Know about LLP- Limited Liability Partnership

1. Annual Return – FORM 11 – 60 days – 30th May, 2018
2. Statement of Accounts – FORM 8 – 30TH OCTOBER, 2018
3. INCOME TAX RETURN:
IF NO AUDIT- 31ST JULY
IF AUDIT – 30TH SEPTEMBER
STATUTORY AUDIT : Capital Contribution – 25 lakh or Annual Turnover – 40 Lakh
Mandatory Certificate from PCS – Annual Turnover – 5 crore or Contribution – 50 Lakh
Penalty – 100 Rs per day.
LLP can’t be close without making compliance good.

Economic Offenders Bill.

It’s never too late for doing something good, and finally after the PNB scam and the series of the scam are coming out in the open air the Govt. has finally introduced THE FUGITIVE ECONOMIC OFFENDERS BILL, 2018.

1. This bill was first introduced in 2017.

2. This bill has 25 Sections, three chapters, and one schedule.

3. This Bill extends to the whole of India.

4. Fugitive economic offender means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any Court in India, who:

  • Has left India so as to avoid criminal prosecution; or
  • Being abroad, refuses to return to India to face criminal prosecution

5. This Bill Override all the law’s in India.6. Offence over and above one hundred crore rupees or more shall be dealt under this bill.

7. Special courts designated under Prevention of Money-laundering Act, 2002 shall have jurisdiction to deal with the offences under the bill.

8. The burden of proof that an individual is a fugitive economic offender shall be on the designated person (i.e. director) or the person authorized by the Director.

9. This Bill covers the specified offences under:

  • Indian Penal Code, 1860
  • Negotiable Instruments Act, 1881
  • Reserve Bank of India Act, 1934
  • Central Excise Act, 1944
  • Customs Act, 1962
  • Prohibition of Benami Property Transactions Act, 1988
  • Prevention of Corruption Act, 1988
  • Securities and Exchange Board of India Act, 1992
  • Prevention of Money Laundering Act, 2002
  • Limited Liability Partnership Act, 2008
  • Foreign Contribution (Regulation) Act, 2010
  • Companies Act, 2013
  • Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
  • Insolvency and Bankruptcy Code, 2016
  • Central Goods and Services Tax Act, 2017

10. The Bill does not involve any expenditure of recurring or non-recurring nature from the Consolidated Fund of India.

Financial Assistance for CA students by ICAI

The Board of Trustees has decided to provide financial assistance of Rs. 1,500/- p.m, for articled assistants who are registered for Intermediate (IPC)/IPCC course and Rs. 2,000/- p.m. for those students registered for final course and are currently undergoing articled/industrial training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious to pursue the Chartered Accountancy course for one year with effect from 1st April, 2017 to 31st March, 2018 to be paid in lump sum, subject to filing of required application.

The eligibility criteria for obtaining financial assistance from CASBF are as under:

  • Annual income of parents from all sources must be less than Rs. 1.80 Lakh
  • Currently undergoing articled/industrial training as per C.A. Regulation, 1988

Students who are fulfilling the above criteria may apply for financial assistance from Chartered Accountants Students Benevolent Fund. Students may send their request in the prescribed Application form, duly filled in to the Member Secretary, Chartered Accountants Students Benevolent Fund at the following address so as to reach on or before 31st March 2018. The form can be downloaded from website of the Institute i.e. www.icai.org.

The Board of Trustees will consider each of such cases on merit basis and decide at their discretion on the amount to be granted from Chartered Accountants Students Benevolent Fund.

Member Secretary
Chartered Accountants’ Students Benevolent Fund
C/o The Institute of Chartered Accountants of India,
“ICAI Bhawan”,
A-29, Sector-62, Noida-201309,
Dist. Gautam Budh Nagar (U.P.)
Website: www.icai.org; email: cabf@icai.in

Form: CA Students Financial Assistance