As per section 139(1) of Companies Act 2013, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting. As per first proviso to section 139(1) of Companies Act … [Read more...] about Ratification of Company Statutory Auditor – In cases where appointment is for 5 years tenure
Form MGT9 is to be attached to Company’s Directors Report – Companies Act 2013
As per sub section 3 of Section 92 of Companies Act 2013, an extract of the annual return in such form as may be prescribed shall form part of the company's board’s report. This means, from financial year 2014-2015 onward, the extract of the annual return shall form part of the Board’s report instead of balance sheet as provided in earlier old Companies Act 1956. Rule 12 … [Read more...] about Form MGT9 is to be attached to Company’s Directors Report – Companies Act 2013
Company annual return in Form MGT7 – Preparation, Time Limit, Fee and Penalty as per Companies Act 2013
In old Companies Act 1956, Section 159,160,161,162 and Schedule V were dealing with the company Annual Return & related provisions. Now company annual return provisions are combined together in Section 92 of the new Companies Act 2013. As per the new law, annual return is compulsorily required to be filed with the registrar of companies or ROC in the prescribed form … [Read more...] about Company annual return in Form MGT7 – Preparation, Time Limit, Fee and Penalty as per Companies Act 2013
Appointment of director in casual vacancy under Companies Act 2013
Casual vacancy can be caused by the resignation, death or disqualification of an existing director. Through this write up we are going to discuss how to appoint a director in case of casual vacancy under companies act 2013. As per section 161(4) of Companies Act 2013, in case of public limited companies, if the office of a director is vacated before expiry of his or her … [Read more...] about Appointment of director in casual vacancy under Companies Act 2013
How to link Aadhar number to your PAN for filing return of income
As per the present tax laws of India, a tax payer filing income tax return without using digital signature certificate or DSC is required to send acknowledgement form or ITR V generated after uploading the return of income to the tax department’s CPC Bangalore office. If such acknowledgement or ITR V has not been received by tax department within 120 days then the ITR filed … [Read more...] about How to link Aadhar number to your PAN for filing return of income
ITR V form password, check list and how to send it to tax department
Tax department has laid down certain guidelines for taxpayers to follow while filing their return of income. If it’s not followed then your return of income may get rejected. Tax payers in India have option to use digital signature while filing their return of income with the tax department. If it’s used then you are not required to send the signed acknowledgement form or … [Read more...] about ITR V form password, check list and how to send it to tax department
Who should sign subscription page of MOA or Memorandum of Association
As per Companies Act 2013 read with related rules there under, a Memorandum of Association and Article of Association of a company should be signed by all the subscribers to the MOA of the company at the time of incorporation stating therein the name of subscriber, address, description and occupation in presence of at least one witness. The witness shall attest the signature … [Read more...] about Who should sign subscription page of MOA or Memorandum of Association
How to identify loans or advances as Non Performing Asset or NPA for a bank
To move towards greater transparency and consistency in the published accounts of a bank, RBI has introduced prudential norms for income recognition, asset classification and provisioning for the advance portfolio of the banks. The main objective of these norms is to reflect bank’s actual financial health in its balance sheet. As per the prudential norms introduced by … [Read more...] about How to identify loans or advances as Non Performing Asset or NPA for a bank
How to get an Import export code or IEC number in India
Import Export Code or IEC in short, is provided by Director General of Foreign Trade, ministry of commerce, government of India. Its a 10 digit special code required for a person looking at making an import into India or exporting a product or service out of India. To get issued an import export code or IEC number for your business, you are required to submit following … [Read more...] about How to get an Import export code or IEC number in India
Now, One individual can start a company in India – One Person Company or OPC
Under the old Companies Act 1956, it was required to have at least two people to form a private limited company and 7 people to form a public limited company. There was no concept of forming a company with a single shareholder as its member. Also Read: Minimum Persons required to register a company in India In Companies Act 2013, a new concept has been introduced known as … [Read more...] about Now, One individual can start a company in India – One Person Company or OPC