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22Mar, 2024
Schedule VII – Changes:

(See sections 135)

Activities which may be included by companies in their Corporate Social

Responsibility Policies

Activities relating to:—

(i) eradicating extreme hunger and poverty;

(ii) promotion of education;

(iii) promoting gender equality and empowering women;

(iv) reducing child mortlity and improving maternal health;

(v) combating human immunodeficiency virus, acquired immune deficiency

syndrome, malaria and other diseases;

(vi) ensuring environmental sustainability;

(vii) employment enhancing vocational skills;

(viii) social business projects;

(ix) contribution to the Prime Minister’s National Relief Fund or any other

fund set up by the Central Government or the State Governments for

socio-economic development and relief and funds for the welfare of the Scheduled

Castes, the Scheduled Tribes, other backward classes, minorities and women; and

(x) such other matters as may be prescribed.

Recent Changes made by FM

Now this CSR 2% fund can be spent on incubators funded by Central or State governments or any agency of a Central or State public sector undertaking.

You can also make contributions to public funded universities, IITs, National laboratories and autonomous bodies {established under the auspices of ICAR, ICMR, CSIR, DAE, DRDO, DST and Ministry of Electronics and Information Technology}.

22Mar, 2024
Highlights of Nirmala Sitharaman’s fourth press conference to revive the economy:

– Corporate tax rate cut for domestic companies and new domestic manufacturing companies. The tax rate will be 22 percent without exemptions.

– Effective corporate tax rate after surcharge to be 25.17 percent.

– To attract investment in manufacturing, local companies incorporated after October will pay tax at the rate of 15 percent.

– Effective tax for new companies shall be 17.01 percent, including cess and surcharge.

– Companies enjoying tax holidays can avail concessional rates after the exemption period.

– Minimum alternate tax (MAT) reduced to 15 percent from 18.5 percent for companies continuing to avail exemptions and incentives.

– Enhanced surcharge to not apply to capital gains by foreign portfolio investors (FPIs).

– Buyback tax on listed companies that had announced buybacks before July 5 exempted from taxation.

– Revenue foregone for reduction on corporate tax and other measures pegged at Rs 1.45 lakh crore per year.

22Mar, 2024
In exercise of the powers conferred by clause (1) of Part II of the Second Schedule to the

Company Secretaries Act, 1980 as amended by the Company Secretaries (Amendment) Act,

2006, the Council of the Institute of Company Secretaries of India Issued guidelines.

Guidelines may be called the Unique Document Identification Number (UDIN) Guidelines, 2019.

UDIN shall be generated at the time of signing the Certificate/ Report and mandatorily be mentioned in the Certificate, Report and documents along with the Certificate of Practice number. Quoting UDIN on the certifications, attestations, w.r.t the professional services as mentioned under sub-clauses (i) to (xii) of Clause 3 supra shall be mandatory w.e.f. 1st October, 2019. Provided however that, quoting UDIN on the certifications, attestations w.r.t the professional

services as mentioned under subclauses (i) to (xii) of Clause 3 supra shall be recommendatory with immediate effect.

The details of UDIN generated by a PCS during a Financial Year shall be auto-filled in the application form for renewal of Certificate of Practice. Provided however that for the Financial

Year 2020-21 the details of UDIN generated by a practicing member during the six month period commencing from 1st October, 2019 will only be auto-filled in the application form for renewal of Certificate of Practice and the data pertaining to the six month period upto and including 30th September, 2019 is to be filled in by the practicing member on his own.

22Mar, 2024
Extension of time limit of UDIN generation by Practicing Chartered Accountants from 15 days to 30 days – One Time Relaxation

In response to the various representations received from ICAI Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the ICAI Council at its 386th Meeting held on 18th and 19th September, 2019 has decided to permit generation of UDIN within 30 days in place of 15 days.

ICAI Members may…

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www.icai.org

ICAI’s Members and Student services have been made online, in digitized form on a new platform which works on a Self Service Mode on the Self Service portal (SSP). Application forms are available online now barring a few which will also be available shortly. Kindly visit e-services on www.icai.org….