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 Companies act 2013 to know who shall … [Read more...] about Who shall sign company’s annual return for filing with ROC
Company Audit ceiling limit as per new Companies Act 2013 – Section 141(3)(g)
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 who is in full time employment … [Read more...] about Company Audit ceiling limit as per new Companies Act 2013 – Section 141(3)(g)
Rights and responsibility of auditor in Annual General Meeting of a Company
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 in a company … [Read more...] about Rights and responsibility of auditor in Annual General Meeting of a Company
Can One Person Company be converted to private or public limited 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 Company be converted to private or public limited … [Read more...] about Can One Person Company be converted to private or public limited company
Advantages and Disadvantage of One Person Company or OPC
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 are going to discuss various advantages … [Read more...] about Advantages and Disadvantage of One Person Company or OPC
How to convert Private Limited Company into 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 rupees paid up share capital or … [Read more...] about How to convert Private Limited Company into One Person Company or OPC
When charitable trusts are required to file income tax return
Charitable trusts in India are set up for social causes. To get tax exemption these registered charitable trusts are required get their trust registered with income tax department and follow tax regulations as prescribed in India. As per Income Tax Act, 1961, charitable trusts in India are required to file income tax return before the due date as prescribed in the Act. … [Read more...] about When charitable trusts are required to file income tax return
Consent of Nominee to form One Person Company in India
One person can form a company for any lawful purpose by subscribing his or her name to the memorandum of association i.e. by becoming a shareholder. Such forms of company in India are called One Person Company. To ensure that the One Person Company lives on even after the death or disability of the sole owner, Companies Act 2013, has made it mandatory that the sole owner has … [Read more...] about Consent of Nominee to form One Person Company in India
Is cash flow statement required for private limited companies
With the introduction of new companies act 2013, many students and professionals are asking one common question, is cash flow statement required to be prepared for a private limited company while preparing financial statements at the end of the financial year. Today we will be discussing requirement of cash flow statements and companies to which it’s not applicable. For … [Read more...] about Is cash flow statement required for private limited companies
Definition of Small Company and few relaxations as per Companies Act 2013
Companies Act 2013 has introduced a new concept known as small company. Small company as per the Companies Act 2013 is defined with reference to the paid up share capital or the turnover as per the last profit and loss account of a private limited company. Because of the size, small companies are considered and they are not required the same level of compliance as large … [Read more...] about Definition of Small Company and few relaxations as per Companies Act 2013