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Blog posts : "Companies Act"

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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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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Guide to the Mandatory compliance of a Private Limited Company

 
 
1. Company Name Board- Every Company shall paint or affix the name and address of registered office and keep the same painted/affixed outside every office or place in which its business is carried on, in legible letters.
 
2. Letter Head of Company- Every Company shall get its n…

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TAXABILITY IN CASE OF JOINT DEVELOPMENT AGREEMENTS

The taxability of capital gains arising on transfer of title to land from the landowner to the developer in a Joint Development Agreement (JDA) can be summarised as under-

Determination of date of Transfer:

Sub-section (5A) in section 45 of the Income Tax Act, 1961 provides that the capital ga…

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Private Placement of Shares

A private company may issue securities through 3 methods to raise capital:-

a) Through the issue of bonus shares

b) Through the issue of right shares

c) Through private placement

 

Private Placement (Section 42) refers to an offer made to a particular group of persons by a company by…

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Relief on startups

Under the Startup India Action Plan, startups eligible are required to apply for recognition.

The government is now considering giving complete exemption to startups from angel tax once they are certified by the Commerce and Industry Ministry to help growing entrepreneurs.

Multiple Startups a…

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Filing of eForm INC-22A

Filing of e-Form INC-22A: Active Company Tagging Identities and Verification (ACTIVE)

MCA has issued a notification on 21.02.2019, and brought amendment by Companies (Incorporation) Amendment Rules, 2019, wherein certain new statutes have been introduced,

  • Insertion of new Rule 25A after …

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IE Code Registration

Any entity cannot import or export without having a valid IEC Number. It is a mandatory requirement without which facilitation of import or export cannot be done. So, the question of what is  IEC number naturally arise.

Well, it is a 10 digit code number which is issued by DGFT(Director General …

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Conversion of Partnership into LLP

The introduction of LLP (Limited Liability Partnership) under the Limited Liability Partnership Act of 2008 in India has brought many advantages along with it such as 

  • limited liability for partners, 
  • perpetual existence, 
  • better access to credit, 
  • potential for growth, 
  • easy …

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DORMANT COMPANY – AN OUTLOOK

DORMANT COMPANY – AN OUTLOOK


According to section 455 of Companies Act, 2013 Dormant Company is an inactive company which has not been carrying any business or has not made any significant accounting transaction in the last two financial years. 
i)    “inactive company” means a company whic…

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Registration of producer company

PRODUCER COMPANY – AN OVERVIEW

Producer Company is a company registered under the Companies Act, 2013, which has the objective of production, harvesting, procurement, grading, pooling, handling, marketing, selling and export of primary produce of the Members or import of goods or services for t…

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Filing of annual ROC returns

Filing of annual ROC returns

 

What are annual filings?

Companies incorporated under the Companies Act 1956 or Companies Act 2013,Form 23AC : For filing Balance Sheet (applicable to all Companies other than select class of Companies) are supposed to annually file eForms with the Registrar …

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Company Closure - STK-2

Decoding STK-2 – Closure of defunct companies

A company may, after extinguishing all its liabilities, by a special resolution or consent of seventy-five per cent members in terms of paid-up share capital, file an application in STK-2 to the Re…

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Company Registration through SPICe can be done within a day

SPICe- Simplified Proforma for Incorporating Company Electronically

A newly introduced INC-32 or SPICe by MCA is a simplified version of registration of companies in India. MCA has replaced INC 29 with INC-32 with linked forms for eAOA- INC-34 and eMoA-INC 33. The modifications in the form are ma…

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