January 22, 2024

Section 20 – The Cost and Works Accountants Act, 1959

Removal from the Register. (1) The Council may remove from the Register the name of any member of the Institute,— (a) who is dead; or (b) from whom a request has been received to that effect; or (c) who has not paid any prescribed fee required to be paid by him; or (d) who is found to have been subject at the time when his name was entered in the Register, or who at any time thereafter has become subject, to any of the disabilities mentioned in section 8, or who for any other reason has ceased to be entitled to have his name borne on the Register. (2) The Council shall remove from the Register the name of any member in respect of whom an order has been passed under this Act removing him from membership of the Institute. 1[(3) If the name of any member has been removed from the Register under clause (c) of subsection (1), on receipt of an application, his name may be entered again in the Register on payment of the arrears of annual fee and entrance fee along with such additional fee, as may be determined, by notification, by the Council which shall not exceed rupees two thousand: Provided that the Council may with the prior approval of the Central Government, determine the fee exceeding rupees two thousand which shall not in any case exceed rupees four thousand.]   Amendment 1Inserted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 8-8-2006. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 19 – The Cost and Works Accountants Act, 1959

Register (1) The Council shall maintain in the prescribed manner a Register of the members of the Institute. (2) The Register shall include the following particulars about every member of the Institute, namely:— (a) his full name, date of birth, domicile, residential and professional addresses; (b) the date on which his name is entered in the Register; (c) his qualifications; (d) whether he holds a certificate of practice; and (e) any other particulars which may be prescribed. (3) The Council shall cause to be published in such manner as may be prescribed a list of members of the Institute as on the 1st day of April of each year, and shall, if requested to do so by any such member, send him a copy of such list 1[on payment of such amount as may be prescribed]. 2[(4) Every member of the Institute shall, on his name being entered in the Register, pay such annual membership fee as may be determined, by notification, by the Council, which shall not exceed rupees five thousand: Provided that the Council may with the prior approval of the Central Government, determine the fee exceeding rupees five thousand which shall not in any case exceed rupees ten thousand.]   Amendment 1Inserted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 8-8-2006. 2Substituted, by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 8-8-2006. Prior to its substitution, subsection (4) read as under : “(4) Every member of the Institute shall, on his name being entered in the Register, pay such annual membership fee differing in amount according as he is an associate or a fellow as may be prescribed.” Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 18 – The Cost and Works Accountants Act, 1959

Finances of the Council (1) There shall be established a fund under the management and control of the Council into which shall be paid all moneys received by the Council and out of which shall be met all expenses and liabilities properly incurred by the Council. (2) The Council may invest any money for the time being standing to the credit of the fund in any Government security or in any other security approved by the Central Government. 1[(3) The Council shall keep proper accounts of the fund distinguishing capital from revenue in the manner prescribed. (4) The Council shall prepare in the manner prescribed and approve, prior to the start of the financial year, an annual financial statement (the budget) indicating all its anticipated revenues as well as all proposed expenditures for the forthcoming year. (5) The annual accounts of the Council shall be prepared in such manner as may be prescribed and be subject to audit by a chartered accountant in practice to be appointed annually by the Council : Provided that no member of the Council or a person who has been a member of the Council during the last four years or a person who is in partnership with such member shall be eligible for appointment as an auditor under this sub-section: Provided further that, in the event it is brought to the notice of the Council that the accounts of the Council do not represent a true and fair view of its finances, then, the Council may itself cause a special audit to be conducted : Provided also that if such information, that the accounts of the Council do not represent a true and fair view of its finances, is sent to the Council by the Central Government, then, the Council may, wherever appropriate cause a special audit or take such other action as it considers necessary and shall furnish an action taken report on it to the Central Government.] 2[(5A) As soon as may be practicable at the end of each year, the Council shall circulate the audited accounts to its members at least fifteen days in advance and consider and approve these accounts in a special meeting convened for the purpose. (5B) The Council shall cause to be published in the Gazette of India not later than the 30th day of September of the year next following, a copy of the audited accounts and the Report of the Council for that year duly approved by the Council and copies of the said accounts and Report shall be forwarded to the Central Government and to all the members of the Institute.] (6) The Council may borrow from a scheduled bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934), or from the Central Government— (a) any money required for meeting its liabilities on capital account on the security of the fund or on the security of any other assets for the time being belonging to it; or (b) for the purpose of meeting current liabilities pending the receipt of income by way of temporary loan or overdraft.   Amendment 1Substituted, by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Prior to their substitution, sub-sections (3), (4) and (5) read as under : “(3) The Council shall keep proper accounts of the funds distinguishing capital from revenue. (4) The annual accounts of the Council shall be subject to audit by a chartered accountant in practice within the meaning of the Chartered Accountants Act, 1949 (38 of 1949), to be appointed annually by the Council : Provided that no member of the Council who is a chartered accountant or a person who is in partnership with such member shall be eligible for appointment as an auditor under this sub-section. (5) As soon as may be practicable at the end of each year, but not later than the 30th day of September of the year next following, the Council shall cause to be published in the Gazette of India a copy of the audited accounts and the Report of the Council for that year and copies of the said accounts and Report shall be forwarded to the Central Government and to all the members of the Institute.” 2Sub-sections (5A) and (5B) inserted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 17 – The Cost and Works Accountants Act, 1959

Committees of the Council. (1) The Council shall constitute from amongst its members the following Standing Committees, namely :— (i) an Executive Committee; (ii) a 1[Finance] Committee; and (iii) an Examination Committee. (2) The Council may also form a Training and Educational Facilities Committee and such other Committees from amongst its members as it deems necessary for the purpose of carrying out the provisions of this Act. 2[(3) Each of the Standing Committees shall consist of the President and the Vice-President ex officio, and minimum of three and maximum of five members to be elected by the Council from amongst its members.] (4) 3[***] (5) 3[***] (6) Notwithstanding anything contained in this section, any Committee formed under sub-section (2), may, with the sanction of the Council, co-opt such other members of the Institute not exceeding 4[one-third] of the total membership of the Committee as the Committee thinks fit, and any member so co-opted shall be entitled to exercise all the rights of a member of the Committee. (7) The President shall be the Chairman of every Committee of which he is a member, and in his absence, the Vice-President, if he is a member of the Committee, shall be the Chairman. (8) The Standing Committees and other Committees formed under this section shall exercise such functions and be subject to such conditions in the exercise thereof as may be prescribed.   Amendment 1Substituted for “Disciplinary”, by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. 2Substituted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Prior to its substitution, subsection (3) read as under : “(3) The Executive Committee shall consist of the President, and the Vice-President, ex officio, and three other members of the Council elected by the Council.” 3Omitted, by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Prior to their omission, subsections (4) and (5) read as under : “(4) The disciplinary Committee shall consist of the President, ex officio, one member to be nominated by the Central Government from amongst the members nominated to the Council by that Government and one member to be elected by the Council. (5) The Examination Committee shall consist of the President or the Vice-President, ex officio, as the Council may decide, and two other members of the Council elected by the Council.” 4Substituted for “two-thirds”, by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 16 – The Cost and Works Accountants Act, 1959

Officers and employees, salary, allowances, etc (1) For the efficient performance of its duties, the Council shall— (a) appoint a Secretary of the Council to perform such duties as may be prescribed; (b) appoint a Director (Discipline) to perform such functions as assigned to him under this Act and the rules and regulations framed thereunder; (c) designate an officer of the Council or the Institute to carry out the administrative functions of the Institute as its chief executive. (2) The Council may also — (a) appoint such other officers and employees to the Council and the Institute as it considers necessary; (b) require and take from the Secretary or from any other officer or employee of the Council and the Institute such security for the due performance of his duties, as the Council considers necessary; (c) prescribe the salaries, fees, allowances of the officers and employees of the Council and the Institute and their terms and conditions of service; (d) with the previous sanction of the Central Government, fix the allowances of the President, Vice-President and other members of the Council and members of its Committees. (3) The Secretary of the Council shall be entitled to participate in the meetings of the Council but shall not be entitled to vote thereat.]   Amendment 1Substituted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Prior to its substitution, section 16 read as under : “16. Staff remuneration and allowances.—(1) For the efficient performance of its duties, the Council, may— (a) appoint a Secretary who may also, if so decided by the Council, act as Treasurer; (b) appoint such other persons on its staff as it deems necessary; (c) require and take from the Secretary or from any other employee of the Council such security for the due performance of his duties as the Council considers necessary; (d) fix the salaries, fees, allowances and other conditions of service of the Secretary and other employees of the Council; (e) with the previous sanction of the Central Government fix the allowances of the President, Vice-President and other members of the Council and its Committees. (2) The Secretary of the Council shall be entitled to participate in the meetings of the Council and the Committees thereof but shall not be entitled to vote thereat.” Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 15B – The Cost and Works Accountants Act, 1959

Imparting education by Universities and other bodies. (1) Subject to the provisions of this Act, any University established by law or any body affiliated to the Institute, may impart education on the subjects covered by the academic courses of the Institute. (2) The Universities or bodies referred to in sub-section (1) shall, while awarding degree, diploma or certificate or bestowing any designation, ensure that the award or designation do not resemble or is not identical to one awarded by the Institute. (3) Nothing contained in this section shall enable a University or a body to adopt a name or nomenclature which is in any way similar to that of the Institute.]   Amendment 1Section15B inserted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 8-8-2006. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 15A – The Cost and Works Accountants Act, 1959

Functions of Institute. The functions of the Institute shall include— (a) the examination of candidates for enrolment; (b) the regulation of training of students; (c) the maintenance and publication of a Register of persons qualified to practice as Cost Accountants; (d) collection of fees from members, examinees and other persons; (e) subject to the orders of the appropriate authorities under this Act, the removal of names from the Register and the restoration to the Register of names which have been removed; (f) the maintenance of a library and publication of books and periodicals relating to accountancy and allied subjects; (g) the conduct of elections to the Council of the Institute; and (h) the granting or refusal of certificates of practice as per guidelines issued by the Council.]   Amendment 1Sections 15A inserted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 15 – The Cost and Works Accountants Act, 1959

Functions of Council. (1) The Institute shall function under the overall control, guidance and supervision of the Council and the duty of carrying out the provisions of this Act shall be vested in the Council. (2) In particular, and without prejudice to the generality of the foregoing powers, the duties of the Council shall include— (a) to approve academic courses and their contents; (b) the prescribing of fees for the examination of candidates for enrolment; (c) the prescribing of qualifications for entry in the Register; (d) the recognition of foreign qualifications and training for the purposes of enrolment; (e) the prescribing of guidelines for granting or refusal of certificates of practice under this Act; (f) the levy of fees from members, examinees and other persons; (g) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute; (h) the carrying out, by granting financial assistance to persons other than members of the Council or in any other manner, of research in accountancy; (i) to enable functioning of the Director (Discipline), the Board of Discipline, the Disciplinary Committee and the Appellate Authority constituted under the provisions of this Act; (j) to enable functioning of the Quality Review Board; (k) consideration of the recommendations of the Quality Review Board made under clause (a) of section 29B, action taken thereon with a report to the Central Government within a period of three months, and their inclusion in the annual report; and (l) to ensure the functioning of the Institute in accordance with the provisions of this Act and in performance of other statutory duties as may be entrusted to the Institute from time to time.]   Amendment 1Substituted by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 17-11-2006. Prior to its substitution, section 15 read as under : “15. Functions of the Council.—(1) The duty of carrying out the provisions of this Act shall be vested in the Council. (2) In particular, and without prejudice to the generality of the foregoing power, the duties of the Council shall include— (a) the examination of candidates for enrolment and the prescribing of fees therefor; (b) the registration and training of students; (c) the prescribing of qualifications for entry in the Register; (d) the recognition of foreign qualifications and training for purposes of enrolment; (e) the granting or refusal of certificates of practice under this Act; (f) the maintenance and publication of a Register of persons qualified to practise as cost accountants; (g) the levy and collection of fees from members, examinees and other persons; (h) the removal of names from the Register and restoration to the Register of names which have been removed; (i) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute; (j) the carrying out, by financial assistance to persons other than members of the Council or in any other manner, of research in accountancy; (k) the maintenance of libraries and publication of books and periodicals relating to cost accountancy and allied subjects; and (l) the exercise of disciplinary powers conferred by this Act.” Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 14 – The Cost and Works Accountants Act, 1959

Duration and dissolution of Council. (1) The duration of any Council constituted under this Act shall be 1[four] years from the date of its first meeting. (2) Notwithstanding the expiration of the duration of a Council (hereinafter referred to as the former Council), the former Council shall continue to exercise its functions under this Act until a new Council is constituted in accordance with the provisions of this Act, and on such constitution, the former Council shall stand dissolved.   Amendment 1Substituted for “three”, by the Cost and Works Accountants (Amendment) Act, 2006, w.e.f. 22-7-2007. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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How to open a Medical Store in India

Opening a medical store requires many registrations and must follow legal procedures before selling medicines. India’s pharmacy and healthcare sectors have grown tremendously due to the increase in corporate and multi-speciality hospitals. Establishing a medical store is a good option for entrepreneurs having less capital and want to invest in the healthcare sector.Healthcare sector in India is growing remarkably due to increase in hospitals especially multi-specialty hospitals as the diseases are increasing at a fast pace and to cope with such situation, medications and hospital facilities become the need of an hour. The medical business in India does not affect even in the situation of pandemic or economic crisis. Pharmacies and Medical stores are considered to be the last distribution channel of medicines and other pharmaceutical essentials and this is the most profitable business of all times as compared to others. But before commencing this venture, proper analysis and planning of the same is very crucial otherwise it would result in failure of business. Types of Medical Stores in India he type of medical store that an individual can establish are as follows: Hospital medical store: It is a medical store opened inside the hospital to cater to the needs of the patients who come to the hospital. Standalone medical store: It is the most common form of medical store. It is small or medium-sized stores opened in residential areas that the residents visit to purchase essential medicines. Chain pharmacy or franchise outlets: These are medical stores in malls and shopping complexes and are part of a chain of pharmacies with branches in different areas. They are usually large-sized medical stores. Township medical stores: These types of medical stores are opened in a township to cater to the needs of the people residing in the town or a village. Stores in government premises: These medicine stores are opened under various government policies and schemes and are directly under government control. They are usually opened inside Government offices and buildings. Hospital medical stores, chain pharmacies, and township medical stores are generally established under a larger corporate hospital or entity such as a company. The standalone and township medical stores are usually set up as shops by proprietors or partners. A person wishing to open a medical store must first decide the type of medical store they want to set up and apply for its registration and other licences. Prerequisite for opening a Medical Store in India Degree– A professional degree of B pharma/M pharma for a owner is necessary for opening medical store in India and if such person does not have such degree then he has to employ a person as a pharmacist having such degrees or diploma. Location– Before commencing a business of medical store or pharmacy choosing of a location is an important thing to consider. A good location will always help shops to perform well and sustain in a long run. Making contact– Owner shall get in touch with medicine manufacturing company or the wholesalers to get the stock of medicines at his shop and hence it will give a better profit margin. But a high order quantity is required. Distributors and suppliers of medicines and other product can also be approached by the owner itself in his locality. Medical Store area– For starting a medical store, an area of about 100 sq feet is required and should have adequate space for refrigerator, racks, drawers, pallets, etc. Proper cemented floor and concreted roof should be there without any cracks and flakes in the premises. Storage– A refrigerator is required to store injections such as insulin, antibiotics, vaccines and other medicines which is required to store at comparatively low temperature. Investment– The initial investment on a medical store depends upon the location, area, city and other factors such as whether premises is on rent or owned, whether owner is the pharmacist only or he needs to employ some other person as his pharmacist, etc. Documents required– There are several documents required to apply for a medical store or pharmacy in India. Documents required to set up Medical Store in India Application Form in the prescribed format with respect to Pharmacy License Covering letter that specifies the purpose of application along with the name, signature and designation of the applicant Challan for depositing fees for obtaining drug License Declaration form Key plan for using such premises Site plan including the design layout for the premises ID proofs and photos of the owners or all the partners of the premises Residential Address proof of the pharmacist and the applicant Education qualification certificate of the pharmacist If the premises to be used is on rent, then proof of ownership as well as rental agreement and declaration by the owner of premises Certificate of Incorporation or MOA, AOA or partnership deed as a proof of constitution of Company Non-conviction affidavit of proprietor or partner or directors as the case may be under the Drugs and cosmetics Act, 1940 If registered pharmacist or competent personnel is hired than his appointment letter Affidavit of such registered pharmacist or competent person working on full time basis Licenses and Registrations required for setting up Medical Store in India Land Registration– An owner can have its own piece of land registered as a medical shop or pharmacy by submitting sale agreement or rent agreement. For registering a land for this purpose involvement of various legal entities shall take place. Registration of business as Medical Store– Registration of Medical stores are governed by The Indian Pharmacy Act, 1948 and according to such Act, every medical store shall get itself register by submitting all the required documents to the governing body. Various Types of medical stores shall get itself registered either as a private company or sole proprietorship or as an LLP. Company registration– Registration of business either as a private limited company or as an LLP, etc. is very important. An applicant can apply for either proprietorship registration, partnership registration, OPC registration, Private limited company registration, LLP registration, Shop registration, etc. Tax Registration– GST registration is must and essential for a medical business

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