Companies (CSR) Rules, 2014 notified by MCA under Section 135 of The Companies Act, 2013 - News & Download Rules

Continuing its last spree of reforms before the code of conduct for the General Elections kicks in, the government on Thursday notified the much-awaited provisions mandating companies to plough back at least 2 per cent of their net profit on upliftment of the society.

The ministry of corporate affairs (MCA) has notified Section 135 and Schedule VII of the Companies Act, 2013, which relate to corporate social responsibility (CSR) that will be effective from April 1, as part of the new Companies Act. The norms will apply to companies with at least Rs 5 crore net profit or Rs 1,000 crore turnover or Rs 500 crore net worth.

Download The Notification issued by MCA on 27th February, 2014

Click Here to download

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These companies will have to spend 2 per cent of their three-year average annual net profit on CSR activities in each financial year, starting from FY15. “The rules have been finalised after extensive consultations with all stakeholders and provide for the manner in which CSR committee shall formulate and monitor the CSR policy, manner of undertaking CSR activities, role of the board of directors therein and format of disclosure of such activities in the board’s report,” said an official statement by Sachin Pilot, minister of corporate affairs.

According to the norms, the CSR activities will have to be within India, but will apply to foreign companies registered in the country.

The ministry, which has also listed out permissible activities, said companies will need to take approval from their board for CSR activities in accordance with its CSR policy and the decision of its CSR committee.
While activities such as donating funds to political parties or spends to benefit own employees and their families will not be counted as a company’s CSR, the government said that activities such as promoting preventive health care and sanitation, setting up homes and hostels for women and orphans and livelihood enhancement projects would qualify.
To decide if a company is eligible for mandatory CSR spending, its profit from overseas branches and dividend received from other companies in India will be excluded from the net profit criteria.
A company can also carry out CSR works through a registered trust or society or a separate company, but they can only spend up to 5 per cent of total CSR expenditure on manpower in a single financial year. This would be applicable for own personnel as well as those of their implementing agencies.
The ministry had, late last year, issued draft rules for CSR activities by India Inc and had sought public comments. Welcoming the final norms, experts said that companies will now have to gear up to implement their CSR programmes under the final rules that will be effective in just a month.
“The CSR rules released today have answered many questions. The time taken for release of the rules is justified by the clarity the norms have brought out in comparison to the draft rules,” said Santhosh Jayaram, technical director, Sustainability and Climate Change, KPMG.

Sources :
1. MCA
2. The New Indian Express

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Guidelines for IPCC Pass-Outs (Applying For Articleship & Registration For CA Final)

We at CA helpers believe in helping others and thats what our name as well as tag-line also suggests. We are of the opinion that helping is our religion. In order to help all IPCC passouts and New students who have done B.Com (direct entry route) and existing articled assistants, we have brought so many things. But to help you in efficient way, we are listing those posts at one place. Thanks for your support...


CLICK HERE TO DOWNLOAD RESUME (C.V.) FOR ARTICLESHIP APPLICATION

As such there is no due date to apply for articleship and CA Final. But If you want to get your attempt in the due attempt itself, i.e. 3 years from the attempt of IPCC G-1 clearance (eg. For Nov. 2012 attempt passout - due attempt will be Nov. 2015) then apply for articleship and CA Final before 30th April (Nov. attempt passouts)/31st October (May attempt passouts). But it is advisable to get register and get franking/stampping done,in one month from the day of announcement of result.

PRACTICE TO BE FOLLOWED FOR  ARTICLESHIP & CA FINAL-

1. Search the Appropriate Firm

WHAT IS GOOD FIRM? WHAT TO SEE BEFORE APPLYING FOR ARTICLESHIP? (CLICK HERE TO READ)

=> Our advice to all of you to go for the medium firm.

=> Which gives you exposure in all kind of traditional and modern CA works.

=> Leave for exams will be given as per your requirement (Better to define these boundaries before starting articleship)=> You can attend classes daily=> Less outstations

If you are going for in Big4 then you may have to sacrifice classes and leaves.


Importantly, we are just expressing our views, you may have a different opinion. Its just an advice to our fans.


Search Firms for articleship

ARTICLESHIP FIRM SEARCH ENGINE across the India

2. What to be kept in mind

Try to join the firm of person who is known to you, or where any of your known person has done articleship. As many firms are very strict for outstations, leaves and extension. That may be a problem if you are not defining terms of your employment (articleship) before starting the articleship.



3. MOST MOST IMPORTANTLY

Many people, fill up the forms on very first day of articleship. This is a wrong practice. you will have to work in the particular climate for next 3 years, you must be at least comfortable with the environment of the particular office. First, Do work on trial in firm of your choice for 2-3 days.



4. FORMS and OTHER FORMALITIES

A) Forms Required for ARTICLESHIP

i. Form 102

To be purchased from ICAI chapter. It is necessary to get form 102 franked from a bank near by you with Rs. 100 stamp (remember only form 102 requires franking and franking is to be done within 1 month of exam result or you can extend this upto 30th April/31st oct., so as to make your attempt due on time). It is to be filled up by you and signed by your principal.

ii. Form 103

To be purchased from ICAI chapter. It is to be filled up by you and signed by your principal.

iii. Form 112

(Applicable to only, who are engaged in any other full time course with CA, i.e College or any business)

To be taken free of cost or from ICAI chapter (downloaded from here) . It is to be filled up by you and signed by your principal as well as your college's principal (B.Com pursuing students).


B)Form for registration in Final

To be purchased from ICAI chapter. It is to be filled up by you and signed by you.


5. Formalities

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FILL UP Form 102, 103 & 112(if applicable) and GET THEM SIGNED for starting articleship, must be done before 31st March / 31st October. After getting all forms duly filled and signed, SUBMIT the forms personally to ICAI branches or forward them by speed post to Region H.O.


You may download any forms relating to CA course (available online) @
http://cahelpers.blogspot.com/2011/06/all-ca-forms-at-one-place_1306.html

Regards,
Team CA helpers

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Things to be kept in mind before Selection of Firm for Articleship (Medium or Big 4)

The Dynamics of CA Firms

However, in a way all firms are “good”. Its only a matter as to how one fits in to that firm. But more than that, the dynamics of firm is dependent on various factors that makes it good or not so good from the perspective of the student.

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Download Sample Resumes / Curriculum Vitae ( C.V. ) and Cover Letter for CA Articleship and Job application

The post is being updated on regular basis, whenever we find an attractive resume.
[Last updated on 03/12/2013]

Often while searching for a Job or internship, we visit many organizations. In today's time it is so important to carry a Resume/C.V. with us while appearing for an interview has become an indispensable part of a job search. A good and organized resume gives a good impression of yours in the organization, you want yourself to be employed or trained.

PROCEDURE AFTER PASSING IPCC (HOW TO APPLY FOR ARTICLESHIP & CA FINAL )

Sample Resumes:

Download Resume (C.V.) specifically prepared for ARTICLESHIP APPLICATION (17 kb)

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Below are some Google Docs (Google Drive) resume templates created by us. Please see this post after logging in with your google account (Click here to log in with your google account), then only you will be able to see "google drive" templates, which you can edit by clicking on "use this template" and edit the way you want. Afterwards download it in your PC or just save it in your google drive.

Download various sample resumes in .zip file including 32 sample resumes (340 kb) 

Or If you didn't like above sample then click on below Resumes samples to download-

1. Sample Resume Template 

2. Sample Chronological Resume Template with Tips

3. Sample Chronological Resume Template

4. Sample Formal Resume Template

5. Sample Classic Resume Template

6. Sample Executive Resume Template

7. Sample Functional Resume Template with Tips

8. Sample Functional Resume Template

9. Sample Modern Resume Template

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Articleship Search, Selection, Procedure - All at one place (One post for all articleship related issues)

Articleship is the most crucial part of CA course and one decision will govern your 3 years. This post is for all students who are going to start articleship or students already pursuing articleship having any problem.

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CA Final november 2013 pass percentage (Stats)

Team CA helpers congratulates & wishes best of luck for future who have cleared CA Final today.
Campus Placements for Students who have cleared all levels of CA Exams would be held in the month of Feb/March. Difference dates have been allotted to different cities
ICAI has also declared the Pass Percentage of CA Final and the figures are shared below.


ICAI has released the official figures of Pass Percentage of CA Final Nov 2013 and it is being shared below for your Ready Reference

Pass Percentage of CA Final Nov 2013

Group	Candidates Appeared	Candidates Passed	Pass Percentage of CA Final
Both Group	32570	1013	3.11%
Group 1	51710	2932	5.67%
Group 2	54775	4026	7.35%

Rank Holder of CA FINAL Nov 2013

Particulars	All India Rank 1	All India Rank 2	All India Rank 3
Name	Gaurav Deepak Shravagi
Roll No.	114949
Marks	534
Percentage	66.75%

Analysis of Pass Percentage of Previous 10 Attempts

Exam	Course	Pass Percentage
		Group 1	Group 2	Both Groups
May 2013	Final	13.79%	18.65%	10.03%
Nov 2012	Final	12.97	27.30	21.85
May 2012	Final	25.32	29.62	16.38
Nov 2011	Final	25.54	27.81	15.78
May 2011	Final	36.34	26.67	20.51
November 2010	Final (O)	29.64	19.31	10.79
	Final (N)	20.37	11.31	9.33
May 2010	Final (O)	14.45	9.62	3.46
	Final (N)	13.19	7.88	6.56
November 2009	Final (O)	19.87	10.11	7.86
	Final (N)	11.05	8.93	8.70
June 2009	Final (O)	32.32	15.03	13.85
November 2008	Final (O)	27.82	24.15	20.27
May 2008	Final (O)	36.71	28.31	25.00

In the above table – (O) stands for Old Course & (N) stands for New Course

ICAI has also notified the Date Sheet for CA Final May 2014 Attempt and they would be starting from 2nd May and ending on 17th May 2014.

The CA Exam Form would be available from 3rd Feb and the last date for submission is 24th Feb 2014

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Government is all set to allow FDI in e-commerce before April, 2014

The Department of Industrial Policy and Promotion (DIPP), after a push from the Prime Minister’s Office, has started consultations with stakeholders on allowing foreign direct investment in retail e-commerce, to open the sector for foreign investors before the end of this financial year.

Sources said a discussion paper had been distributed by DIPP, under the commerce and industry ministry for feedback. Responses should be given by January 28. A Cabinet note would be prepared based on the inputs received, a senior DIPP official told Business Standard.According to the official, the main sticking point is whether to allow FDI in e-commerce only in goods, which has taken off in a big way in the country, or to include services as well. Including FDI in e-commerce in services will have larger implications as the ambit is huge.

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“Once we get all the feedback, we will circulate the Cabinet note (to all ministries for an inter-ministerial discussion). It should be there before March,” said the official, adding the government could also allow sale of insurance policies and shares online.

Sources said the PMO wants the policy to be in place by the end of the current financial year.

At present, 100 per cent FDI is allowed in business-to-business (B2B) e-commerce, while business-to-consumer (B2C) is prohibited. Besides, there is a mandatory 30 per cent local sourcing norms for foreign players.

In India, online services such as ticketing, net-banking, payment of taxes, bill payment, matrimonial sites are developing by the day. So are goods retailing sites such as flipkart.com, jabong.com, and firstcry.com, among others, that sell anything from books to bags.

DIPP is faced with another problem. In some cases, foreign players have already tied up with domestic companies. As a result, these players are now not so enthused with the government’s decision to allow FDI at this juncture.

Large international players such as Amazon and eBay are currently in discussion with DIPP on what the possible outcome in case FDI is allowed. Apparently, they are pushing for this heavily as they find the Indian market “extremely lucrative”.

The discussion paper also deals with the issue concerning mandatory sourcing norms, something that has been sharply criticised by global retailers.

Recently, Nasscom, Indian information technology industry body, had demanded mandatory local sourcing. DIPP could add this in the final Cabinet note.

Source : Business Standard

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Abolish Income Tax, Excise & Sales Tax, compensate it by Transaction Tax - BJP

Former Bharatiya Janta Party President Nitin Gadkari on Wednesday said his party, if it comes to power, will consider a proposal of abolishing a host of taxes including Income tax, Sales tax, Excise in order to eliminate black money and “Inspector Raj” in the country.

“We have received a proposal (under India Vision policy 2025) in which Income tax, Sales tax, Excise and octroi should be eliminated. A transaction tax should be levied (instead),” Gadkari said while addressing a gathering of traders here today.

Citing an example, he said if somebody buys a car and visits a restaurant, then two per cent tax will be imposed on such transactions.

“If these transactions are carried out through banks, then our total revenue should go up to Rs 40 lakh crore as against current revenue of Rs 14 lakh crore,” he said, adding, it would also curb the practice of black money and provide relief to traders from “Inspector Raj”.

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"If we abolish these taxes and if we apply around 1 or 1.5 per cent of expenditure or transaction tax, then we will get revenue to the tune of around Rs 40,000 lakh crore. So those 3.5 lakh people who are using becons of various colours now, they will not be required anymore as no tribunals or commissioners will be required," he said.

However, he said, “This proposal is under consideration and no decision is taken yet. But when BJP comes to power then we will consider it. We also want a debate on this issue.” Gadkari, who is incharge of party’s India Vision document, said the party is in the process of preparing India Vision Document 2025 incorporating all issues relating to trade, industry, agriculture, transport, power etc.

“We have received about 10,000 suggestions so far on different issues from public on India Vision document,” he said.

He further said the party has received another proposal in which 3.29 crore tax payers could be exempted from filling income tax returns.

About fake currency issue, he said there is a proposal to grow special fibre made of plastic or jute at over 1,000-1,500 acres of land which would be used in making currency thus help in dealing with the fake currency in the country.

Gadkari also accused the Congress-led UPA government of its wrong economic policies, vision less leadership and poor governance. “The country is facing big problems like corruption, unemployment and inflation and the Congress-led UPA has failed miserably on addressing these issues,” he said.

Comparing the performance of the Atal Bihari Vajpayee-led NDA government with the current UPA government at the Centre, Gadkari said the country’s GDP, which was 8.5% during the NDA rule, has come down to 4.5% under the prime ministership of Manmohan Singh.

Biggest scams like coal scam, 2G scam and Commonwealth Games scam were unearthed during the UPA rule, he alleged.

He also compared key factors of growth in the BJP-ruled states with the UPA government at the Centre.

The farm growth in Madhya Pardesh and Gujarat remained at 18.90% and 11.50% respectively which was much higher than the country’s agriculture growth of 8.5%.

The former BJP president also took dig at Congress for weakening the rupee, spiralling inflation and rising import of coal, petroleum products and fiscal imbalance.

Sources:

1. DNA

2. PTI

3. Economic Times

P.S.
However, Study suggests that, the transactions has to be between 4.5 - 5 %, then only it can compensate the tax revenue. Secondly, what will be the impact of it on retail prices and also it will have bad impact on poor and middle class, as they have to pay more. Yashvant Sinha, BJP leader, personally not in favour of bringing such tax scheme.

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Companies to decide about CSR spendings, MCA will not interfere

The Corporate Affairs Ministry will not be the “judge or jury” on CSR spending, and companies can take a call on how they want to use the funds, said Corporate Affairs Minister Sachin Pilot.

This should come as music to India Inc, given that the new company law prescribes a regime for corporate social responsibility (CSR) spending.

But the key issue now is how will the Corporate Affairs Ministry provide this relaxation in the CSR regime as it may require changes to the law.

“I am very clear that it cannot be the Ministry or the Secretary or the State Government that can tell you where you should spend the CSR money,” Pilot said at a CII-ITC sustainability awards 2013 event here. India Inc can spend the CSR money on environment, ecology or even wildlife if it so desires, he said.


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CSR FRAMEWORK

The CSR provisions in the new company law are yet to come into effect. The Corporate Affairs Ministry will by this month end come up with the final rules on CSR provisions, Pilot told Business Lineon the sidelines of the event. The seven phases of draft rules on the new company law have seen tremendous response from stakeholders. The Corporate Affairs Ministry has apparently received more than 25,000 responses to the draft rules. The proposed final rules are expected to clear the air on CSR spends.

LEGAL POINT

The Corporate Affairs Ministry has several options to change the prescriptive regime of CSR spending.

With the new company law in place, some legal experts feel that Schedule VII has to be amended if company boards are to get the power to decide on the areas of CSR spending.

According to the new company law, the CSR committee of a company will have to formulate and recommend to the board a policy. This policy will have to indicate what the company proposes to do from the Schedule VII list of 10 activities, including “such other matters as may be prescribed”. Indications are this phrase will be replaced with “such other activities that a company may deem fit”.

EXPERT VIEW

Dolphy D’Souza, Senior Partner, S. R. Batliboi & Co, says it is possible to add to the list of CSR activities either by prescribing in the rules or by amending Schedule VII or using Section 470 of the Companies Act, 2013 to remove the difficulty. “I guess the rules will be an easy option,” he told Business Line.

Lalit Kumar, Partner with law firm J. Sagar Associates, said the Centre has under Schedule VII the powers to prescribe additional matters for CSR activities other than those already listed in the Schedule. But it has no powers to delete or amend the subjects already listed unless the Centre invokes its power under Section 467 of the Companies Act, 2013. This will, however, require approval of both Houses of Parliament.

Source : Hindu Business Line

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Soon SMS to be regarded as official document for legal purposes

People may soon be able to use SMS communication with government departments as a documentary proof while utilising citizen-services for making payments, registrations and various other schemes.

The Centre on Monday launched a platform with about 241 applications for the public after completing pilot project of mobile governancewith about 100 departments and testing proof of concepts.

The applications relate to services covering areas such as Right to Information (RTI), health, Aadhaar, education, directory services and so on.

Launching the 'Mobile Seva' service, department of electronics and IT secretary J Satyanarayana said: "Like Railways, we have to bring in a system wherein by showing (transaction) SMS or, whatever be the case (like e-mail), the proof on mobile is accepted as valid document.

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"To increase our reach we need to bring this kind of practice in mobile and e-governance."

India has around 90 crore mobile phone subscribers. Satyanarayana said that at present digitally signed certificates are accepted as valid document but similar rule has to be made for mobile phone users where SMS or a communication available on mobile phone can be accepted as valid proof.

Joint secretary at DEITY Rajendra Kumar said the department is ready with digital signature for mobile phones which the government can use in messages that are to be sent to the citizens applying for a service.

"We will start allocating digital signature (Public Key Infrastructure) to all government department on board in first quarter of 2014. Government departments can send communication on mobile of citizen seeking service," Kumar said.

He said any communication with PKI, say SMS, can be shown instead of a paper receipt or document.

At present, most of the mobile applications work on Android mobile phones and Java enabled phones.

Kumar said that in six months the government will bring all applications to HTML5 standard which will make them compatible with all mobile platforms.

DEITY additional secretary Rajiv Gauba said about 830 departments from the Centre, state and local authorities have come on board, and the department is working on the third phase to further scale up the mobile governance platform and bring more services under its ambit.

"We have to go through inter-ministerial consultations to scale this m-governance store for launch of third phase. The third phase will have many more departments and capacity to add more services application on this store. Final shape of third phase can be known only after consultation process is complete," he said.

Source : Times Of India

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