shelve low amounts.
"We take PSU
audit as our responsibility to the society and not as an opportunity to make money. But with the cost of compliances increasing, we feel that adequate compensation should be given to PSU auditors," said ICAI president Uttam Prakash Agarwal. He said that with greater compliances being undertaken to keep up with the stricter norms introduced by the CAG last year, there was a need to adequately compensate auditors for it.
With PSU audit fees often as
low as Rs 20,000-25,000, the increase in the fee structure will surely improve quality of the audit process, another official said. Since government auditors are being paid substantially lower fees as compared to CAs working in the private sector, the CAG's proposal, if taken in the right spirit, will help enhance the quality of audit in PSUs.
CBDT redrafting DTC Bill; Same to be put in public domain for further discourse: FM
NEW DELHI, FEB 27, 2010: WHILE addressing a large gathering comprising of members of three chambers of business - CII, FICCI and ASSOCHAM - at the Post-Budget Interactive Session with Industry Bodies at Vigyan Bhawan this afternoon in Delhi, the Finance Minister, Mr Pranab Mukherjee, said that he has directed the CBDT to redraft the Direct Taxes Code (DTC) and put the same in public domain for further discourse. However, he clarified that the Govt will not give extended time to the industry for feedback as it will have to finalise the bill and table the same in the Parliament for enacting the new Income Tax Act.
While talking about the inflation Mr Mukherjee said that it is not a phenomenon triggered by either the fiscal or the monetary policy measures of the government. There is no tax on the four main food items - pulses, rice, wheat and sugar - which have been leading the inflation bandwagon for some time. It is largely because of the supply side constraints but the same will ease out soon, he uttered with aplomb.
Explaining the rationale of the basic architecture of his budget-making the Minister further elaborated that in view of his focus on Inclusive Growth and Fiscal Consolidation, he has put major part of his spending on productive and critical sectors which would push the growth in future. About 46% of the budget allocation has gone to the infrastructure sector, and about 37% to the social sectors. Out of 46%, about 25% has gone to the rural infrastructure development.
Why so much of funds for social sector? The Minister explained that it has been the conscious endeavour of the Government to empower the vox populi with some legal rights. First it was the Right to Information, followed by the Right to Education. And the Govt has now been bracing up for the Food Security Right. To translate these rights into tangible realities the FM said the Government is committed to provide large chunk of funds so that they could be meangingfully implemented.
For a change, Mr Mukherjee who looked full of energy and bubbling with high quotient of confidence about his conviction into the philosophy he stands for, said that the Government's role is that of an efficient enabler for conducive business environment for the industry and trade. He said that the industry and trade are the actors, and the Government is to provide only the right sort of script which would result in right kind of growth in the economy.
The industry speakers also demanded one per cent CST if the GST is delayed, and called for Online Interactive portal through which senior CBDT officials could interact with the taxpayers and redress their grievances. Although the FM asked the Revenue Secretary, Mr Sunil Mitra, to look into it, and Mr Mitra also promised to do so.
(But it seems neither the FM nor the Revenue Secretary is aware of the pathetic state of even the CBDT's lone official website www.incometaxindia.gov.in. Who maintains it is not clear and the entire website looks orphaned, inviting the attention of the Ministry of Social Welfare perhaps, for its own much-deserved welfare, in the larger interests of taxpayers' services, adds TIOL)
NEW DELHI, FEB 27, 2010: WHILE addressing a large gathering comprising of members of three chambers of business - CII, FICCI and ASSOCHAM - at the Post-Budget Interactive Session with Industry Bodies at Vigyan Bhawan this afternoon in Delhi, the Finance Minister, Mr Pranab Mukherjee, said that he has directed the CBDT to redraft the Direct Taxes Code (DTC) and put the same in public domain for further discourse. However, he clarified that the Govt will not give extended time to the industry for feedback as it will have to finalise the bill and table the same in the Parliament for enacting the new Income Tax Act.
While talking about the inflation Mr Mukherjee said that it is not a phenomenon triggered by either the fiscal or the monetary policy measures of the government. There is no tax on the four main food items - pulses, rice, wheat and sugar - which have been leading the inflation bandwagon for some time. It is largely because of the supply side constraints but the same will ease out soon, he uttered with aplomb.
Explaining the rationale of the basic architecture of his budget-making the Minister further elaborated that in view of his focus on Inclusive Growth and Fiscal Consolidation, he has put major part of his spending on productive and critical sectors which would push the growth in future. About 46% of the budget allocation has gone to the infrastructure sector, and about 37% to the social sectors. Out of 46%, about 25% has gone to the rural infrastructure development.
Why so much of funds for social sector? The Minister explained that it has been the conscious endeavour of the Government to empower the vox populi with some legal rights. First it was the Right to Information, followed by the Right to Education. And the Govt has now been bracing up for the Food Security Right. To translate these rights into tangible realities the FM said the Government is committed to provide large chunk of funds so that they could be meangingfully implemented.
For a change, Mr Mukherjee who looked full of energy and bubbling with high quotient of confidence about his conviction into the philosophy he stands for, said that the Government's role is that of an efficient enabler for conducive business environment for the industry and trade. He said that the industry and trade are the actors, and the Government is to provide only the right sort of script which would result in right kind of growth in the economy.
The industry speakers also demanded one per cent CST if the GST is delayed, and called for Online Interactive portal through which senior CBDT officials could interact with the taxpayers and redress their grievances. Although the FM asked the Revenue Secretary, Mr Sunil Mitra, to look into it, and Mr Mitra also promised to do so.
(But it seems neither the FM nor the Revenue Secretary is aware of the pathetic state of even the CBDT's lone official website www.incometaxindia.gov.in. Who maintains it is not clear and the entire website looks orphaned, inviting the attention of the Ministry of Social Welfare perhaps, for its own much-deserved welfare, in the larger interests of taxpayers' services, adds TIOL)
__._,_.___
Attachment(s) from CA RAJU SHAH
1 of 1 File(s)
No comments:
Post a Comment