Other Editorials

Consequences of filing of forms after due date.

Penalty/Fine on Late filing of e-form alongwith additional Fees                                                                                                                                                (30th June 2021) It’s a common question amongst many professionals that “If company files e-form after due date whether there are any consequences except additional fees?” In this editorial, author will strive to answer the following: Whether Additional Fees is fine or Penalty? Provisions dealing …

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Updated definition of (SMCs) Small and Medium companies in Accounting Standard A greater flexibility to wider set of Companies

Updated definition of (SMCs)- Small and Medium companies in Accounting Standard A greater flexibility to wider set of Companies Short Summary: Ministry has issued, The Companies (Accounting Standards) Amendment, Rules 2021 passed on 23rd June 2021. These Rules came into effect from 23rd June 2021. Short Summary: The ministry of corporate affairs (MCA) has raised the …

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Clarification of Registration of INDEPENDENT DIRECTOR in Data Bank

Clarification of Registration of INDEPENDENT DIRECTOR in Data Bank Short Summary: Ministry has issued, The Companies (Creation and Maintenance of databank of Independent Directors) Amendment, Rules 2021 passed on 18th June 2021. These Rules came into effect from 18th June 2021. Applicability: The new norms shall be applicable to Existing Independent directors and Individual who …

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CLARIFICATION ON BOARD MEETING THROUGH VIDEO CONFERENCING:

CLARIFICATION ON BOARD MEETING THROUGH VIDEO CONFERENCING: Short Summary: Ministry has issued, The Companies (Meetings of Board and its Powers) Amendment, Rules 2021 passed on 15th June 2021. These Rules came into effect from 15th June 2021. Section 173 of Companies Act, 2013 allows to hold Board Meeting through physical as well as video conferencing …

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DUE DATE CALENDAR F.Y. 2021-22 (01.04.2021 – 31.03.2022)

DUE DATE CALENDAR F.Y. 2021-22 (01.04.2021 – 31.03.2022)   S. NO. FORM PURPOSE OF FORM Periodicity LAST DATE TO FILE REMARK   QUARTER – APRIL TO JUNE   MSME-1 Form for furnishing half yearly return with the registrar in respect of outstanding payments to micro or small enterprises Half yearly (Oct – Mar) 30-April-2021 Applicable …

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FSSAI makes it obligatory for food businesses to communicate FSSAI license No. on invoice/bills from 1st October 2021

The food business ecosystem is large and the 14-digit FSSAI number of any food business operator is not easily visible and available to consumer/service recipient. If the FSSAI number is not available to the consumer, expecting him to complain about complete coordinates is an uphill task. Even regulators find it difficult to trace the origin …

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Beginning of Era of MCA Website V3

Beginning of Era of MCA Website V3  MCA launched 1st Phase of version 3.0 of the website In the Budget 2021, our Hon’ble Finance Minister announced the MCA21- Version 3.0. In wake of the same, the Ministry of Corporate Affairs issued a press release on 05th February 2021. https://pib.gov.in/PressReleasePage.aspx?PRID=1695473 Eventually, MCA has launched the latest …

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Process of Name approval of LLP through “RUN-LLP-Reservation Unique Name-LLP

        Process of Name approval of LLP through “RUN-LLP-Reservation Unique Name-LLP”   The Complete process of LLP incorporation comprises various steps. Here in this article, we will describe the most essential step which is the “Process of Name approval (Name reservation) of LLP”. Step 1: Login on the MCA Website:   The applicant has to login into …

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DUE DATE CALENDAR (First Quarter) F.Y. 2021-22 (01.04.2021 – 30.06.2021)

S. NO. FORM PURPOSE OF FORM Periodicity LAST DATE TO FILE Extended Due Date REMARK     QUARTER – APRIL TO JUNE 1 MSME-1 Form for furnishing half yearly return with the registrar in respect of outstanding payments to micro or small enterprises Half yearly (Oct – Mar) 30-April-2021     31st July, 2021 Applicable …

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Spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ is an eligible CSR activity: MCA

BY CS PRIYANSHI GOYAL Spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ is an eligible CSR activity: MCA For devising more prolific approaches in dealing with the nagging pandemic circumstances predominating in the country, the Ministry of Corporate Affairs (MCA) has appeared with a …

Spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ is an eligible CSR activity: MCA Read More »

CSR – COVID

Short Summary: In this editorial, the author is discussing the provisions of the Corporate Social Responsibility concerning  CoVID 19 (Corona). As many questions have been received from the professional in respect of using the CSR funds for CoVID related activities. We have accumulated all the circulars of MCA and offering below for clarification regarding the …

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Setting up makeshift hospitals, passing COVID care facilities are eligible as CSR activity: MCA

By CS Priyanshi Goyal Setting up makeshift hospitals, passing COVID care facilities are eligible as CSR activity: MCA The second flow of Covid-19 is challenging more lives, and Finance Minister Nirmala Sitharaman has prompted the private sector for assistance in this predicament. Government and private hospitals are running out of beds, oxygen and medical personnel, …

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An Outline concerning FSSAI

An Outline concerning FSSAI FSSAI Stands for “Food Safety and Standard Authority of India. FSSAI is an Independent organization under the Ministry of Health. FSSAI Registration is mandatory for every individuals or entity that is eligible for an FSSAI food safety Registration or License. For Ex. Gol gappa stall, fruits/vegetables vendors, snacks stall, Tea Stall, …

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Extended – Due Dates Companies Act, 2013

SHORT SUMMARY: In this editorial author shall discuss all the extended due dates by Ministry of Corporate Affairs due to CoVID 19 and other amendments under Companies Act, 2013 S. No. Particular Extended Due Dates/ Effective Date A.       EGM – through Video Conferencing 30th June, 2021 B.       Passing of Resolution restricted in Rule …

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Ten (10) Amendments – Companies Act, 2013 Effective from 01st April 2021 F.Y. 2021-22

SHORT SUMMARY: In this editorial author shall discuss all the amendment under Companies Act, 2013 which came into effect from 01st April 2021 and impact financial year 2021-22. Many amendments has been made by MCA and Govt in last financial year I.e. 2020-21. However, out of those amendments many amendments are effective from 01st April …

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Everything about e-form CSR-1

Short Summary: Ministry of Corporate Affairs has launched CSR-1 form on their website w.e.f. 1st April 2021. E-form CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014. UNIQUE CSR REGISTRATION NO: Every entity who …

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Remuneration to Non-Executive & Independent Director

Summary: MCA has issued Notification on March 18, 2021 in relation to amendment in Schedule V of Companies Act, 2013. Schedule V, states about the Remuneration to ‘Remuneration to Managerial Person’. According to Schedule V, in case company has no profit or its profit are inadequate in such case Company can pay remuneration to managerial …

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AMENDMENT IN FINANCIAL STATEMENT (Balance Sheet & Profit & Loss account)

Short Summary: The Ministry of Corporate Affairs, Government of India, issued notifications dated 24th March, 2021 to amend Schedule III to the Companies Act, 2013 to enhance the disclosures required to be made by the Company in its Financial Statement. Purpose of Amendment: By these amendments MCA increasing stringency in compliances and adding numerous additional disclosures …

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