Ministry of Corporate Affairs has come
up with another stern step by inserting a new Rule 25A under the Companies
(Incorporation) Rules, 2014 and introduced a new Form INC-22A (ACTIVE).
Showing posts with label Company Law. Show all posts
Showing posts with label Company Law. Show all posts
Monday, 25 February 2019
Tuesday, 19 February 2019
Form DPT - 3
The Companies (Acceptance of Deposits) Amendment Rules 2019,
as notified by the
MCA on 22 Jan 2019, has introduced a new form DPT - 3.
Form DPT-3 shall be
used for filing return of deposit or particulars of transaction not considered
as deposit or both by every company other than Government company.
Read more: DPT 3 - NEW FORM INTRODUCED BY MCA
Notification: https://drive.google.com/open?id=1CgROuJobS6nRqtLo7Tj0hV8_f67HtQrp
Wednesday, 27 January 2016
REGISTRATION OF COMPANY’S NAME – RECENT CHANGES
On 26th Jan., 2016 Government has notified the Companies (Incorporation) Amendment Rules, 2016. With the amendment, process of registration of company has been more simplified.
Read More:
https://drive.google.com/file/d/0B1rRav-P4-8JcjdnN2dhR3daM3c/view?usp=sharing
Source: http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_22012016.pdf
Read More:
https://drive.google.com/file/d/0B1rRav-P4-8JcjdnN2dhR3daM3c/view?usp=sharing
Source: http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_22012016.pdf
Tuesday, 23 June 2015
Reporting on Fraud under Section 143(12) of the Companies Act, 2013
With the introduction of section 143(12) of the
Companies Act, 2013, the Central Government is apparently
seeking the support of the auditors in bringing in greater
transparency and discipline in the corporate
world to protect the interests of the shareholders as also the public, at large. The Institute of Chartered Accountants has come out with a Guidance Note on
Reporting on Fraud under Section 143(12) of the Companies Act,
2013 with a aim to address auditors responsibility while carrying out a limited
review or other attest services, issues in
reporting on section 143(12) in audit of
consolidated financial statements and more of such incidental
issues that would arise before the auditors in complying with the
requirements of this section and the related Rules.
Besides, this Guidance Note gives much needed guidance on the
concepts of reasons to believe”,
“suspicion”, etc., and other procedures involved.
Following presentation is based on the above subject:-
https://drive.google.com/file/d/0B1rRav-P4-8JYkdERGdLTG1Ib2c/view?usp=sharing
Monday, 12 August 2013
Wednesday, 15 August 2012
INCREASE IN REMUNERATION OF NON WHOLE TIME DIRECTORS DUE TO APPLICABILITY OF SERVICE TAX PROVISIONS - approval of Central Government under section 309/310 of the Companies Act not required.
General Circular No.24/2012
Dated 9th August 2012
Sub: Applicability of Service Tax on Commission payable to Non-Whole Time Directors of a Company under section 309(4) of the Companies Act, 1956 – approval of Central Government under section 309/310 of the Companies Act – regarding
The finance Act 2012 has introduced Service Tax which is applicable to anyone who provides a Service not covered under the negative /exempted list and if the value of annual revenue is more than 10 lakh. The Non-whole Time Directors of the Company are presently not covered under the exempted list and as such, the sitting fee/ commission payable to them by the company is liable to Service Tax.
If such Service Tax is paid by the Company it will be deemed to be a part of remuneration under section 198 of the Act and would accordingly increase the remuneration amount of such Non Whole Time Directors. This remuneration could then exceed the limit of 1% profit [u/s 309(4)] of the Company when the Company has a Managing / Whole Time Directors / Managers or 3% of the profit [u/s 309(4)] of the company if the Company does not have a Managing / Whole Time Directors / Managers as the case may be. As per existing provisions of the Companies Act, 1956, this would require prior approval of Central Government u/s 309/310 of the Act.
It has now been decided that any increase in remuneration of Non- Whole Time Director(s) of a Company solely on account of payment of service tax on commission payable to them by the Company, as the case may be shall not require approval of Central Government under Section 309 and 310 of the Companies Act even if it exceeds the limit 1% or 3% of the profit [u/s 309(4)] of the Company, as the case may be, in the financial year 2012-13
Dated 9th August 2012
Sub: Applicability of Service Tax on Commission payable to Non-Whole Time Directors of a Company under section 309(4) of the Companies Act, 1956 – approval of Central Government under section 309/310 of the Companies Act – regarding
The finance Act 2012 has introduced Service Tax which is applicable to anyone who provides a Service not covered under the negative /exempted list and if the value of annual revenue is more than 10 lakh. The Non-whole Time Directors of the Company are presently not covered under the exempted list and as such, the sitting fee/ commission payable to them by the company is liable to Service Tax.
If such Service Tax is paid by the Company it will be deemed to be a part of remuneration under section 198 of the Act and would accordingly increase the remuneration amount of such Non Whole Time Directors. This remuneration could then exceed the limit of 1% profit [u/s 309(4)] of the Company when the Company has a Managing / Whole Time Directors / Managers or 3% of the profit [u/s 309(4)] of the company if the Company does not have a Managing / Whole Time Directors / Managers as the case may be. As per existing provisions of the Companies Act, 1956, this would require prior approval of Central Government u/s 309/310 of the Act.
It has now been decided that any increase in remuneration of Non- Whole Time Director(s) of a Company solely on account of payment of service tax on commission payable to them by the Company, as the case may be shall not require approval of Central Government under Section 309 and 310 of the Companies Act even if it exceeds the limit 1% or 3% of the profit [u/s 309(4)] of the Company, as the case may be, in the financial year 2012-13
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