TaxTMI 
TaxTMI 
Insertion of new sections 132A, 132B, 132C, 132D, 132E, 132F, 132G, 132H, 132-I, 132J and 132K.
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....lause (a) of sub-section (4) of section 132, unless the individual or firm intimates the details of his or its registration with the Institute of Chartered Accountants of India, to the National Financial Reporting Authority within such time, in such manner and along with such fees, as may be prescribed. (2) The auditors of companies or class of companies or bodies corporate referred to in sub-section (1), shall file such documents or returns or information with the National Financial Reporting Authority, in such form and manner, within such period, and on payment of such fees, as may be specified by regulations by the said Authority. (3) A person, required to furnish any document or return or any other information under su....
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....s of this Act. (2) There shall be constituted a Fund, to be called the National Financial Reporting Authority Fund, wherein the following shall be credited, namely:- (a) grants made by the Central Government for the purposes of the National Financial Reporting Authority Fund; (b) all fees received by the said Authority under this Act; (c) all sums received by the said Authority from such other sources as may be decided by the Central Government; and (d) interest or other income received out of the investments made from the National Financial Reporting Authority Fund. (3) The Fund shall be applied for meeting the expenses of the National Financial Reporting Authority for the discharge of ....
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....dence or to produce any document, which in the opinion of the said Authority, may be useful for or relevant to the subject matter of the inquiry and if, on such inquiry, it is satisfied that the person has failed to comply with the provisions of any of the sections specified in sub-section (1), it may impose such penalty as it considers appropriate in accordance with the provisions of any of those sections. (3) The amount of any penalty imposed under this section, if not paid, may be recovered by the National Financial Reporting Authority, in such manner as may be prescribed, as if it were an arrear of land revenue. (4) All sums realised by way of penalties under this section shall be credited to the Consolidated Fund of I....
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....ions of policy, as the Central Government may give in writing to it from time to time: Provided that the Authority shall, as far as practicable, be given an opportunity to express its views before any direction is given under this section: Provided further that the decision of the Central Government, on whether a question is one of policy or not, shall be final. Power of Central Government to supersede Authority. 132H. (1) If at any time, the Central Government is of the opinion- (a) that on account of grave emergency, the National Financial Reporting Authority is unable to discharge the functions and duties imposed on it by or under the provisions of this Act; or (b) that the National F....
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....ession specified in the notification issued under sub-section (1), the Central Government may reconstitute the National Financial Reporting Authority by a fresh appointment, and in such case, any person or persons who vacated their offices under clause (a) of the said sub-section, shall not be deemed disqualified for appointment: Provided that the Central Government may, at any time, before the expiration of the period of supersession, take action under this sub-section. (4) The Central Government shall cause a notification issued under sub-section (1) and a full report of any action taken under this section and the circumstances leading to such action to be laid before each House of Parliament at the earliest. Le....
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.... (e) the documents, returns, or information, and the form, manner, period, and fees for filing the same under sub-section (2) of section 132A; (f) the manner of recovery of the amount of penalty under sub-section (3) of section 132D; and (g) the fees or other charges and the manner of payment thereof under section 132-I. (3) Every regulation made under this section shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agr....