As the name indicates, pyramid scheme is structured like a pyramid with the initial recruiter on the top of the pyramid. Initial recruiter recruits a second person who needs to invest certain amount to get enrolled. Out of the enrolled money a fixed percentage will be paid to the initial recruiter for having one investor under him. Now the second person will be eligible for … [Read more...] about How pyramid scheme works as financial crime
What is Ponzi scheme and how Ponzi Scheme works
Ponzi Scheme is designed to convince investors to place their hard earned money into a fraudulent investments scheme to get higher returns in future with little or no risk. Ponzi Scheme are generally designed in such a way that they will gather all relevant funds from the new investors and then distribute them to the old existing investors for whom payment was due. This … [Read more...] about What is Ponzi scheme and how Ponzi Scheme works
How long it takes to register a private limited company in India
To know, how long it takes to register a private limited company, we need to first look into the actual business days required in each step of company incorporation process and practical difficulties faced during the process. Private limited company registration starts with getting director identification number and ends with obtaining certificate of … [Read more...] about How long it takes to register a private limited company in India
Empanelment of CA firms with CAG for the year 2016-2017
A chartered accountant firm and chartered accountant limited liability partnerships (LLPs) in India can apply for empanelment with the office of Comptroller and Auditor General or CAG of India for allotment of audit of Public Sector Undertakings or Statutory Corporations for the year 2016-17. Even state government departments will be asking for CAG empanelment letter while … [Read more...] about Empanelment of CA firms with CAG for the year 2016-2017
Sukanya Samriddhi Account – Special Features and Tax benefits
Our Prime Minister Mr Narendra Modi on 22nd January 2015 launched Sukanya Samriddhi Account as a part of the Beti Bachao Beti Padhao campaign. This account can be opened in any post office or authorized branches of a commercial banks. On this occasion our Prime Minister handed over bank account details to five girls under the 'Sukanya Samriddhi Yojna' (girl child prosperity … [Read more...] about Sukanya Samriddhi Account – Special Features and Tax benefits
How to apply PAN card for a partnership firm in India
Partnership firm in India are governed by Partnership Act, 1932. In India anyone can form partnership firm either by writing a partnership agreement or by oral. For income tax purpose, partnership firm has to submit partnership deed as a proof of its existence along with PAN card application form 49A. Before applying you need to make sure that partnership deed is prepared … [Read more...] about How to apply PAN card for a partnership firm in India
Where to incorporate or register a company in India
Registrars of companies or ROC are appointed under Companies Act with the primary duty of registering companies and LLPs in respective states and union territories. These ROC offices also ensure that such companies and LLPs comply with statutory requirements under the Companies Act 2013. The Central government exercises administrative control over these registrars of … [Read more...] about Where to incorporate or register a company in India
Penalty for late filing or failure to file Company’s annual return – Form MGT7
Company’s annual return is to be filed with registrar of companies within 60 days from the date of annual general meeting. Where annual general meeting has not been held for the year then within 60 days from the date on which AGM should have been held. Read: Detail provision on time limit for filing company's annual return In this article, we will discuss normal fees that … [Read more...] about Penalty for late filing or failure to file Company’s annual return – Form MGT7
Time limit for filing company’s Annual return with ROC
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 2013, Companies are required to file a copy of the … [Read more...] about Time limit for filing company’s Annual return with ROC
When and to whom notice of general meeting is to be sent
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 meeting is required to be sent. Time limit for sending notice of general … [Read more...] about When and to whom notice of general meeting is to be sent