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NICAI Updates 7-Mar-2015

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  • NICAI Updates 7-Mar-2015

    ICAI issues guidance note on reporting on fraud under section 143(12) of Companies Act, 2013 by auditor to central government.

    Loans to medium enterprises, sanitation and renewable energy sectors to be covered under lending to priority sector as per revised RBI guidelines.

    PF may be made optional for staff with salary below a certain limit but employer to contribute. Staff may opt for EPF or NPS. [MOF press release of 28.02.2015].

    Employee may have the option of choosing either ESI or a health insurance product, recognized by IRDA. [MOF press release of 28.02.2015].
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    NICAI Updates: Income tax officials fear 80 per cent of the outstanding tax demand arrears, quantified over Rs 8.4 lakh crore, is unlikely