An effort is being made to list out the Statutory Registers/Record (Chapter-wise) that are to be maintained under the Companies Act, 2013 and the rules made thereunder:

Read more: List of Statutory Registers to be maintained – Companies Act -2013

All the professional colleagues are aware that, of all the sections of the Companies Act, 2013, which have been notified, some of the sections, and the rules made thereunder, provide for the time limit within which some compliances are to be made by the companies/Auditors/Directors. An effort has been made to list of the provisions in Chronological order as to their compliances:

Ministry vide The Companies (Meetings of Board and its Powers) Second Amendment Rules, 2014 Dated:14.08.2014, has amended the limits as to transactions as contained in the initial rules, in relation the 1st provisio to Section 188 (1) of the Companies Act, 2013. The revised rules in comparison with the Original rules are herewith reproduced.

Read more: Amendment To The Rules Pertaining To Related Party Transactions – Section 188

Rule 5A of the Service Tax Rules, 1994 provides for audit under service tax. This provision empowers Commissioner to appoint officer for carrying out audit under Service Tax. As everyone are aware, the recent buzz is that appointment of Departmental Officer for audit under this rule is invalid as it is ultra vires Section 72A which contemplates only special audit by a Chartered Accountant or Cost Accountant. Let’s have a look at this rule before proceeding to discuss on this issue. 

“5A. Access to a registered premises: 

• An officer authorised by the Commissioner in this behalf shall have access to any premises registered under these rules for the purpose of carrying out any scrutiny, verification and checks as may be necessary to safeguard the interest of revenue. 

• Every assessee shall, on demand, make available to the officer authorised under sub-rule (1) or the audit party deputed by the Commissioner or the Comptroller and Auditor General of India, within a reasonable time not exceeding fifteen working days from the day when such demand is made, or such further period as may be allowed by such officer or the audit party, as the case may be,- 

• the records as mentioned in sub-rule (2) of rule 5; 

• trial balance or its equivalent; and 

• the income-tax audit report, if any, under section 44AB of the Income-tax Act, 1961 ( 43 of 1961), for the scrutiny of the officer or audit party, as the case may be.” 

On perusal of this rule, the following interpretations emanate—

• Sub-rule(1) empowers Commissioner to authorize an officer for accessing any registered premises to carry out any scrutiny, verification, checks as may be necessary to safeguard the interest of revenue. 

• Sub-rule(2) requires the assessee to produce records on demand within reasonable time to the officer authorized under sub-rule(1), the audit party deputed by Commissioner, or the C&AG. 

  Read more: Audit Under Service Tax – Powers Of Revenue

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