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Legal Compliances to be followed by a NIDHI COMPANY

PRE-INCORPORATION COMPLIANCE:

 

1. MEMBERS: Minimum: 7 Members

2. Directors:  Out of the above 7 at-least 3 should be Directors

3. Minimum Paid up equity Share Capital: Rs. 5 Lakhs

4. No Preference Shares are allowed to be issued. If an existing company has preference shares and wan…

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Trade License in West Bengal

A Trade License certificate is a document from the municipality that grants permission to a company to carry on trade or business. 

The license is given if the business complies with certain rules and regulations laid down by the corporation and safety authorities of the state. The application …

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DOT Registration, Annual Return and Event Based Compliance

Definition of DOT OSP:

According to Department of Telecommunication (DOT), Other Service Providers (OSP) refers to the companies providing services in the tele-communication Industry with use of telecom resources. OSP includes call centres and Business Process Outsourcing (BPO). OSP providin…

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TDS on cash withdrawal of more than Rs. 1 cr

TDS ON CASH WITHDRAWAL (SECTION 194N)

Applicability:

The Finance (No. 2) Act, 2019 has inserted a new  section 194N, with effect from 01 September, 2019, provides that every person, being-

  • a banking company to which the Banking Regulation Act, 1949 applies (including any bank or ban…

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MANDATORY ANNUAL FILING FOR PRIVATE LIMITED COMPANIES

MANDATORY ANNUAL FILING FOR PRIVATE LIMITED COMPANIES UNDER COMPANIES ACT 2013

Every Private Limited Company is required to file following two forms compulsorily:

  1. AOC-4
  2. MGT-7

AOC-4 is required to be filed within 30 days from the end of Annual General Meeting (AGM). For the purpos…

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Appointment of subsequent Auditor

 
APPOINTMENT OF SUBSEQUENT AUDITOR OF A COMPANY UNDER COMPANIES ACT, 2013 
 
Section 139(1): Appointment of Subsequent Auditor in case of Non-Government Company
 
As per Sub section 1 of section 139, every company shall at the first Annual General Meeting appoint an individua…

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INCOME TAX DEDUCTION FROM SALARIES

INCOME TAX DEDUCTION FROM SALARIES U/S 192 OF INCOME TAX ACT, 1961 FOR FINANCIAL YEAR  2019-20

First let us take a look at the rates of Income tax as per the Finance Act, 2019: 

Tax to be deducted at normal rates:
 

Serial no

Total …

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APPOINTMENT OF FIRST AUDITOR IN A COMPANY

 
As per section 139(6) the first auditor of the company other than a government company shall be appointed by the Board within 30 days of Incorporation.In case of Board failure,an EGM shall be called within 90 days to appoint the first auditor.The law is silent regarding from when this time…

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Finance, Accounts, Audits, and Reports under West Bengal Housing Industry Regulation Act, 2017

Grants and loans by State Government (Section-70):-The State Government may, after due appropriation made by State Legislature by law in this behalf, make to the Authority, grants, and loans of such sums of money as the State Government may think fit for being utilized for the purposes of this Act.

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Offence and penalties under WBHIRA Act, 2017

TEH WEST BENGAL HOUSING INDUSTRY REGULATION ACT, 2017

Offences and Penalties:-

  1. Punishment for non-registration under section 3:-
    1. If any promoter contravenes the provisions of section 3, he shall be liable to a penalty which may extend up to ten per cent, of the estimated cost of the…

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