Capacity Building Workshop “Important To-do things in Accounts Department in April 2022” organized by IamSMEofIndia

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Capacity Building Workshop “Important To-do things in Accounts Department in April 2022” organized by IamSMEofIndia


Capacity Building Workshop “Important To-do things in Accounts Department in April 2022” organized by IamSMEofIndia


Sh. M L Gupta, Founder MLG Team, graced the Dias with his presence . Sh. Sangeet Kr Gupta was of the Main Technical Speaker at event.


Sh. Rajiv Chawla, Chairman of IamSMEofIndia, was the Moderator and Keynote Speaker.


Sh. M L Gupta, Founder MLG Team, graced the Dias with his presence . Sh. Sangeet Kr Gupta was of the Main Technical Speaker at event.


Topics Covered

1. Things you must do in April 2022 for a Better Balance Sheet, – Current Ratio, Debt Equity Ratio, DSCR Ratio
2. Term Loan repayment, is that a good idea ?
3. CC Limit vs OD limit against Property – Which is better ? and when ?
4. GST – Actions you must do now in March 2022
5. TDS and TCS – Actions you can take, to make yourself safer
6. Fixed Assets – Measure you can do, should do Now
7. Importance of Funds Flow – How to show to your management. Key Points.
8. Importance of CARO Report – many important para’s for 2022 ( First time ever )


Thanks so much for your overwhelming response!

What a great beginning to the new Financial Year!!


It was the first important Training program in this FY to help prepare our members for faster growth.

Capacity Building Program for better Accounts and Finance Management

Special Tips for Accounts and Finance for more prosperous 2022-23


An out-of-the-box program that prepared Entrepreneurs & their Finance/ Accounts Teams to make the New Financial Year stress free and prosperous, giving lessons and tips like never before, adding immense value, guaranteeing unprecedented savings.



MLG is Proud to be Associated with IamSMEofIndia

Proud to say : IamSMEofIndia🇮🇳

Cost Audit Report not filed…. MD sent to Jail ( Hyderabad )

Cost Audit Non Compliance

As per Law, the Cost Audit is compulsory in certain cases (Turnover over Rs 100 Crores p.a.)
Cost records are compulsory , for Turnovers over certain limits for certain specified industries.
This is a rare case of conviction for violation of provisions of the Companies Act. The Economic Offences Wing Court in Hyderabad has found Ameya Laboratories and its managing director guilty of failing to file a cost audit report to the Registrar of Companies (ROC).
https://www.thecompanycheck.com/company/ameya-laboratories-limited/L24230TG1996PLC023283
The company conducted sales or supplied products worth Rs 269 Crores, but did not file the report within the stipulated time.
Both prosecutions were filed by the Registrar of Companies, Hyderabad for non-filing of cost audit reports to the central government within a stipulated period as per Companies Act, 2013 under Section 233(b) for 2012-13 and 2013-14 fiscals. According to the preceding fiscal filed with ROC, the company’s turnover from sales or aggregate value of the turnover from the sale or supply of products as evident from profit and loss on March 31, 2011, was Rupees 269 Crores, making it liable to file a cost audit report to the central government.

ROC officials said that both cases were proved by the prosecution, and these are the fourth and fifth successful prosecutions, resulting in the convictions and imprisonment of the accused.
However, this is a rare case where an accused has been given rigorous imprisonment under the Companies Act for non-compliance.
The company has been found guilty and sentenced to pay a fine of Rs 3,000, while the Managing Director has been sentenced to rigorous imprisonment for five months and directed to pay a fine of Rs 2,000.
Under the Companies Act, companies with a turnover exceeding a specified amount are required to file a cost audit report to the central government. The objective of this requirement is to ensure that companies are maintaining adequate cost records and that their cost accounting practices are in compliance with the established norms.
According to Section 233(b) of the Companies Act, every company engaged in the production, processing, manufacturing or mining activities and whose annual turnover exceeds the threshold limit, as prescribed by the central government, is required to get its cost accounting records audited in the manner specified by the government.
The Companies Act also mandates that the cost audit report must be filed with the Registrar of Companies (ROC) within the stipulated time period. Failure to do so is considered a violation of the Companies Act and can result in penalties and even imprisonment, as in this case here.
Read More: https://www.taxscan.in/hyderabad-eow-court-convicts-md-for-non-filing-of-cost-audit-reports/260791/

Members are suggested to get themselves complied with in the Cost Records and Cost Audits area too.

This was a Sick company,

already shut down as per this site on rediff.com.  This was a listed company in 2011 to 2016. then it apparently shut down. See the link below.

https://money.rediff.com/companies/Ameya-Laboratories-Ltd/12540667/results-annual?src=comp_research

 

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TDS on Gifts – Section 194R is 10% or 20% or 25% ?

Do you know about the TDS on Business Gifts , if you are a MSME….This New TDS 194R might be even 20% instead of 10% ?

Last year, a new TDS had started… this March 2023, we have the first Balance Sheets for this section’s compliance…. So, let us see this TDS on Gifts From the perspective of MSME

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