Defunct Company: Methods to Fast track exit

By |2019-06-28T11:52:02+00:00June 28th, 2019|Categories: Company Articles|Tags: , , , , , , , , , , , , |

Introduction Defunct Company is a company which does not have any asset or any liability. The Defunct company that fails to commence business in its first year of establishment. On the 5th of  April 2017, the most awaited procedure of Fast track Exit is activated. Section 248 of the Companies Act 2013 deals with the fast-track exit procedure. Strike Off [...]

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80G Certificate: Eligibility, Documents Required

By |2019-06-28T11:35:38+00:00June 28th, 2019|Categories: Company Articles, Section 8|Tags: , , , , , , , , , , , |

80G Certificate for Individuals 80G Certificate helps you to exempt yourself from paying taxes to the government partly or fully. It became a part of the law book in 1967-68 and it still holds an important part in saving taxes. You get tax exemption on your taxes if you are making donations to: Charitable trusts Section 8 [...]

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Form MGT-8: Applicability, Compliance aspects & penalties

By |2019-07-06T05:53:00+00:00June 28th, 2019|Categories: Company Articles|Tags: , , , , , |

Introduction to Form MGT-8 Form MGT-8 is a certificate for the fulfillment of the annual return certified by a Company Secretary are as follows: having paid-up share capital of ten crore rupees or more or turnover of fifty crore rupees or more by a listed company, by the practicing company secretary. According to Rule 11(2), Companies Act 2013, under Section [...]

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ROC filing due date : Meaning, forms, ITR, Consequences of not Filing

By |2019-06-27T13:13:50+00:00June 27th, 2019|Categories: Company Articles, Income Tax|Tags: , , , , , , , , , , , |

The Ministry of Corporate Affairs, in a statement, released on the 29th of October 2018, has declared to favor the requests of the stakeholders by extending the Roc filing due date of Financial Statements and Annual Returns in the forms (details of which are provided below). The latest announcement allows the concerned companies to complete these obligations [...]

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Sales Order & its Application

By |2019-06-29T08:06:20+00:00June 27th, 2019|Categories: Company Articles|Tags: , , , , |

What are Sales Order and its application? SO is the short form of the sales order. And it is an order issued by a business to the customer. This order specifies the information about products and services ordered by a specific customer along with the price, quantity and terms and conditions. Businesses use it as a confirmation document [...]

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Process for 12A and 80G Registration

By |2019-04-30T06:20:05+00:00April 30th, 2019|Categories: Company Articles, Section 8|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

A non-profit organization or non-governmental organization (NGO), a charitable trust or a Section 8 Company, can apply for 80G registration as well as obtain certification under section 12A. Both certifications can be applied together or it can also be done separately also. If an NGO wants to apply for both separately, in that case, it will have [...]

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Charge Creation: Registration as per the Companies Act 2013

By |2019-04-29T10:13:10+00:00April 29th, 2019|Categories: Company Articles|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

To operate, diversify and expand, a company needs funds.  It may finance the various projects through its share capital and borrowed funds. The borrowed capital can be raised by the issue of debentures or by obtaining financial assistance from the Bank or even other Financial Institutions that have NBFC Registration. To securitize these loans, some assets of [...]

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MGT-14: Compliance, STP, Penalty and Download

By |2019-04-29T07:24:29+00:00April 29th, 2019|Categories: Company Articles|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Form MGT-14 was introduced in the Companies Act 2013. The purpose was that certain resolutions need to be filed with the Registrar of Companies, after the passing of the same at a Board meeting or the one held by Shareholders/Creditors of the company. As per Section 117(3), a copy of every resolution or any agreement, together with [...]

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CARO 2016: Requirements of “Companies Auditor Report Order”

By |2019-04-18T06:42:51+00:00April 18th, 2019|Categories: Accounting, Company Articles|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Section 143 of the Companies Act 2013 requires reporting on CARO. It states that certain class or description of companies shall include a statement on a few, particularly specified matters. CARO 2016 mandates that the auditor’s report of these specified companies must include this statement. In other words, this order lists down the matters on which an auditor is [...]

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