What is Form 26AS?

​A taxpayer may pay tax in any of the following forms:

(1) Tax Deducted at Source (TDS)

(2) Tax Collected at Source (TCS)

(3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.

The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer).  Form 26AS is an annual statement maintained under Rule 31AB​ of the Income-tax Rules disclosing the details of tax credit in his account as per the database of Income-tax Department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, Self-Assessment tax, etc.

Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.

What are the forms of return prescribed under the Income-tax Law?

Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2014-15 (i.e., financial year 2013-14) are as follows (*):

Return Form	​ Brief Description
ITR – 1​​	Also known as SAHAJ. It is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).
ITR – 2	It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".
ITR – 3	It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR – 4S	Also known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.
​ITR – 4	It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR – 5	It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)
ITR – 6	It is applicable to a company, other than a company claiming exemption under section 11(charitable/religious trust can claim exemption under section 11​).
ITR – 7	It is applicable to a persons including companies who are required to furnish return under section 139(4A) or139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).
ITR – V	It is the acknowledgement of filing of return of income.

(*) The aforesaid table gives only a brief overview of the return forms and is not an exhaustive discussion. For more provisions of applicability/non-applicability of the ITR Forms, the readers should go through the discussion on each ITR Form covered in later part.​

​What is the period for which a person’s income is taken into account for the purpose of Income-tax?

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1^st April and ending on 31^st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.

The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.

e.g., Income earned during the period of 1^st April, 2015 to 31^st March, 2016 is treated as income of the previous year 2015-16. Income of the previous year 2015-16 will be charged to tax in the next year, i.e., in the assessment year 2016-17.​

What are the benefits of Secretarial Audit?

Secretarial Audit can be an effective multi-pronged weapon to assure the regulator, generate confidence amongst the shareholders, the creditors and other stakeholders in companies, assure FIIs/FIs/SFCs/SIDCs/Banks and instill self regulation and professional discipline in companies. It is a tool of risk mitigation and will allow companies to effectively address compliance
risk issues. It helps the companies to build their corporate image. Secretarial Audit facilitates monitoring compliances with the requirements of law through a formal compliance management programme which can produce positive results to the stakeholders of a company:
(a) Promoters
Secretarial Audit assures the promoters of a company that those in-charge of its management are conducting its affairs in accordance with the requirements of laws and the owners‟ stake is not being exposed to unintended risk.
(b) Non-executive/Independent directors
Secretarial Audit provides comfort to the Non-executive/Independent Directors that appropriate mechanisms and processes are in place to ensure compliance with laws applicable to the company, thus mitigating any risk from a regulatory or governance perspective.
(c) Government authorities/regulators
It also facilitates reducing the burden of the regulators in ensuring compliances and they can take timely actions against the offenders.
(d) Investors
Secretarial Audit helps the investors in taking informed investment decision, as it evaluates the company in terms of compliance and governance norms being followed by the company.
(e) Other Stakeholders
It is an effective due diligence exercise for the prospective investors or joint venture partners. Further Financial Institutions, Banks, Creditors and Consumers can measure the law abiding nature of company management.
(f) Benefits to the company itself
— Companies that go the extra mile with their compliance programs lay the foundation for good governance. — Companies with an effective compliance management programme have lesser chance of receiving penalties, both monetary and by way of imprisonment. — Companies that imbibe business and personal ethics and an effective compliance management programme within their work culture often enjoy employee and customer loyalty and public respect for their brand, which can translate into better market capitalization and shareholder returns.
- Recognition for the company as a good corporate citizen.
The Secretarial Audit provides an in-built mechanism for enhancing corporate compliance generally and help restore the confidence of investors in the capital market through greater transparency in corporate functioning.

What is Secretarial Audit?

What is Secretarial Audit? Secretarial Audit is an audit to check compliance of various legislations including the Companies Act and other corporate and economic laws applicable to the company. The Secretarial Auditor expresses an opinion as to whether there exist adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. Secretarial Audit helps to detect the instances of non-compliance and facilitates taking corrective measures. It audits the adherence of good corporate practices by the company.

Which companies are required to undergo Secretarial Audit?
As per section 204(1) of Companies Act, 2013 read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following companies are required to obtain Secretarial Audit Report:
- Every listed company;
- Every public company having a paid-up share capital of fifty crore rupees or more; or
- Every public company having a turnover of two hundred fifty crore rupees or more.
“Turnover” means the aggregate value of the realisation of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year. [Section 2(91)]

ANNOUNCEMENT RESULT OF CS EXAMINATIONS FOR EXECUTIVE AND PROFESSIONAL PROGRAMME JUNE, 2015

ANNOUNCEMENT

RESULT OF CS EXAMINATIONS

FOR EXECUTIVE AND PROFESSIONAL PROGRAMME

JUNE, 2015

Result of CS Examinations for Professional Programme and Executive Programme held in June, 2015 would be declared on Tuesday, the 25th August, 2015 as under :

Stage of Examination Time

Professional Programme 11.00 A.M.

Executive Programme 02.00 P.M.

The result alongwith individual candidate’s subject-wise breakup of marks will be available on the Institute’s website: www.icsi.edu on declaration of the result. Formal e-Result-cum-Marks Statement of Executive Programme examination will be uploaded on the website of Institute www.icsi.edu immediately after declaration of result for downloading by candidates for their reference, use and records. However, no physical copy of the Result-cum-Marks Statement will

be issued. The Result-cum-Marks Statement for Professional Programme will be despatched to the candidates at their registered address immediately after declaration of the result. In case the physical

copy of Result-cum-Marks Statement is not received by any candidate within 30 days of declaration of result, such candidates may contact the Institute at : exam@icsi.edu along with his/her

particulars.

Candidates may also get their result through e-mail by registering themselves in advance on Institute’s website for the purpose.

Get Exam Result For Executive Programme & Professional Programme - June 2015 Through Email