1. The legal heir (LR) has to get a DSC in his own name.
2. LH is required to make a request by sending a mail toask@incometaxindia.gov.in mentioning the name, PAN,Date-of-Birth of deceased as well as that of the LH along with scanned attachment of the death certificate of the deceased.
3. On receipt of above, LH would be enabled to file the return of deceased using LH’s DSC.

PAN stands for a Permanent Account Number which is a 10 digit alpha-numeric code generated by the Income Tax Department of India. The tax department has made it mandatory for everyone (including NRIs, PIOs & Companies) who wish to conduct any type of investments and financial transactions in India. Carrying business, filing or paying taxes, investing in India, buying a property, opening a bank or demat account, etc.

e-Payment facilitates payment of direct taxes online by taxpayers. To avail of this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks.

In February 2011, the Ministry of Corporate Affairs (‘MCA’) issued a press release stating that 35 Indian Accounting Standards (‘Ind AS’) converged with IFRS are being notified and placed on the its website but effective date of the Ind AS is to be notified at a later date, after various issues (including tax related issues) are resolved within various departments of the government.

In early 2010, the MCA issued various press releases on IFRS roadmap and convergence plan for India specifying the convergence date to be 1st April, 2011 through 2014 for select Indian companies. The highlights and specific timelines as per the MCA press release are given below in the tab ‘Proposed Roadmap’.

At present, it appears that the timeline in the Roadmap is no longer valid for Phase I companies. The new implementation date for Ind AS is awaited from the MCA. It is unclear if the MCA will release a fresh Roadmap or just amend the implementation date for Phase I companies.

Conversion is much more than a technical accounting issue. IFRS or Ind AS may significantly affect any-number of a company’s day-to-day operations and may even impact the reported profitability of the business itself. Conversion brings a one-time opportunity to comprehensively reassess financial reporting and take ‘a clean sheet of paper’ approach to financial policies and processes.

Understanding IFRS or Ind AS and its implications is a business imperative for Indian companies. Take advantage of the resources that PwC has developed to increase your knowledge.

Lean Accounting has developed in recent times to provide the accounting, control, and measurement methods supporting lean manufacturing. Lean the expenditure of resources for any goal other than the creation of value for the end customer to be wasteful. This tool is applicable to healthcare, construction, insurance, banking, education, government, and other industries.

The objective is to eliminate waste, free up capacity, speed up the process, eliminate errors & defects, and  make the process clear and understandable.

There are two main thrusts for Lean Accounting. The first is the application of lean methods to the company’s accounting, control, and measurement processes. The second thrust of Lean Accounting is to fundamentally change the accounting, control, and measurement processes so they motivate lean change & improvement, Provide information that is suitable for control and decision making,

Lean Accounting does not require the traditional management accounting methods like standard costing, variance reporting, cost-plus pricing, complex transactional control systems, and untimely & confusing financial reports. These are replaced by:

• lean-focused performance measurements
• simple summary direct costing of the value streams
• radical Simplification and elimination of  transactional control systems by eliminating the need for them
• eliminating traditional budgeting through monthly sales, operations, and financial planning processes (SOFP)
• value-based pricing
• correct understanding of the financial impact of lean change etc

2.       The Limited Liability Partnership (LLP) is viewed as an alternative corporate business vehicle that provides the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. The LLP form would enable entrepreneurs, professionals and enterprises providing services of any kind or engaged in scientific and technical disciplines, to form commercially efficient vehicles suited to their requirements. Owing to flexibility in its structure and operation, the LLP would also be a suitable vehicle for small enterprises and for investment by venture capital.

3.            keeping in mind the need of the day, the Parliament enacted the Limited Liability Partnership Act, 2008 which received the assent of the President on 7th January,2009.

The salient features of the LLP Act 2008 inter alia are as follows: -
The LLP shall be a body corporate and a legal entity separate from its partners. Any two or more persons, associated for carrying on a lawful business with a view to profit, may by subscribing their names to an incorporation document and filing the same with the Registrar, form a Limited Liability Partnership.  The LLP will have perpetual succession;

(ii)      The mutual rights and duties of partners of an LLP inter se and those of the LLP and its partners shall be governed by an agreement between partners or between the LLP and the partners subject to the provisions of the LLP Act 2008 .  The act provides flexibility to devise the agreement as per their choice.  In the absence of any such agreement, the mutual rights and duties shall be governed by the provisions of proposed the LLP Act;

(iii)     The LLP will be a separate legal entity, liable to the full extent of its assets, with the liability of the partners being limited to their agreed contribution in the LLP which may be of tangible or intangible nature or both tangible and intangible in nature. No partner would be liable on account of the independent or un-authorized actions of other partners or their misconduct. The liabilities of the LLP and partners who are found to have acted with intent to defraud creditors or for any fraudulent purpose shall be unlimited for all or any of the debts or other liabilities of the LLP;

(iv)     Every LLP shall have at least two partners and shall also have at least two individuals as Designated Partners, of whom at least one shall be resident in India. The duties and obligations of Designated Partners shall be as provided in the law;

(v)      The LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs.  A statement of accounts and solvency shall be filed by every LLP with the Registrar every year.  The accounts of LLPs shall also be audited, subject to any class of LLPs being exempted from this requirement by the Central Government;

(vi)     The Central Government have powers to investigate the affairs of an LLP, if required, by appointment of competent Inspector for the purpose;

(vii)    The compromise or arrangement including merger and amalgamation of LLPs shall be in accordance with the provisions of the LLP Act 2008;

(viii)   A firm, private company or an unlisted public company is allowed to be converted into LLP in accordance with the provisions of the Act. Upon such conversion, on and from the date of certificate of registration issued by the Registrar in this regard, the effects of the conversion shall be such as are specified in the LLP Act. On and from the date of registration specified in the certificate of registration, all tangible (moveable or immoveable) and intangible property vested in the firm or the company, all assets, interests, rights, privileges, liabilities, obligations relating to the firm or the company, and the whole of the undertaking of the firm or the company,  shall be transferred to and shall vest in the LLP without further assurance, act or deed and the firm or the company,  shall be deemed to be dissolved and removed from the records of the Registrar of Firms or Registrar of Companies, as the case may be;

(ix)     The winding up of the LLP may be either voluntary or by the Tribunal to be established under the Companies Act, 1956. Till the Tribunal is established, the power in this regard has been given to the High Court;

(x)      The LLP Act 2008 confers powers on the Central Government to apply provisions of the Companies Act, 1956 as appropriate, by notification with such changes or modifications as deemed necessary.  However, such notifications shall be laid in draft before each House of Parliament for a total period of 30 days and shall be subject to any modification as may be approved by both Houses;

(xi)     The Indian Partnership Act, 1932 shall not be applicable to LLPs.

As 2012 has just arrived and plans are being made to engage with and encash the emerging opportunities, this
article uses the prediction of global experts and research firms to remove the veil from the crystal ball and bring
to you predictions of the emerging technologies and assess their impact on the role of accounting fraternity in
2012 and beyond. Hopefully you will gain insights on the challenges in the road ahead and prepare your plans
to leverage the technology advances for the betterment of your professional career whether you are in practice
or in employment.

The Evolving Role of IT

Information technology is all pervasive and the impact is extensive : for enterprises, professionals and : individuals. ITencompasses all: aspects of functioning of enterprises : from strategytooperations, conception : to completion and from ideation to : value creation. Business, regulatory : and competitive requirements are: demanding innovation in technology :
deployment resulting in changing: business models of delivery of: services using diverse digital media. : Successful enterprises in the digital : age are those which create positive : customer experience and make this : their business lifeline. IT is crucial : for delivering a positive customer: experience and this in turn drives : revenue and growth. Enterprises,:
professionals as also individuals are : becoming increasingly dependent: on IT and need to knowingly or: unknowingly embrace IT IT is: evolving at an accelerating pace and : the role of IT is transforming business : processes. It is expected that role of : IT in enterprises will fundamentally : change from being a service: provider to IT becoming a Service :

Broker, aggregator of services and : primarily responsible for building, : maintaining and sustaining the: business relationship by rendering : core services to the customer. :

Challenges of the Future for CAs

The core competencies a CA are : a unique combination of knowledge : and skills in various aspects of: accounting, assurance, information : systems, governance, management, . risk, controls, regulatory compliances, : business processes, human relations, : technology and related areas: relevant for enterprises of all types : and oriented towards the objective :
of providing value and deliverables : as per requirement of clients/users. : Studies by reputed accounting: bodies across the world suggest: that continuous enhancement,: upgrading and updating of the core : competencies is the key to sustaining :
a competitive and differential: advantage in the marketplace. This : leads to a continuing pressure on CAs : to expand their skills and services : beyond traditional roles to broader : based and decision-making skills by : harnessing the power of technology. : The dynamic changes in IT create : challenges not only for the CAs as : professionals but also the economic :
and business world. :