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Abhay U Jain & Associates Aashish Kumar Jain & Associates
Abhay U Jain & Associates is a leading chartered accountancy firm rendering comprehensive professional services which include Audit, Management Consultancy, Tax Consultancy, Accounting Services, Manpower Management, Secretarial Services etc.

Abhay U Jain & Associates is a professionally managed firm. The team consists of distinguished Chartered Accountants, Corporate Financial Advisors and Tax Consultants. The firm represents a combination of specialized skills,
Aashish Kumar Jain & Associates Company Secretaries, with an objective to provide wide spectrum of quality professional services in the field of Corporate Management Consultancy with an aim to facilitate value addition to its clients. Over the years, we have been able to place ourselves as one of the leading Corporate Consultants in Chennai to provide wide range of quality professional services in the field of Corporate Laws and Taxation, Finance & Accounting, Legal Compliances, Corporate Governance, Corporate Social Responsibility and allied services.
   
 
   
 
     
   
 
What's New
04/07/2020
EMPLOYEES PROVIDENT FUND ORGANISATION
Employees Provident Fund Organisation
Circular
Important Due Dates on 30th June, 2020 (Indirect Taxes)
Important Due Dates on 30th June, 2020 (Direct Taxes)
General Circular
02/07/2020
Income Tax department extends five new deadlines for Indian taxpayers
29/06/2020
SMS for Week ended 29-06-2020
18/06/2020
Developing Asia to 'barely grow' in 2020; India's GDP to shrink by 4%: ADB
17/06/2020
RBI relaxes norms for the deployment of ATMs by white-label players
15/06/2020
SMS for Week ended 15-06-2020
11/06/2020
By retaining India's rating S&P has taken a balanced view of the economy
09/06/2020
India's tax-GDP ratio plunges to 9.88% in FY20, lowest in 10 years
08/06/2020
SMS for Week ended 08-06-2020
06/06/2020
MPC members see Covid-19 lockdown dealing a multi-year hit to economy
05/06/2020
Top 10 biz headlines: Govt releases state GST dues, jobless rate falls
01/06/2020
SMS for Week ended 01-06-2020
30/05/2020
Govt unlikely to press for hike in GST rates for non-essentials next month
Sebi warns TCS over disclosure of material information to investors
28/05/2020
Sebi unlikely to give result disclosure waiver to India Inc for Q1FY21
27/05/2020
Fitch Ratings, CRISIL, SBI Research see India economy shrinking in FY21
25/05/2020
SMS for Week ended 25-05-2020
23/05/2020
FREQUENTLY ASKED QUESTIONS ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC
Press Release Ministry of Labour & Employment
22/05/2020
RBI says India GDP will contract in FY21, cuts repo rate by 40 bps to 4%
21/05/2020
Resume operations, says FM Sitharaman; India Inc cites hurdles in way
18/05/2020
SMS for Week ended 18-05-2020
FM's economic vaccine: Final tranche is high on reforms, low on stimulus
16/05/2020
Date of Filing Electronic Challan Cum Return (ECR) for Wage Month March, 2020 Extended Up to 15.05.2020 from 15.04.2020
14/05/2020
FM Sitharaman announces big-bang package for MSMEs to revive economy
FM targeted liquidity issues; sustained upturn in market will take time
13/05/2020
This shall not be just a financial package, but a reform stimulus: FM
11/05/2020
SMS for Week ended 011-05-2020
04/05/2020
SMS for Week ended 04-05-2020
up slow pause speed down
Updated Till : 05/07/2020
 
     
   
 

Announcements

NFRA RULES 


A. Applicability:
# NFRA will monitor BIG COMPANIES AS FOLLOWS:
a. ALL Listed Companies/ Body Corporates; OR
b. Unlisted Companies with Paid up Capital or Loans > = INR 500 crores OR Turnover > = INR 1000 crores; OR
c. ALL Banks/Insurance/Electricity Companies; OR
d. Certain specific foreign Subsidiaries/Associates of Indian Companies.


Note - For auditor of these Companies, ICAI do not have any investigation role.


!!! COMPANY/AUDITOR ONCE GOVERNED BY NFRA WILL BE COVERED BY NFRA for 3 MORE YEARS EVEN IF LIMITS ARE REDUCED/ LISTED STATUS CHANGES. !!!


# For Other Companies, ICAI will have the power to initiate disciplinary proceedings.


B. Powers and Responsibilities of NFRA


# Notifying Accounting Standards & Auditing Standards – 


Firstly, ICAI Recommend ------ Then, NFRA will check ------ Then, Forward to CG for approval


# Monitoring Compliance of AS – For AS compliance, NFRA MAY REVIEW FS of such Companies and ask for further Information, seek additional information, initiate for penal proceeding if any wrongdoing.


# Monitoring Compliance of SA – For SA Compliance, NFRA MAY REVIEW AUDITOR WORKING PAPERS, check Sufficiency of Quality System within the Audit Firm, Supervise or Test the audit. 


Note – Means for Big Companies, Peer Reviewing Powers are now with NFRA and not with ICAI.


C. Filings with NFRA


# Notice to the authority by Body Corporate (other than Company) regarding Auditor – Form NFRA 1


# AUDITOR of Big Companies required to file ANNUAL RETURN to NFRA till 30th April every year.


D. Powers under Section 132 of the Companies Act, 2013


## Monitoring and Regulating Powers – recommend CG w.r.t. AS and SAs and checking proper compliance of the same, oversee quality of audit firms.


## Investigating and Summoning Powers – Investigation of audit firms, summoning and enforcing attendance, Inspection of records.


## Penalizing Powers – Individual Auditors (INR 1 Lakh to 5 times of Fees), Firm of Auditors (INR 5 Lakhs to 10 times of Fees).


## Debarring Powers – Debarring from Practice as a member of ICAI for a period of 6 months to 10 years.


AASHISH KUMAR JAIN & ASSOCIATES
CHENNAI

 
     
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