Posted On:  2 months ago


Monthly Summery of MCA for the month of July, 2017

A circular was issued to clarify that exemption from section 143(3)(i) of Companies Act, 2013 [reporting on internal financial controls by auditors in their audit reports] given through notification dated 13th June, 2017 shall be applicable for those audit reports in respect of financial statements for financial years commencing on or after 01/04/2016, which are made by auditors after the date of such exemption notification. (General Circular No. 08/2017 dated 25.07.2017).

article author One Roof Consultant

Posted On:  5 months ago


Limited Liability Partnership LLP –Annual Filing due dates and Penalty for MCA, Audit and Income Tax

Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms with the Registrar every year. All registered LLPs are required to prepare their accounts and fill in information regarding the profit earned, or any other financial inputs regarding business, and submit it to MCA and Income Tax Department every year. Following is the summary of compliance required for LLPLimited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms

article author CA Chirag Chauhan

Posted On:  7 months ago


FAQs on Frontend Business Process on GST Portal

Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services to both central and state governments including tax payers and other stakeholders. The Frontend services of Registration, Returns, Payments, etc. to all taxpayers will be provided by GSTN. It will be the interface between the government and the taxpayers.

article author One Roof Consultant

Posted On:  7 months ago


Procedure of TAN application through Simplified Profoma for Incorporating Company Electronically (SPICe) (Form No. INC-32) of MCA

an applicant may apply for allotment of a tax deduction and collection account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General  of  Income-tax  (Systems)  or Director General of Income-tax(Systems) shall specify the classes of persons, applicable forms and formats along with procedure for safe  and  secure  transmission  of  such forms and formats  in relation to furnishing of tax deduction and collection account number

article author One Roof Consultant

Posted On:  1 year ago


Peak Filing Preparation 2016-MCA 21

As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act. To avoid last minute rush and system congestion on the MCA 21 portal on account of annual filings during October / November 2016, we are quite sure that you might have already taken steps in advising corporates to file balance sheet and annual return of the companies early without postponing it to the last few days permitted for the same.

article author One Roof Consultant

Posted On:  1 year ago


FAQs on Frontend Business Process on GST Portal as per Goods and Service tax (GST)

Goods and Services Tax Network (GSTN) is a non-profit non-government company, which will provide shared IT infrastructure and service to both central and state governments including tax payers and other stakeholders. The Frontend services of registration, Returns and payments to all taxpayers will be provided by GSTN. It will be the interface between the government and the taxpayers.

article author CA Chirag Chauhan

Posted On:  1 year ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant

Posted On:  1 year ago


Central Registration Centre

This article gives a brief information on a new intiavtive by MCA in the name of CRC with only objective of quick company formation in India. CRC is new concept so it will take time to run smoothly. It will help to bring uniformity in Company Incorporation whereas ROC in different state had their own set of requirements.

article author CS Perila Sheth

Posted On:  1 year ago


Benefits of filing income tax return before due date of 31 July

People in India has a habit to wait till last moment to complete the task. They are always referred as Jugadi. The habit start during school and college days where we start studies one day before the exam. It continues in job profile also where we start working on projects a day before submission. Most of individual and few corporate have similar culture. They do all the compliance on the due date whether it is filing of Income Tax Return or Compliance of MCA.

article author CA Chirag Chauhan

Posted On:  1 year ago


Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities

The existing formats prescribed in SEBI Circular dated November 30, 2015 for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet to be submitted by the listed entities, with the stock exchanges, shall continue till the period ending December 31, 2016. For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half Yearly Balance Sheet to be submitted by the Listed Entities, with the stock exchanges, shall be as per the formats for Balance Sheet and Statement of Profit and Loss (excluding notes and detailed sub-classification) as prescribed in Schedule III to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators.

article author One Roof Consultant

Posted On:  1 year ago


How to know PAN Number of the Company/Business – Know your PAN from Basic Details

Know your PAN from Basic Details- This article will help you to know the basic details of a PAN no just follow the link and steps provided in article

article author Pankaj Goenka

Posted On:  1 year ago


How to start your own Chartered Accountant (CA) Practice – Opportunities and Challenges.

The real journey of Chartered Accountant begins after clearing CA final exam. Though passing exam and becoming CA is not an end, it is the beginning of a new journey. Many final cleared student will have feeling that they have successfully become CA and life will be easy thereon. Trust me it is a myth! Though life may be easy in terms of many opportunities, however there is competition and you need to compete with peers and technology which can easily replace you in coming decade.

article author CA Chirag Chauhan

Posted On:  1 year ago


Hindu Undivided Family (HUF) or its Karta cannot becomePartner in Limited Liability Partnership (LLP)

Ministry of Corporate Affairs, in response to clarification sought by ICAI, states that a Hindu Undivided Family (HUF) cannot become a partner in a partnership firm; MCA states that Karta or any other individual of the HUF can be a partner in his 'individual' capacity and not the HUF; Corporate Affairs Ministry relies on SC ruling

article author One Roof Consultant

Posted On:  1 year ago


Relaxation of additional fees and extension of time and filing of e-Forms by the Companies under Companies Act, 2013 and for filing of Annual Return (Form 11) by the LLPs under the Limited Liability Partnership Act, 2008.

The due date for filing Form 11 for LLP annual return for FY 2015-16 has finally been extended. Ministry of Corporate Affairs through General Circular No. 07 dated 31.05.2016 has extended the due date for filing of the Form 11 for FY 2015-16 has been extended upto 30th June 2016.

article author CS Perila Sheth

Posted On:  1 year ago


Clarifications for implementation of FATCA and CRS-reg : CBDT Circular no.12/2016

An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). To provide guidance for implementation of FATCA and CRS, A Guidance Note was released on 31st August 2015 which was subsequently updated on 31.

article author CA Chirag Chauhan

Posted On:  2 years ago


CARO 2016 issued by MCA Ministry of Company Affairs effective for Financial Year 2015-16

MCA has issued CARO 2016 on 30 March 2016 which is effective for Financial Year 2015-16. CARO, 2016 is applicable to every company, including foreign company and prescribed Class of Private Limited Company. CARO is not applicable for banking company, insurance company, Company for which Sec. 8 is applicable, One Person Company.

article author CA Chirag Chauhan

Posted On:  2 years ago


New Revised Eforms on MCA site w.e.f 27.03.2016

Changes in MCA filing compliances through issue of new eforms on 23.03.2016 which will be effective from 27.03.2016

article author CA Nikesh Sheth

Posted On:  2 years ago


Starting a New Business or Profession? Compare Structure and type of Entity– Sole, Partnership, LLP or Company

The very first question in the mind of entrepreneurs when they start new business or profession is the structure of entity which can be formed which has legal status and easy to do compliance. Many Start up are confuse whether to Form a Private Limited Company or Limited Liability Partnership or Partnership to begin the new venture. The article gives you analysis which can help you to decide structure of the entity its tax benefit and compliance requirement.

article author CA Chirag Chauhan

Posted On:  2 years ago


GN (A) 35 Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013

Schedule II to the Companies Act, 2013, specifies useful lives for the purpose of computation of depreciation. The said Schedule II was further amended by the Ministry of Corporate Affairs (MCA) through its notifications G.S.R. 237(E) dated March 31, 2014 and G.S.R. 627(E) dated August 29, 2014, respectively. As compared to Schedule XIV to the Companies Act, 1956, Schedule II, instead of specifying rates of depreciation for various assets, specifies that depreciation

article author CS Perila Sheth

Posted On:  2 years ago


MCA proposes new CARO, 2016 - Companies Auditor’s Report Order 2016

On 9th February, 2016, Ministry of Corporate Affairs (MCA) has issued draft Companies (Auditor’s Report) Order (CARO), 2016. As per Section 143 of the Companies Act, 2013, every auditor’s report under this section shall contain matters specified under applicable CARO (currently CARO, 2015). In comparison to the existing CARO (2015), CARO (2016) proposes reporting on some new requirements and eliminates some of the existing reporting requirements.

article author CS Perila Sheth