Tuesday, 29 December 2015
No more LPG Subsidy
As Expected ministry of Finance and Ministry of Petroleum & Natural Gas has taken a step forward to reduce the Burden of Subsidy on the Government of India.As on it is based on self-declaration basis while booking cylinder from January 2016 onwards.
Sooner or later after linking all the Aadhar Card with LPG and Income Tax it will be initiated by the department, apart from self-Declaration.
Following Information if from the Ministry of Petroleum & Natural Gas
While many consumers
have given up subsidy voluntarily, it is felt that consumers in the higher
income bracket should get LPG cylinders at the market price. Therefore, the
Government has decided that the benefit of the LPG subsidy will not be
available for LPG consumers if the consumer or his/her spouse had taxable
income of more than Rs 10,00,000/- during the previous financial year computed
as per the Income Tax Act, 1961. In keeping with the approach of trusting the
citizens, this will be given effect to initially on
self-declaration basis while booking cylinders from January 2016
onwards.
Sooner or later after linking all the Aadhar Card with LPG and Income Tax it will be initiated by the department, apart from self-Declaration.
Following Information if from the Ministry of Petroleum & Natural Gas
Press
Information Bureau
Government
of India
Ministry
of Petroleum & Natural Gas
Benefit of LPG
subsidy will not be available if the consumer or his/her spouse had taxable income
of more than Rs Ten lakh in previous financial
year
At present,
there are 16.35 crore LPG consumers in the country. With the implementation of
the PAHAL Scheme (DBTL), the subsidy is being transferred directly to the Bank
Account of 14.78 crore LPG Consumers. The objective of the scheme was to ensure
that the subsidy benefits go to the targeted group. The Government had also
given a call to the well-to-do households for voluntarily giving up LPG
subsidy. So far, 57.50 lakh LPG consumers have opted out of LPG subsidy
voluntarily heeding the call given by the Prime Minister. The subsidy saved from
the ‘GiveitUp’ campaign is being utilized for providing new connections to the
BPL families under the ‘Giveback’ campaign. This enables provision of LPG, a
clean fuel, to poor households by replacing the conventional fuels such as
kerosene, coal, fuel wood, cow dung, etc. relieving the poor of the hardships
and health hazards from such fuels.
Who can be Internal Auditor as per Companies Act, 2013
Who can be Internal Auditor of the Company
As per explanation given in Rule 13 of Companies (Accounts) Rules, 2014
“a internal Auditor may or may not be an employee of the Company”
That means as per Section 138 of the Companies Act, 2013 Internal Auditor can of the Following
a. A Chartered Accountant; or
b. A Cost Accountant; or
c. Any other professional as may be decided by the Board of Directors.
At the same time as per Rule 13 of the Companies (Accounts) Rules, 2014 explanation given – the term “Chartered Accountant” shall mean a Chartered Accountant whether engaged in Practice or not. But, as per section 141 of the Companies Act, 2013 any per who is rendering the service which are mentioned in section 144 of the Act are disqualified to be appointed as the Statutory Auditor of the Company, unfortunately Internal Audit is Mentioned in the Section 144.
Sunday, 27 December 2015
Applicability of Internal Audit
As per Rule 13 of the Companies (Accounts) Rules, 2014
following class of companies shall be required to appoint an internal Auditor
or a firm of Internal Auditors, namely:-
1. Every Listed Company
2.
Every Unlisted
Company having :-
a)
Paid up capital of Rs. 50 .00 Crore rupees or more during the preceding financial Year; or
b)
Turnover of Rs.200.00 Crore
rupees or more during the preceding financial year; or
c)
Outstanding loans or
borrowing from bank or public financial institutions exceeding Rs.100.00 Crore
or more at any point of time during the preceding financial Year; or
d)
Outstanding deposits
of Rs.25.00 Crore rupees or more at any point of time during the preceding
financial year ; and
3.
Every private
company having: -
a)
Turnover of Rs.200.00 Crore Rupees or more during the preceding financial year; or
b)
Outstanding loans or
borrowing from the banks or public financial institutions exceeding Rs.100.00 Crore
Rupees or more at any point of time during the preceding financial year;
Provided that an existing company under any of the above
criteria shall comply with the requirement of section 138 and this rule within
6 months of commencement of such section.
Who can be Internal Auditor to Know Click Here
Who can be Internal Auditor to Know Click Here
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