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Wednesday, April 9

MCA- Accounts/reports/filings under Companies Act 2013

(Extract of document.)
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General Circular 08/2014
No. 1/19/2013-CL-V
Government of India
Ministry of Corporate Affairs
5th Floor, 'A' Wing,
Shastri Bhavan, Dr. R P Road,
New Delhi 110 001.
Dated 04.04.2014
To,

All Regional Directors,
All Registrar of Companies,
All Stakeholders.

Subject: Commencement of provisions of the Companies Act 2013 with regard to maintenance of books of accounts and preparations/adoption/filing of financial statements, Auditors report, Board’s report and attachments to such statements and reports- Applicability with regard to relevant financial Year.

Sir,

A number of provisions of the Companies Act, 2013 including those relating to maintenance of books of account, preparation, adoption & filing of financial statements (and documents required to be attached thereto), Auditors reports and the Board of Directors report (Board's report) have been brought into force with effect from 1st April, 2014. Provisions of Schedule II (Useful lives to compute depreciation) and Schedule III (Format of financial statements) have also been brought into force from that date. The relevant Rules pertaining to these provisions have also been notified, placed on the website of the Ministry and have come into force from the same date. The Ministry has received requests for clarification with regard to the relevant financial year with effect from which such provisions of the new Act relating to maintenance of books of account, preparation, adoption and filing of financial statements (and attachments thereto), auditor’s report and Board's report will be applicable.

Although the position in this behalf is quite clear, to make things absolutely clear it is hereby notified that the financial statements (and documents required to be attached thereto), auditors report and Board report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/ Schedules/ rules of the Companies Act, 1956 and that in respect of flnancial years commencing on or after 1st April, 2014, the provisions of the new Act shall apply.

Yours faithfully,

KMS Narayanan
--

Assistant Director (Policy).
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Sunday, April 6

Section 10(2A) of Income Tax 1961-partners' taxability

CBDT had recently issued a clarification (for purpose of interpretation of Sec 10(2A)) on amount exempted in the hands of partners of a firm in cases where firm have claimed exemption/deduction under Chapter III/IVA of the Income Tax Act. As per the clarification, the income of the firm could be taxed only in hands of the firm and not in the hands of its partners. A firm is liable to pay tax on its income under the Act. A partner could not be taxed once again on his share in the said income. Accordingly, all profits credited to the account of partners would be exempt from tax in hands of such partners, even if the income in the hands of the firm chargeable to tax becomes nil on account of any exemption/deduction (as per the applicable provisions).

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