Companies (Removal of Difficulties) Order, 2014

Corrigendum: "the Companies (Removal of Difficulties) Second Order, 2014” read as “the Companies (Removal of Difficulties) Order, 2014”

Corrigendum, [F. No. 2/6/2014-CL-V], dated 27th May, 2014

S.O. 1406 (E). — In the notification of the Government of India in the Ministry of Corporate Affairs S.O. 1177(E), dated the 29th April, 2014 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated 30th April, 2014, in line six, for “(1) This order may be called the Companies (Removal of Difficulties) Second Order, 2014” read “(1) This order may be called the Companies (Removal of Difficulties) Order, 2014”.

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Click here to download the complete text of the above Order in PDF Format.

Source: Ministry of Corporate Affairs.

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ICAI - Corrigendum: Supplementary Study Paper on Corporate and Allied Laws

Corrigendum: Supplementary Study Paper on Corporate and Allied Laws

Final students may note that point no. (iv) under the heading of “Points of comparison in respect to old law i.e. the Companies Act, 1956”, on Page No. 13, Chapter 3: Directors, Power, Managerial Remuneration, containing section 181 of the Companies Act, 2013 which provides for company to contribute to bona fide and charitable funds, etc. ; is being modified as under:

“Consent of the company in general meeting shall be required for contribution to charitable and other funds not directly relating to the business of the company or the welfare of its employees in excess of the amount given under section 293(1)(e) of the Companies Act, 1956. Under the Companies Act, 2013, prior permission of the company in the general meeting shall be required for such contribution in excess of amount given under section 181. Though, under both the Acts, the Consent/permission of the general meeting is necessary before contributing in excess of the amount specified under the Law, the word “Prior” has been used specifically under the Companies Act, 2013.”

Thus, the students who have downloaded the supplementary study material on or before 12th May, 2014 may also refer the following link for the revised Supplementary Study Material:-

http://220.227.161.86/32793ssp-p4final.pdf

Source: The Institute of Chartered Accountants of India.

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ICAI - Corrigendum: Supplementary Study Material of Paper 2 of IPC Course

Corrigendum: Supplementary Study Material of Paper 2: Business Laws, Ethics and Communication of Intermediate (Integrated Professional Competence) Course

Intermediate (Integrated Professional Competence) Course students are advised to read the following explanations to the sections 106 and 111 given hereunder in place of said explanations given on the page nos. 51 and 56 respectively of the Supplementary study Material:-

Section 106 under the para no.4.11 (page no. 51) - Restriction on voting rights

According to section 106 of the Companies Act, 2013, the company may by its articles restrict the member on exercising the voting right in respect of any shares registered in his name. Accordingly, no member shall exercise any voting right in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid, or on which company has exercised any right of lien. A company shall not, except on the grounds as specified above, prohibit any member from exercising his voting right on any other ground.

On a poll taken at a meeting of a company, a member entitled to more than one vote, or his proxy, where allowed, or other person entitled to vote for him, as the case may be, need not, if he votes, use all his votes or cast in the same way all the votes he uses.

Section 111 under the para no. 4.13 (page no. 56) – Circulation of member’s resolution

In the ‘Point of comparison with respect to new law’, 3rd bullet point may be ignored.

Thus, the students who have downloaded the supplementary study material on or before 9th of May, 2014 may also refer the following link for the revised Supplementary Study Material:-

http://220.227.161.86/32794ssp-p2blec-ipcc.pdf

Source: The Institute of Chartered Accountants of India.

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MCA – Corrigenda – Notification- vide G.S.R. 130(E), dated 28.02.2014

Corrigenda, F.No. 1/18A/2013-CL.V, dated 31st March, 2014

G.S.R. _____ (E):- In the notification of the Government of India in the Ministry of Corporate Affairs dated the 27th February, 2014 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 130(E), dated the 28th February, 2014 at page 2, line 20

for “promoting preventive health care”

read “promoting health care including preventive health care”.

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Click here to download the complete text of above in PDF Format – Corrigenda.

Source: Ministry of Corporate Affairs.

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ICAI - Corrigendum to answers related to Modification of Charge and Notice of Meeting

Corrigendum to answers related to modification of charge and notice of meeting given in the Practice Manual of Paper No. 2, Business Laws, Ethics and Communication

1. Students are advised to read the following answer given hereunder in place of answer to the question no. 52 given on the page no. 6.133 of the Practice Manual:-

Answer to question no. 52 (page no. 6.133) - Section 135 of the Companies Act, 1956 provides that “whenever the terms or conditions or the extent or operation of any charge registered under this part are or is modified, it shall be the duty of the company to send to the Registrar the particulars of such modifications and the provisions of this part as to registration of a charge shall apply to modification of the charge.”

Here the term modification includes variation of any terms of the agreement including variation of rate of interest (other than bank rate), which may be by mutual agreement or by operation of law. In the given problem, the term as to change of rate of interest has been fixed at a specified percentage above the bank rate as notified by the Reserve Bank, so a change in the rate of the interest arising out of variation of the Bank rate would not amount to a change in a term of the charge under section 135 and hence no return of modification of charges is required to be filed with the registrar and no registrar of companies can insist on filing a return for modification of charges.

In the light of the above, the change in the rate of interest does not constitutes modification. Therefore the stand of the company not to file a return, is correct.

2. While reading the answer to question no. 26 given on page no. 6.151 of the Practice Manual, students are advised to take the following corrections into consideration while going to the answer :-

Answer to question no. 26 (page no. 6.151) - According to Section 171(1) of the Companies Act, 1956 a general meeting of a company may be called by giving not less than 21 days notice in writing. Here, 21 days means 21 clear days i.e. excluding both the date on which the notice was served and the date of the meeting, and where the notice of the general meeting is sent by post, excluding further 2 days (48 hours of posting).

Thus accordingly in the answer, the notice will short by two days.

Source: The Institute of Chartered Accountants of India.

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Corrigendum: Study Material of Paper 4: Corporate and Allied Laws

Final students may note that Chapter 19 i.e. The Competition Act, 2002 and Chapter 20 i.e. overview of Banking and Insurance Laws in the January, 2014 edition of the Study Material (printed copy) have been updated in view of Notification dated 8th January, 2013 and Notification dated 4th January, 2013 respectively.

Students are advised to refer the following link for the updated Chapters:-

http://www.icai.org/post.html?post_id=10152

Source: The Institute of Chartered Accountants of India.

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Corrigendum to e-Sugam notification dated 09.10.2013 regarding validity of e-Sugam

Corrigendum

No: ADCOM (I & C)/PA/CR-31/2011-12, dated: 09.10.2013

Corrigendum to e-Sugam notification dated 09.10.2013 regarding validity of e-Sugam

In the Notification No. ADCOM (I &C)/PA/CR-31/2011-12 dated: 09.10.2013 in part F, for the item 9(g), the following shall be substituted with immediate effect:

1. If the distance from the origin of the goods to the destination is less than 100 KMs	- Validity period is 2 days from the day of uploading.
2. If the distance from the origin of the goods to the destination is between 101 KMs and 500 KMs	- Validity period is 3 days from the day of uploading.
3. If the distance from the origin of the goods to the destination is between 501 KMs and 1000 KMs	- Validity period is 5 days from the day of uploading.
4. If the distance from the origin of the goods to the destination is between 1001 KMs and 2000 KMs	- Validity period is 10 days from the day of uploading.
5. If the distance from the origin of the goods to the destination is 2001 KMs and above.	- Validity period is 12 days from the day of uploading.

The day will be reckoned as 24 hours from the time of uploading.

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Click here to download the complete text of the above Circular in PDF Format.

Source: Commercial Taxes Department.

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Corrigendum to Notification No. 83/2013 dated 25-10-2013

Section 120(1) and (2) of the Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of - Commissioner of income-tax (Large Taxpayer Unit), Kolkata - Corrigendum to Notification No. 83/2013, [F.NO.187/16/2013/ITA.I]/ SO 3251(E), dated 25-10-2013

Notification No. 89/2013, [F.NO.187/16/2013/ITA.I], dated 06-11-2013

In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) vide number S.O. 3251(E), dated the 25^th October, 2013 published in the Gazette of India, Extraordinary, Part-II, section-3, sub-section-(ii), dated the 25th October, 2013,-

for "the Central Board of Direct Taxes hereby directs that Commissioner specified in column (2) of the Schedule below..."

read

"the Central Board of Direct Taxes hereby directs that Chief Commissioner specified in column (2) of the Schedule below..."

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Click here to view the complete text of the above Notification.

Source: Income Tax Department- India.

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KVAT - e-Sugam Notification - Corrigendum- dated 23.10.2013

Corrigendum

No. ADCOM (I&C)/PA/CR-31/2011-12, dated 23/10/2013

1. In the Notification No. ADCOM (I&C)/PA/CR-31/2011-12, dated 09th October, 2013,

i. In Part A, in item (1), in the table of details to be uploaded on the website, in Sl. No. 13, for the words “Rate of Tax”, the words “Other amount if any” shall be substituted.

ii. In Part A, in item (1), in the table of details to be uploaded on the website, in Sl. No. 14, for the words “Date of despatch”, the words “Total amount of Invoice” shall be substituted.

iii. In Part A, in item (1), in the table of details to be uploaded on the website, after Sl. No. 14, the number and the words “15 Date of despatch”, shall be inserted.

iv. In Part B, in item (3), in the table of details to be uploaded on the website, in Sl. No. 12, the word “Taxable” shall be omitted.

v. In Part B, in item (3), in the table of details to be uploaded on the website, in Sl. No. 13, for the words “Amount of tax if collected” the words “Date of despatch” shall be substituted.   

vi. In Part B, in item (3), in the table of details to be uploaded on the website, Sl. No. 14 shall be omitted.

2. The above mentioned Corrigendum is issued with immediate effect.

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Click here to download the complete text of the above Corrigendum in PDF Format.

Source: Commercial Taxes Department.

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ICAI - Corrigendum - Final Paper 2 - Revisionary Test Paper November 2013

Corrigendum - Final Paper 2: ‘Strategic Financial Management’ Revisionary Test Paper November 2013.

Final Students may note that in the Revisionary Test Paper, Group I of November 2013 on page no. 69 in last line in the answer of Question No. 6 (1768/1300) has been erroneously printed as “(230.51/139)”. This error has been rectified and uploaded on the website.

Students may refer to the link http://220.227.161.86/30779rtpfinalnov2013-2.pdf.

Source: The Institute of Chartered Accountants of India.

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ICAI - Corrigendum to Revision Test Paper of Group –II for November, 2013 Examinations

Students are advised to read Point 2 given hereunder in place of point 2 given in pages 146-149 under Section B – Service Tax of Part – I: Statutory Updates of Paper 8: Indirect Tax Laws:-

2. Lower abatement for commercial construction and high-end construction of residential units. Earlier, in case of construction services (both residential and commercial units), abatement of 75% of the amount charged by the service provider for providing the said taxable service was allowed subject to the following conditions: (i) The value of land was included in the amount charged from the service receiver and (ii) CENVAT credit had not been taken on inputs used for providing such service. Amendment made by Notification No.02/2013-ST dated 01.03.2013 Service Tax abatement has been decreased from 75% to 70% in case of commercial construction and high-end residential construction. However, abatement of 75% would be available in case of residential units which fulfil any of the following two conditions: (i) The carpet area of the unit is upto 2000 square feet; or (ii) The amount charged for the unit is less than Rs. 1 Crore; Thus, residential units, where the carpet area is more than 2000 sq. ft. and where the amount charged is Rs. 1 Crore or more would be considered as high-end construction and hence, would be eligible for lower abatement of 70%.

Click here to download the above Corrigendum to Revision Test Paper in PDF Format.

Source: The Institute of Chartered Accountants of India.

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Corrigendum - Final Paper 2: ‘SFM’ Suggested Answers November 2012

Corrigendum - Final Paper 2: ‘Strategic Financial Management’ Suggested Answers November 2012

Final students may note that in the Suggested Answers, Group I of November 2012 on Page No. 35 in the Question No. 2(a), Paid Up Value of Equity Share of B Ltd. has been erroneously printed as “Rs.100” instead of “ Rs.10”. This error has been rectified and uploaded on the website. Students may refer to the link http://220.227.161.86/28955suggans_finalnov12GP1-2.pdf.

PAPER- 2: STRATEGIC FINANCIAL MANAGEMENT

Source: The Institute of Chartered Accountants of India.

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Corrigendum - CA Final Paper 5: ‘Advanced Management Accounting’ Study Material

Corrigendum - CA Final Paper 5: ‘Advanced Management Accounting’ Study Material

CA Final students may note that in the January, 2013 edition of Vol. I of the CA Final Paper 5: Advanced Management Accounting Study Material-

In pages 14.23 and 14.25 of Chapter 14: Program Evaluation and Review Technique - Illustration 10 has some printing errors. The errors have been rectified and updated Illustration10 has been hosted on the website. Students may refer to the following link−

http://220.227.161.86/29519bos19159.pdf

In page 1.46 Chapter 1: Development in the Business Environment - Diagram ‘Activity - Based Management Model’ has some printing errors. The errors have been rectified and updated diagram has been hosted on the website. Students may refer to the following link-

http://220.227.161.86/29519bos19159.pdf

Source: The Institute of Chartered Accountants of India.

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Corrigendum: Advanced Management Accounting, Revision Test Papers, May 2013

Corrigendum: Advanced Management Accounting, Revision Test Papers, May 2013

Final students may note that in the January 2013 print of the publication “Revision Test Papers” relevant for May 2013 Final Examination,

In pages 32 and 33 − Solution to the Illustration 4 has some printing errors. The errors have been rectified and updated version has been hosted on the website. Students may refer to the following link-

http://220.227.161.86/29211rtpfinalmay2013_5.pdf

Source: The Institute of Chartered Accountants of India.

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