Mandate: Linking of Aadhar with PAN

The linking will become mandatory from July 1, and it’s not mandatory to link before July 1. If you are not able to link it before July 1, your PAN will not become invalid automatically. After July 1, the linking will become mandatory and the government may declare a date after which the PAN not linked to Aadhaar will become invalid. The government has not declared that date yet.

Mandatory Provision of Rotation of Auditors

An individual auditor cannot act as auditor for more than 5 consecutive years. After completion of his tenure company have to appoint one more auditor in his place. And first auditor eligible only after 5 years completion of his tenure as auditor in that company.

Section 139(2) of the Companies Act, 2013 (the Act) has mandated all listed companies and certain categories of unlisted public companies and private companies to mandatory rotate their auditors (whether such auditor is an individual or a firm) once their auditor has served office as an auditor for a period of 10 or more consecutive years (Rotation Period). In this regard, the third Proviso to Section 139(2) of the Act has provided a moratorium period, wherein companies incorporated prior to 1 April 2014, have been provided a time period of 3 years from such date to comply with the requirement to rotate their auditors. Therefore, beginning 1 April 2017, all companies who are required to rotate their auditors under the Act, will have to rotate their existing

Banking Ombudsman

RBI has released a notification amending the scope of the Banking Ombudsman Scheme 2006.

The RBI has widened the scope of the Banking Ombudsman Scheme 2006, to include the deficiencies arising out of mutual fund/ Insurance/ third party Investment Products by Banks.

All the Customers, who have grievances against the banks can lodge a complaint against the Bank to the Banking Ombudsman.

Under the Amended Scheme a customer would also be able to lodge complaint against the non-adherence of the RBI Instructions with regard to Mobile Banking / Electronic Banking Services In India.

Mandatory Provision of Rotation of Auditors

An individual auditor cannot act as auditor for more than 5 consecutive years. After completion of his tenure company have to appoint one more auditor in his place. And first auditor eligible only after 5 years completion of his tenure as auditor in that company.

Section 139(2) of the Companies Act, 2013 (the Act) has mandated all listed companies and certain categories of unlisted public companies and private companies to mandatory rotate their auditors (whether such auditor is an individual or a firm) once their auditor has served office as an auditor for a period of 10 or more consecutive years (Rotation Period). In this regard, the third Proviso to Section 139(2) of the Act has provided a moratorium period, wherein companies incorporated prior to 1 April 2014, have been provided a time period of 3 years from such date to comply with the requirement to rotate their auditors. Therefore, beginning 1 April 2017, all companies who are required to rotate their auditors under the Act, will have to rotate their existing

Modes of Verification Under GST Rules .

CBEC, under the exercise of powers conferred upon by sub-Rule 26(1) of the Central Goods and Services Tax Rules 2017, has notified the following modes of verification for the purpose of the said rule:

Aadhaar-based Electronic Verification Code (EVC)

Bank account-based One Time Password (OTP) Provided that where the mode of authentication of any document is through any of the a fore said modes.

Provisional GST number is GSTIN (GST Identification number)

On the registration of businesses, all the subsumed tax assesees, have migrated to the GST Network. Registration, which closed on June 15, will reopen on June 25. The provisional ID number will be the same for GSTIN (GST identification number). New businesses too need not rush. They will have 30 days for GSTIN.

EZTax Virtual Accounting Services (VAS)

Connecting with SME business around the country in understanding the GST readiness, potential gaps, and solutions, the pressure to get compliance on small, and mid scale enterprises is monumental that too when combined with demonetization after-effects, is some thing that the Govt India worth pondering in the interest of the country. Continue reading “EZTax Virtual Accounting Services (VAS)”