Time limit for filing company’s annual return is the most important thing as failure in filing will attract huge penalty under Companies Act 2013. Through this write up, we will be discussing provisions related to time limit for filing of annual return with registrar of companies or ROC. As per section 92 of Companies Act … Read More » "Time limit for filing company’s Annual return with ROC"
Section 101 of Companies Act 2013 has very clearly stated the time limit of sending notice of general meeting, to whom it has to be sent and the mode of sending. Today, through this write up, we will be discussing provisions of Companies Act 2013 related to time limit and to whom notice of general … Read More » "When and to whom notice of general meeting is to be sent"
Financial year 2014-2015 onward, company has to file form MGT7 as its annual return before the time limit as specified in Companies Act 2013. Before filing, form MGT7 is required to be digitally signed on behalf of the company by using authorised person’s digital signature certificate or DSC. Today, we will be discussing provisions of … Read More » "Who shall sign company’s annual return for filing with ROC"
As per the recent Report No 32 of 2014 (Performance Audit) of CAG, 22 chartered accountants have done more than 400 tax audits for assessment year 2013-2014 instead of the present limit of 45 tax audits. Out of the list one chartered accountant has done 2471 tax audits for the assessment year 2013-2014. To maintain … Read More » "22 chartered accountants have issued more than 400 tax audit report for AY 2013-2014"
Company audit ceiling limit or restriction on number of audits which can be conducted by an auditor is specified in Section 141(3) (g) of Companies Act 2013. As per provisions of Section 141(3)(g) of Companies Act 2013, following persons shall not be eligible for appointment or reappointment as an auditor of company, namely- “a person … Read More » "Company Audit ceiling limit as per new Companies Act 2013 – Section 141(3)(g)"
Imagine you run a garment shop in Mumbai. One fine day, when you start your computer to enter sales transactions, you are in a rude shock. You can’t open any program and some unpleasant advertisements keep flashing all over the screen. You realize that your computer is infected by a virus and the worst part … Read More » "How Cloud Accounting Can Help You To Secure Your Financial Data"
Annual general Meeting or AGM is a yearly gathering of shareholders and directors. This is the time when shareholders and executives of a company interact with each other on various aspects of the company including financial performance. Shareholders can use this opportunity to express their concerns. Today, we will discuss right and responsibility of auditor … Read More » "Rights and responsibility of auditor in Annual General Meeting of a Company"
One Person Company or OPC can be formed in India by a natural person who must be an Indian citizen and resident of India. Such OPCs are provided with simpler legal and governance regime for their operations and lesser compliance requirements relating to general meetings and board meetings. But, the question is Can One Person … Read More » "Can One Person Company be converted to private or public limited company"
Concept of One Person Company is introduced for the first time in Companies Act 2013. Earlier to this act, there was no such type of provision to create or incorporate One Person Company. Before incorporating One Person Company in India, many promoters wanted to know its advantages and disadvantages. Through this write up, today, we … Read More » "Advantages and Disadvantage of One Person Company or OPC"
Procedure for conversion of a Private Limited Company to One Person Company or OPC is regulated by Companies (Incorporation) Rule, 2014. Rule 7 of Companies (Incorporation) Rule, 2014 specifically talks about this conversion procedure. A Private limited company can get converted to One Person Company or OPC if it has not more than 50 Lakhs … Read More » "How to convert Private Limited Company into One Person Company or OPC"