The timeline to update UDIN is extended till 30th June 2022 to give more time to CAs to correctly verify and upload UDINs.
Source: Income Tax website
Delhi ROC Penalty order for non appointment of whole time Company Secretary in the matter of Pitchers Internet Private Limited dated 25 May 2022
Total Penalty imposed :
On Company: Rs.5 Lakhs
On officer in defaults: 13.23 Lakhs
Shri Piyush Goyal calls upon the Cost & Management Accountants to ensure quality production by industry and help boost India’s exports
Exports is the virtuous circle of prosperity that we have to focus upon, says Shri Goyal
A strong and stable Rupee will be for the “wider good” of foreign trade; Shri Goyal
“As the Prime Minister says, ‘When each one of us takes one step, it’s 135 crore steps towards prosperity”: Shri Goyal
Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Shri Piyush Goyal has called upon the Cost & Management Accountants to ensure quality production by industry and help boost India’s exports. Cost Accountants help make the Indian Industry cost competitive and cost conscious, he said.
“If we start loading costs to our export products and if we literally start doing marginal costing on the other hand, it can make a world of difference to our cost competitiveness, our ability to increase our exports and, frankly, our ability to (a) recover its cost and (b) start reporting profits,” said Shri Goyal, after giving away the ‘17th National Awards for Excellence in Cost Management-2019’ and ‘5th CMA awards-2017 & 6th CMA Awards-2019’, organised by the Institute of Cost Accountants of India (ICAI) here today.
Shri Goyal said ‘Exports’ is the “virtuous circle of prosperity” that we have to focus upon.
“Anything we add on the exports front is adding to our economic activity; when we add to our economic activity, look at what all we are doing, – (a) we earn precious foreign exchange, which will help us balance our import requirements, our foreign currency requirements, in addition to, of course, investments and large remittances that over 3 crore Indians all over the world send to India, but we still have a shortfall,” he said.
Underlining a strong and stable Rupee will be for the “wider good” of foreign trade, Shri Goyal said our higher Forex reserves help our currency from depreciation.
“If we can save our currency from depreciating, we can reduce interest rates, we can reduce the impact of inflation on our society, after all we have a large number of products that we are importing,” he said.
Shri Goyal said ICAI has been nurturing the Cost & Management Accountant (CMA) professionals for 78 years. Today, it is the 2nd largest Cost & Management Accounting body in the world & largest in Asia, with more than 85,000 professionals, and about 5 lakh students pursuing CMA.
Shri Goyal said the CMAs are the guardians of growth. Keeping a check on costs, they help organizations in ensuring that there’s efficiency in every activity, he said.
“Let’s all take one step ahead in this journey. And as the Prime Minister says, ‘When each one of us takes one step, it’s 135 crore steps towards prosperity,” he said.
To discharge its mandate, National Financial Reporting Authority (NFRA) created a data base of Companies and Auditors that come under the regulatory ambit of NFRA. NFRA has updated the said database as on 31.3.21. This comprises of 6,820 companies including 5,563 listed companies, 1,156 unlisted companies and 101 Insurance and Banking Companies. The details of 2,079 Auditors of such entities have also been included in the data base.
Creation of this data base involves steps like identification and verification of the primary data source and reconciliation of data (such as Corporate Identification Number (CIN) which is dynamic) from different sources. In this regard, the NFRA has been engaging with the Corporate Data Management (CDM) division of the Ministry of Corporate Affairs (MCA) and three recognised Stock Exchanges in India.
The data base is available at https://www.nfra.gov.in/nfra_domain
The National Financial Reporting Authority (NFRA) is a regulatory body set up under Section 132 of the Companies Act, 2013 to oversee compliance with Accounting and Auditing Standards by Public Interest Entities (PIEs) as defined in Rule 3 of NFRA Rules 2018 and their Statutory Auditors. Such PIEs includes all listed companies and large public unlisted companies.
Key to Budget Document, 2022
Budget Highlights (Key Features)
Annual Financial Statement
Memorandum Explaining the Provisions in the Financial Bill
Statements of Fiscal Policy under the FRBM Act, 2003
Output Outcome Framework for Schemes 2022-2023
Implementation of Budget Announcements 2021-2022
Budget at a Glance
Ministry wise Summary of Budget Provisions
All Statements of Budget Estimates
Finance Minister’s Speech
The Institute of Chartered Accountants of India
31st January 2022
Last Date of updation of UDINs at e-filing Portal
The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 30th April, 2022.
For any clarification, please write us at email@example.com.
This is to state that Firm Registration Number (FRN) will be a compulsory field for generating UDIN from 12.00 am of 1st February 2022. The FRN will be displayed in the dropdown which will be fetched from the SSP database on real-time basis. If the member is not carrying out the assignment on behalf of any firm, then member can mention NA/Not Applicable/Individual Capacity in the place of FRN. The purpose of mandating the FRN is to enable the firms to consolidate the total UDINs generated by its partners on its behalf for its clients, prospectively. Further, the head in charge of the firm, as per the SSP database, can view the list of UDINs generated by the partners on behalf of the firm prospectively. It may be noted that one firm cannot view the UDINs generated for another firm by a common partner. Members may take a note of aforesaid information.
For queries, please write to us at firstname.lastname@example.org UDIN Directorate
Guidance note on Schedule III of companies Act, 2013 (Revised in January 2022 )-ICAI
The Government of India has always been taking many initiatives to promote the Corporate Governance framework in India. It is a well-known fact that transparency is considered as one of the most important underlying factors to improve corporate governance. In this direction, the Ministry of Corporate Affairs (MCA) has revised the Schedule III to the Companies Act, 2013 vide notification dated 24th March 2021 by introducing additional disclosure requirements in the financial statements to improve governance.
These amendments have significant disclosure requirements in the financial statements of the Company. Along with this, it also has a major impact on the accounting professionals as well as on the stakeholders of the Company and are directed at enabling the higher level of corporate governance for the companies.
Considering the need to provide guidance in view of the significant amendments made in Schedule III to the Companies Act, 2013, Corporate Laws & Corporate Governance Committee (CLCGC) of ICAI has undertaken the task of revising the Guidance Note on Division I, II, III
Download Guidance Note from given link :
Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act 2013 issued by CL&CGC ICAI – (24-01-2022)
Guidance Note on Division II – Ind AS Schedule III to the Companies Act 2013 issued by CL&CGC ICAI – (24-01-2022)
Guidance Note on Division III to Schedule III to the Companies Act 2013 for NBFC that is required to comply with Ind AS issued by CL&CGC ICAI – (24-01-2022)
Company Secretaries should look beyond their existing set of responsibilities and partner with the Ministries and the Regulatory Authorities in easing compliances for the tax paying citizens. This was said by Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman at the 53rd Foundation Day celebrations of the Institute of Company Secretaries of India (ICSI) here today.
Chief Guest and the Finance Minister, Smt. Sitharaman, appreciated the ICSI for attuning the celebration with Azadi Ka Amrit Mahotsav and choosing the theme “Powering Atmanirbhar Bharat through Entrepreneurship and Innovation” in tandem with this vision.
The Finance Minister expressed her delight while complimenting the Company Secretaries for their commendable job during the COVID-19 pandemic and further urged the youth of the country to join this profession as this role will expand further in the future in Sunrise Sector.
The commemoration also witnessed the presence of Dr. T.V. Somanathan, Finance Secretary & Secretary, Department of Expenditure, Ministry of Finance, Government of India and Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs, as guests of honour.
Dr. T.V. Somanathan complimented the Institute for doing a remarkable job in promoting Good Corporate Governance in the last 53 years. While discussing about the importance of the role of Company Secretaries he said, “You are the experts of compliances and your exemplary advice will help corporates in getting rid of extra compliance”.
Shri Rajesh Verma lauded the efforts of Company Secretaries in providing every assistance to the Ministry for various incorporations and other services to the stakeholders. Shri Verma also mentioned that “ICSI has been instrumental in providing valuable suggestions for bringing necessary amendments in the Companies Act, LLP Act and formulation of BRR Committee Report”.
On this momentous occasion, the ICSI launched its 5th Overseas Centre in Australia at the hands of the Finance Minister, Smt. Nirmala Sitharaman, reaffirming the progression of the profession and the evolved role of the Institute in global Corporate Governance arena. The Institute also launched a publication, Referencer on SEBI (Share based employee benefit and sweat equity) Regulations 2021.
Elated to be a part of this glorious journey of ICSI, CS Nagendra D. Rao, president, the ICSI, emphasised on taking forward the recovery and the re-growth process to build a strong and resilient economic system that will be dominant in the world. He mentioned that “the focus of the Institute in the near future will be upon: Skill Based Development; Usage of Technology; Globalisation of the Profession; Research & Skill Development Centres & Propagation of Governance Standards build by ICSI”.
CS Devendra V Deshpande, Vice-President, the ICSI, highlighted on the various collaborations undertaken by the ICSI. He further added “Let us go beyond our recognition of KMP & become professionals with holistic approach and provide solutions to all stakeholders.
CS Ranjeet Pandey, Past President, ICSI, in his address shared the glorious journey of 53 years of the ICSI.
The second half of the celebration continued with a thematic Panel Discussion on “Powering Atmanirbhar Bharat through Entrepreneurship and Innovation”. Distinguished panelists comprised of Mr Deepak Bagla, MD & CEO, Invest India; Mr Bejon Kumar Misra, International Consumer Policy Expert and Founder, Consumer Online Foundation; Mr Yadvendra Tyagi, Founder ENKASH and Mr Narendra Kumar Shyamsukha, Founder & Chairman, ICA Eduskills, who all gave excellent insights on Entrepreneurship and Innovation ecosystem in India.