Ministry of corporate affairs has notified phases for convergence to Ind AS from the current accounting standards to the Indian Accounting Standards (Ind AS). As per the notification, The Companies and their auditors shall comply with the Indian Accounting Standards (Ind AS) in the preparation of their financial statements and audit respectively. Applicability of Ind … Read More » "Applicability of Ind AS – Indian Accounting Standards"
One Person Company or OPC is a separate legal entity registered with the registrar of companies. Most important feature of an OPC is that it’s formed by only one person as a member and in which member and director can be the same person. One Person Company can be registered only as a private limited … Read More » "Board meeting for One Person Company"
In the old Companies Act 1956 there were no provisions of forming a One Person Company. Minimum of two directors and shareholders were required to form a private limited company. With the introduction of new Companies act 2013, a One Person Company can be formed with only 1 person who can be a director as … Read More » "Compliance and annual filing for One Person Company – OPC"
Every tax payer under GST law is required to self-assess the tax payable by him or for the business and furnish periodical return with the government stating all the details. After filing the return, department will carry on compliance verification. During compliance verification, if the department requires then they may call for additional record based … Read More » "Accounts and Records to be maintained by Registered person under GST Law"
The purpose of audit under GST law is to assess the compliance with the provisions of GST and to verify the correctness of turnover declared, tax paid, input tax credit availed and refund claimed. Audit is a process of examining records, returns and other relevant documents maintained by the registered person to know how far … Read More » "Audit under Goods and Services Tax Law – GST"
Goods and services tax or GST has been introduced as one nation one tax to subsume different taxes that were charged earlier by central and state governments. To get started, a taxable person has to first register under the GST law. However, there can be cases where registration taken by the taxable person require cancellation. … Read More » "Cancellation of GST Registration – Provisions and Procedure"
Annual return is a comprehensive document containing information of a company relating to its share capital, indebtedness, directors, shareholders, changes in directorships and other important disclosures. According to the Companies Act 2013, annual return can be divided into three parts; Form MGT-7- Annual Return [Sec.92] Form MGT-9– Extract of Annual Return which shall form part … Read More » "Certification of Annual return by a Practicing Company Secretary"