MCA – CARO:
MCA after consultation with the Institute of Chartered Accountants of India has notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015) which shall come into force on the date of its publication in the Official Gazette. It shall apply to every company including a foreign company except to a banking Company; insurance Company; a company licensed to operate under section 8 of the Companies Act; One Person Company; small Company; private limited company with a paid up capital and reserves not more than rupees fifty lakh and which does not have loan outstanding exceeding rupees twenty five lakh from any bank or financial institution and does not have a turnover exceeding rupees five crore at any point of time during the financial year. Provisions of Companies Act, 1956 replaced with corresponding notified provisions of Companies Act, 2013.
CBDT:
CBDT has notified the Income-tax (Fourth Amendment) Rules, 2015 which shall come into force on the date of their publication in the Official Gazette for Providing of Roll Back in respect of Advance Pricing Agreement (APA) and Extension of time thereof. Accordingly, where an application has been filed on or before the 31st day of March, 2015, Form No. 3CEDA along with proof of payment of additional fee may be filed at any time on or before the 30th day of June, 2015 or the date of entering into the agreement whichever is earlier. Further in a case where an agreement has been entered into on or before the 31st day of March, 2015, Form No. 3CEDA along with proof of payment of additional fee may be filed at any time on or before the 30th day of June, 2015 and, the agreement may be revised to provide for rollback provision in the said agreement in accordance with this rule.”
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