Dear Folks, Hope You all are Doing well during this Pandemic! In this write up I am sharing with you all, Pre-Requisites of Filing Income Tax Return of an Individual Specifically for the financial year 2019-2020. All taxpayers must be ready with their Interest Certificates, Form-16 and other essential documents but there are still few important points which skipped by an Individual if he/she him......

Dear Professionals, Hope you all are doing good during this Pandemic. In this write up, I am sharing with you all Latest update from MCA regarding Deployment of new E-Form PAS 6 (Reconciliation of Share Capital Audit Report on half yearly basis) and It’s Applicability by way of Questions and Suitable Answers. This approach of MCA (Ministry of Corporate Affairs) gives us enthusiast to get ......

Dear Professionals,Hoping you all are safe during this Pandemic! Recent circular of Ministry of Corporate Affairs MCA is a boon for entrepreneurs who couldn’t start their business due to COVID-19 outbreak as well as for the existing corporate to run their business activities hassle free , this is the second time during pandemic when MCA comes up with extended relaxation in period of filing ......

Dear Professionals,Hope you all are doing well!Almost six months of Year 2020 is almost about to END and till date Ministry of Corporate Affairs-MCA allowed many reliefs for Compliance under Companies Act, 2013 as various amendments are in place due to current scenario in India which is getting worse with every passing day. In Today’s write up, we shall discuss about Extensions in Due Dates......

Dear Folks Smile for all  The topic I choose to discuss with all of you is not just about the Company Secretary as per Companies Act, 2013 it is much more extended as we will get to know the responsibilities of a Company Secretary as a Compliance Officer with widen scope of an Organization. It all begin from November 2014 when Market regulator SEBI has mandated the appointment of Compan......

Dear Professionals, Hope you all are doing well! If you are running a business, or are about to start one, you know that there are numerous instances where you end up sharing confidential information with another party then this Write-Up is  only pen down for you,  To maintain a competitive advantage, businesses must keep working projects, innovative ideas, or exciting new products sec......

Dear Professionals,Smiles For All In Today’s write-up we will get some extract from the section 197 and 198 of Companies Act, 2013 as practical implication of this section is really very different from the written language, even when organization has not incurred profits, managerial level is paid high remuneration irrespective of its burden on company financial conditions. Although there are......

Dear FolksSmiles for all  During lock-down in India our economy was paused but not completely since the things are back to pace. Many companies will come out with their Initial Public offer specially the startups. In order to understand a firm fully, one of the most important tools is the Draft Red Herring Prospectus (DRHP). In this write up I am going share with you all that why DRHP is imp......

Dear Professionals. Hoping you all are well there! In this write up I am going to share the quick review of a Compliance which is generally neglected by majority of the companies as the form is not deployed as E-form on MCA portal therefore many companies forget to keep the record of MBP-1 form specially in case of private companies. Many of them do this compliance at the time of appointment of......

Dear Folks Smiles for all  Women often feel left out or face biases during pregnancy or after childbirth in their workplace, it is important for them to know the benefits they can avail of and the rights under the law, The Content am going to share with you all is something very important for our corporate universe either its small or large , loss making or profit making , Shop or an establ......

Dear Folks, Smiles for all Hope you all are doing well there! In this quick and short write up I am sharing with you all the health benefits of drinking “Matke Ka Paani” during this hot summer where temperature is rising day by day and gradually we are losing immunity of our body by having chilled water from our fridge or refrigerator, though the water we drink in this summer 2020......

Dear Folks  Smiles for you all Hoping You all are well During this Pandemic!In today’s Topic, I am going to write down about very serious topic for working women. Its an attempt which makes our professionals much more aware about the safety of woman at work place to give her safe working environment, I.e. to protect her from being harassed at work place. I am forced to Pen Down this wr......

  LLPs are considered as a preferred business option for small entrepreneurs as it provides the benefits of Limited Liability on one hand whereas its members has the total elasticity of organizing its own structure, roles and responsibilities as a partnership firm on the basis of an mutually agreed pre-defined agreement. In recent years there are huge numbers of defaulting LLP’s in In......

  In this write will be discussing about Employee Stock option plan (ESOP), how this impact an organization?, How It gives benefits to organization and employees and what are the regulatory requirements in case of Private Companies Mainly.Employee Stock Option Plan (ESOP) is the option provided to employees to purchase the shares of the company at a future date at a pre-determined price. ESO......

Dear Professionals/Corporates In recent times, SEBI wants to ensure auditors act responsibly and their resignation does not hurt investor sentiment therefore SEBI has sought public comments on the proposals till 8 August. The role of the audit committee and disclosures to investors must be strengthened to ensure that statutory auditors act more responsibly and resign only on genuine grounds withou......

  How to start a partnership firm? After sole proprietor ship another business model comes into our mind at the initial stage is Partnership firm, though its not a separate legal entity unlike companies or LLP still prevalent amongst small and medium sized businesses in the unorganized sectors, this business model is very much prominent in our country. When a group of individuals known as ......

Dear Professionals and Corporates, Smiles for All In this write up, I have penned some absolute advantages which are enjoyed by Micro, small and medium enterprises in our country. The MSME registration is not statutory. However, the MSME registration process in India has been conceptualized to provide maximum benefits to all types of enterprises. After registration, any enterprise becomes qualif......

Dear Professionals.Smiles for All In this Article, we will discuss on the concept of Director Identification Number (DIN) based on the frequently asked questions, The Concept of DIN was introduced in India through the insertion of Section 266A to 266G under Companies Act, 1956. To create a rich and authenticated database for Directors in India. This concept not only helped in fixing a single ident......

Dear Professionals, Smiles for all  In most of the cases, directors of the company are in the view that the Books of Accounts are to be kept at the registered office of the company since mostly a promoter of start-ups Incorporate a Company using its own residential address as a Registered Office address and then start a business on rented premises. This helps them in maintaining the same a......

Dear Professionals   Smiles for All    In this article, we shall study the various aspects of striking off an LLP, Often; entrepreneurs are forming Limited Liability Partnerships but are not able to maintain the same. Due to adverse market situation or less business opportunity Partners fails to carry or commence the business of LLP. Also, the penalty for LLPs defaulting in the ......

Dear Folks, Smiles for All  The most common word which affects the life professional, corporate and other people is PAN, in this advance era still, people have question or myth that we don’t get a salary from anywhere so we don’t require PAN Card. In this write-up, we will have an insight under the concept of PAN Card. The primary objective of PAN is to use a universal identific......

Dear Professionals, With the enactment of the Companies Act, 2013, some new ideas have been introduced into India’s Corporate Legal System which wasn’t part of the erstwhile old Companies Act, 1956, one such concept introduced by the Act is the concept of “One Person Company”, which means an individual can now constitute a company. The object behind the incorporation of th......

Dear Professionals, Smiles for All This is a flashing write-up on something new and interesting initiated by Ministry of corporate affairs where MCA came up with another forward step by inserting a new Rule 25A under the Companies (Incorporation) Rules, 2014 under which a new form has been introduced i.e. Form INC-22A (ACTIVE). Rule 25A mandates every company incorporated on or before the 31st ......

Dear Professionals   Smiles for you all!!! Every time a business supposed to expand financially by issuing further share there should be an adequate margin between Paid up and authorized capital, in this write we will go through the procedure through we can increase our authorized capital, as given Under Companies Act, 2013, the process of Increase in Authorize Capital, is governed by Sect......

Dear Professionals, Hope you all are doing well !!!DPT-3 is the sole form for filing return of deposits. It is a onetime return of outstanding receipts of money or loans taken by a company which has not been considered as deposits.“Every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, ......

Dear Professionals, Greetings of the day!!! Following is the brief write-up regarding MSME Form I which has to be filed by some specified companies. As per the order, every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this no......

Dear Professionals and Students Hope you all are doing incredibly well!!! Are you the same people who think just like the title of this write then you must read it TILL THE END and give your view as well. In this write-up, I tried to pen down a piece of my thought process which may impact your day to day life as I gained this from my professional life. The word "leadership" can bring to mind a v......

Dear Professionals Hope you all are doing well !!!Under the newly introduced Companies (Amendment) Ordinance 2018, all companies registered in India after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital is required to obtain commencement of business certificate before commencing any business or exercising any borrowing powers. Since The Compa......

Dear Professionals MCA came up with a new sub-rule under Companies (Acceptance of Deposits), Rules, 2014 which says that every company (other than government company) shall file a onetime return of outstanding receipt of money or Loan by a Company but not considered as deposits and an explanation is added in Rule 16 of Companies (Acceptance of Deposits), Rules, 2014 in e form DPT-3  as per ......

  In our day to day life, we go through so many Food items and other eatables in my this write up I am going to sensitize you about importance of FSSAI Registration, It does not constitute professional advice or a formal recommendation but an information related to Food license which is essential for every Food business operator it will help you to get the same. Introduction: All Food Bus......

Dear ProfessionalsGenerally, Securities are freely transferable though there may be certain restrictions imposed on the transfer of shares of the private company as provided in their articles. Such restrictions, if any are added to protect the interest of shareholders and other security holders. Section 56 of the Companies Act, 2013 provides that the transfer of shares of the compan......

In General Terms, Copyright refers to the legal right of the owner of intellectual property. In simpler terms, copyright is the right to copy. This means that the original creator of a product and anyone he gives authorization to are the only ones with the exclusive right to reproduce the work. My Source of this write up today is http://copyright.gov.in. where I get an insight of Copyright law he......

Dear Professionals,Hope you all are doing well! In this article, we shall look through the different components of an affidavit, let’s begin with understanding the term Affidavit- “Affidavit” is a term used very frequently in the common-parlance; however, the consequences it carries are highly underestimated. People file affidavits being unaware of what its repercussions might ......

Dear Professionals, In this write up I have sum up multiple aspects of Right issue under Companies Act, 2013 which is a form of funding through existing shareholders of a company via an offer to buy share not obligation, here you can get idea and information about compliances to be complied to issue shares under section 62 of Companies Act, 2013 and rules applicable thereto, In this article, we'l......

INTRODUCTION TO AOA (ARTICLE OF ASSOCIATION): The article of association (AOA) is a document that specifies the regulations for a company's operations and defines the company's purpose. The document lays out how tasks are to be accomplished within the organization, including the process for appointing directors and handling of financial record.   Articles of association often identify the ......

  MCA vide its notification dated 13th November 2018 gives us again a challenging opportunity to make compliances more transparent as they notified National Financial Reporting Authority (NFRA) Rules 2018 changes are necessary and changes are good these new changes in financial reporting will enhance the credibility of corporate bodies. National Financial Reporting Authority is a body propo......

Dear Folks,As per the provision of section 80C deduction can be claimed for tuition fees paid to university, school, college or other educational institution situated in India but  if a person takes educational loan for himself, spouse or children for higher education from bank or financial institution, etc. he will get deduction for interest on such a loan for 8 years under section 80 E of I......

Dear Folks,Greetings of the day!! Hope You all are Doing Great.In this write I am sharing my knowledge and understanding about Proprietorship Firm,  Sole Proprietorship is a business or an establishment which is run by a single person. He or she, in whose name the business is run, is responsible for the enterprises. The sole proprietorship type is the favorite business form for small entrepre......

In my write up, I have shared with you my knowledge about Nidhi Company Registration under Companies Act, 2013, in a Nutshell, it is easier to Incorporate a Nidhi Company for saving and Mutual Benefits.Section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014 govern Nidhi companies. It shall be a public company. The Nidhi Company shall have only one object in its memorandum&nbs......

It is a quite prominent fact that an Import Export Code is not only an essential requirement for stepping into the international market and import and export trade, it is also the key to have a competitive edge over the fellow market players. Doing business internationally evidently gives a distinguished status in the local market. It allows the small traders and MSMEs to have a direct access to ......

Dear Readers,Hope you all are doing well!!!In this write up I have shared my knowledge based on Companies Act, 2013 mainly that what compliances are needed to be followed after incorporation of a company and specially focused on Private Limited companies registered in India.  1. FIRST BOARD MEETING WITHIN 30 DAYS FROM THE DATE OF INCORPORATION As per the provision of companies act 2013 alon......

Dear Readers, Non-profit organizations are always been seen as a special purpose vehicle (SPV) which act as instruments and are considered to be the driving force in helping out the government in doing the things which they always want to do, for the betterment of society, but could not do so due to of various factors. NPOs are the direct link between the society and their well-being and it provi......

Dear Professionals, With opening up of the Indian economy after 1991 and the adoption of globalization, there has been a steep rise in the operational activities of various sectors that were earlier very dormant. One of the best examples of this is the hospitality industry. One of the major parts of this sector is the hotel industry. The Indian tourism and hospitality industry has emerged as one ......

Dear Professionals,Hope You All Are Doing Well in your life! CV vs. Resume creates so many confusions between our young professionals like CS/CA/CMA/MBA or others who are just beginning their career either CV or Resume both are the initial step to get a good job. There are a few differences between the two types of application documents and this write-up will straighten out your queries as well a......

Dear Professionals,   This write up aims to bring a clear vision on the newly substituted provisions of Sec 185 and the practical issues prevailing thereon, substituted Section 185 deals with the restrictions on part of the Companies in advancing any loan or giving any guarantee or providing any security and to those whom a Company can provide such loan or guarantee or security subject to c......

Dear Professionals, In my current write up, it’s just obvious that in coming days many of our co-members will certify Annual return in bulk quantity which may impact their Professional Degree, So my dear professional colleagues always be careful in certifying the details of companies. Here I have shared in detail judgment against Mr.  Mohammed Haroon Rasheed Aabid. First of All 10 key......

Dear Professionals, I believe you all are doing well, in my below-mentioned write I have penned some of my research on EPF the term which annoys every salaried employee and professional, you may know it as that annoying, elusive chunk of your monthly salary that you aren’t able to spend. So what is it, and where does it go? Many queries can be resolved through this. What is EPF? You may k......

What are the Benefits of Starting a Business in the Form of a Company? It’s easy to transfer ownership by selling shares to another party Shareholders (often family members) can be employed by the company You’ll have access to a wider capital (fund) and skills (experienced professionals) base. Personal asset protection. Limited liabilities Companies allow owners to separate and ......

Dear CS Students, As we all know that the CS results are out now…. For some people 25th August 2018 has become the best day of their life, they have successfully added CS Prefix to their name, their dream come true while for others this day has become the biggest nightmare. They have given up on their dreams just because they were not able to make it happen this time also. Few of us must b......

Dear Taxpayers/Professionals The much-awaited forms in form 9 series, form 9 and 9-A has been notified vide notification 39/2018 dt 4th Sep 2018. This enables the taxable persons to compile the data with a reconciliation of financials and for the auditors to prepare themselves for the approach. Now let us go through in detail with the Annual return under GST. 1. What is GSTR-9? GSTR 9 is an ann......

Dear Professional Colleagues,As a responsible citizen of our country, we should pay our income taxes on time and should not avoid paying it. However, if the Income Tax Act, 1961 provides legal opportunities to save Income tax, it will not be prudent if you are not taking benefits of such provisions. HUF is an entity, which has been given certain exemptions, quite similar to an Individual by the IT......

A. What is a GST Invoice?An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment.B. Who should issue a GST Invoice?If you are a GST registered business, you need to provide GST-complaint invoices to your clients for sale of good and/or services. Your GST registered vendors will provide GST-compliant purchase invoices to you.C. How many cop......

Introduction All companies registered in India other than an OPC (One Person Company) is required to hold an annual general meeting each year in addition to other General Meeting. There should not be a gap of more than 15 months between one Annual General Meeting and the next and one meeting should be held in each of the calendar years. All newly incorporated companies are required to convene it......

Introduction of TDS on Purchase of Property in India TDS or tax deducted at source refers to the process of collecting income tax at source by the government of India. It is a kind of spot deduction of tax from the original source of income. TDS is deducted as per the Indian Income Tax Act, 1961 and controlled by the Central Board for Direct Taxes and it is a very important part of the Indian Re......

Dear Professional Colleagues,GST registration is required on crossing the threshold limit of Rs. 20 lacs and Rs. 10 lacs in the Northeast States part of India. But there are cases which becomes most important owing to the very reason that GST registration is mandatory from the day one without any threshold limit. GST Registration as per Threshold limit, Let us learn how to compute this thres......

Dear Professionals, In order to understand the process better regarding the dividend distribution in a listed company, one needs to understand what exactly is ‘dividend’ and all the mandatory steps taken by the board when it comes to dividend distribution in a company. To start off the concept of dividend distribution, one needs to have a clear idea that dividend is basically a porti......

Dear Assesses,If you have missed the extended income tax return (ITR) filing deadline as well, there's still a chance for you to file your return. However, there are certain points you need to understand before you avail of this last chance. An ITR filed after the due date is referred to as 'Belated Return'. Following the amendments in Finance Act, 2017, filing a belated return can cost you, i.e.,......

Brief Introduction of an Independent Director On a brief go through with Section 149 & Schedule IV i.e. Code of Conduct for Independent Directors, it has been provided that the appointment of Independent Director is subject to the approval of members in the general meeting. As per the Companies Act, 2013 a separate criterion has been established for the companies to have an Indepen......

Dear Professionals, Know your customer (alternatively, know your client or 'KYC') is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which govern these activities. Now, Central Government has extended the KYC for Directors as well. Just like Bank KYC, where governments want to know t......

Dear Professional Colleagues,In my previous article I have shared with you only half yearly & quarterly compliances applicable on listed companies now moving ahead and let’s get some broad view of more compliance applicable on listed companies. Primarily I am giving a brief on Listed Company.   A "Listed Company" is the public limited company which has any of its securities duly l......

BASIC CONCEPT: Section 153 talks about Application for allotment of Director Identification Number: Every individual intending to be appointed as director of a company shall make an application for allotment of Director Identification Number to the Central Government in such form and manner and along with such fees as may be prescribed (Which is Rs. 500/-). Section 154 talks about Allotment of D......

Dear Readers, Here are the 15 reasons why a corporate or a startup should incorporate an LLP for lesser compliance & smooth business functioning:   1. LEGAL RECOGNITION: An LLP is governed through Limited Liability Partnership Act, 2008 the entity gets its legal recognition itself.   2. LESS DOCUMENTATION: It is very simple to incorporate an LLP, as the process is very apt and s......

Dear CS Professionals and Aspiring Company Secretaries,   Post clearing professional programme examination and completing management training, the first thing a Company Secretary must do is to be the best, unique or ultimate CS, no matter if someone is opting for a corporate job or independent practice. "A CS Professional must possess some ultimate skill to the path of succe......

Dear Professionals and Students, Every Person who is going to start a business of Import or Export in India is required to get his PAN-based Import-Export Code (IEC) from Director General of Foreign Trade (DGFT), whether a person is willing to export his goods and services outside India or he is willing to import his goods or service from outside India. Import Export Code is the first requiremen......

Dear Professional Colleagues,Compliance Calendar is applicable to companies whose equity shares are listed on the Stock Exchange as per LODR (Listing Obligation and Disclosure Requirements) Regulation, 2015, here we mainly discuss about companies listed on BSE (Bombay Stock Exchange) since it’s a very crucial work for a professionals to comply with the requirements of Stock exchanges for qua......