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CA Final Audit And Law Amendments For May 2018 Exams

CA Final Audit And Law Amendments For May 2018 Exams

CA Final audit amendments for may 2018 : CA Final Audit And Law Amendments For May 2018 Exams. This file contains Audit and Law Amendments relevant for May 2018 Examination.

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CA Final Audit Amendments for May 2018 Exam

CA Final Audit And Law Amendments

CA Final Audit And Law Amendments

CA Final Audit And Law Amendments For May 2018 Exams :

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The Companies Act, 2013:

The relevant notified Sections of the Companies Act, 2013 before first day of May, 2016 will be applicable for November, 2016 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be 6 months i.e. till 30th April 2016.

SEBI (ICDR) Regulations, 2009:

The Securities and Exchange Board of India (SEBI) has issued following regulations to amend SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 which are applicable for Nov 2016 examination:

  1. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015 issued by SEBI vide Notification No. SEBI/LAD-NRO/GN/2015-16/012 w.e.f 1 January, 2016.
  2. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Seventh Amendment) Regulations, 2015 issued by SEBI vide Notification No. SEBI/ LAD-NRO/GN/2015-16/025w.e.f 1 December, 2015.
  3. The SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2016 vide Notification SEBI/LAD-NRO/GN/2015-16/031 dated 21st January, 2016.
  4. The SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2016 vide Notification SEBI/LAD-NRO/GN/2015-16/036 dated 17th February, 2016.

Foreign Exchange Management Act, 1999:

Following amendments made in various regulations under FEMA are applicable for November, 2016 examination.

  1. Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015 vide Notification No. FEMA. 345/2015-RB dated November 16, 2015.
  2. Vide Notification no. RBI/FED/2015-16/3 dated January 01, 2016, Reserve Bank of India issues directions to Authorized Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999 to lay down the modalities as to how the foreign exchange business has to be conducted by the Authorized Persons with their customers/ constituents with a view to implementing the Liberalized Remittance Scheme.
  3. Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 vide Notification No. FEMA 23(R)/2015-RB dated January 12, 2016.

The Competition Act, 2002:

Following amendments made in the Competition Act, 2002 are applicable for November, 2016 examination.

  1. Vide Notification no. S.O. 673(E), dated the 4th March, 2016, in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the ‘Group’ exercising less than fifty per cent. of voting rights in other enterprise from the provisions of section 5 of the said Act for a period of five years with effect from the date of publication of this notification in the official gazette.
  2. Vide Notification no S.O. 674(E), in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise, whose control, shares, voting rights or assets are being acquired has either assets of the value of not more than rupees three hundred and fifty crores in India or turnover of not more than rupees one thousand crores in India from the provisions of section 5 of the said Act for a period of five years from the date of publication of the notification in the official gazette.
  3. Vide Notification no S.O. 675(E),in exercise of the powers conferred by sub-section (3) of Section 20 of the Competition Act, 2002 (12 of 2003), the Central Government in consultation with the Competition Commission of India, hereby enhances, on the basis of the wholesale price index, the value of assets and the value of turnover, by hundred per cent for the purposes of section 5 of the said Act, from the date of publication of this notification in the Official Gazette.

Non-Applicability of Chapters:

Following two chapters are not applicable for Nov 2016 term of CA Final Examinations.

  1. Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.
  2. Chapter 15 of the study material (January, 2016 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal.

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CA Final audit and Law Amendments for May 2018 Exam

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CA Final Audit And Law Amendments For May | Nov 2016 Exams

Check CA IPCC & Final Notes on Presumptive Taxation and Tax Audit By CA Mehul Thakker- May 2018 Exam

(A)Eligible Assessee Eligible Assessee – would mean an assessee who: (i) is a resident individual, Hindu undivided family or a partnership firm (limited liability partnership firm specifically excluded) and (ii) has not claimed deduction under any of the sections 10AA and 80H to 80RRB.

(B) Eligible business means— (i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and (ii) whose total turnover or gross receipts in the previous year does not exceed an amount of two crore rupees (Amendment by Finance Act, 2016).

(C) Provisions of this section shall not apply to- (i) a person carrying on profession as referred to in sub-section (1)of section 44AA; (ii) a person earning income in the nature of commission or brokerage; or (iii) a person carrying on any agency business.

(D) Presumptive Income 8% of the total turnover/ gross receipts or amount earned by the eligible assessee from such business whichever is higher.

(E) Other salient features of this presumptive scheme

  •  Section 44 AD(2):- All the deductions under section 30 to 38 shall deemed to have been allowed. Due to deletion of proviso to this section, if eligible assessee is a firm then it cannot claim deduction in respect of interest and salary paid to partners. (Amendment made by Finance Act, 2016).
  •  Section 44 AD(3) :- The WDV of any asset shall be deemed to have been calculated as if the eligible assessee had claimed the deduction in respect of the depreciation for each of the relevant assessment years.
  • Section 44 AD(4):- Where an eligible assessee declares profit for any assessment year in accordance with the provisions of this section and he declares profit for any of the five consecutive subsequent assessment years at lower than the required 8 percent, then he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared up to 8 percent.
  •  Section 44 AD(5):- Consequently, such assessee, if total income exceeds maximum amount not chargeable to tax, shall be required to keep and maintain books of accounts and other documents as per section 44AA and get them audited and furnish a report of such audit as required under section 44AB.

CA Final audit Amendments for May 2018 Exam

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1 comments
  1. Rekha says:

    Please suggest me the name of pen which should be used for writing examination

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