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DIR-3 KYC Due Date is 30th September, 2021.

Get it done on time to avoid penalty of Rs. 5000 and deactivation of your DIN.

For assistance contact QuickLaw Solutions.

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QuickLaw Solutions – Innovative Approches, Proven Results Best advice, just when you need it! CONTACT US ABOUT US ABOUT US QUICKLAW SOLUTONS IS ENGAGED IN PROVIDING PROFESSIONAL SERVICES RELATED TO COMPANY INCORPORATION, CORPORATE COMPLIANCE, TAX ADVISORY, INCOME TAX RETURN, BUSINESS REGISTRATION, GST FILINGS, ACCOUNTING, BUSINESS COMPLIANCE AND MANAGEMEN...

MCA has notified the Companies (Appointment and Qualification of Directors) Amendment Rules, 2021 to further amend the Companies (Appointment and Qualification of Directors) Rules, 2014, which shall come into force on the date of their publication in the Official Gazette i.e 19-08-2021. The Amendment provides that an individual shall not be required to pass the online proficiency self-assessment test to be included in independent directors databank when he has served for a total period of not less than three years as on the date of inclusion of his name in the data bank in the pay scale of Director or equivalent or above in any Ministry or Department, of the Central Government or any State Government, and having experience in handling matters relating to commerce, corporate affairs, finance, industry or public enterprises; or the affairs related to Government companies or statutory corporations set up under an Act of Parliament or any State Act and carrying on commercial activities. It is further provided that an individual who are or have been, for at least ten years either as an advocate of a court or in practice as a chartered accountant or in practice as a cost accountant or in practice as a company secretary, shall not be required to pass the online proficiency self-assessment test.

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The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was introduced in Lok Sabha on July 26, 2021. It amends the Insolvency and Bankruptcy Code, 2016. Insolvency is a situation where individuals or companies are unable to repay their outstanding debt. The Bill replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, which was promulgated on April 4, 2021. The Code provides a time-bound process for resolving the insolvency of corporate debtors (within 330 days) called the corporate insolvency resolution process (CIRP). The debtor himself or its creditors may apply for initiation of CIRP in the event of a default of at least one lakh rupees. Under CIRP, a committee of creditors is constituted to decide on the insolvency resolution. Application for initiating PIRP may be filed in the event of a default of at least one lakh rupees. The central government may increase the threshold of minimum default up to one crore rupees through a notification. During PIRP, the debtor will be provided with a moratorium under which certain actions against the debtor will be prohibited. These include filing or continuation of suits, ex*****on of court orders, or recovery of property. At any time from the PIRP commencement date but before the approval of the resolution plan, the committee of creditors may decide (with at least 66% of the voting shares) to terminate PIRP and instead initiate CIRP.

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QuickLaw Solutions – Innovative Approches, Proven Results Best advice, just when you need it! CONTACT US ABOUT US ABOUT US QUICKLAW SOLUTONS IS ENGAGED IN PROVIDING PROFESSIONAL SERVICES RELATED TO COMPANY INCORPORATION, CORPORATE COMPLIANCE, TAX ADVISORY, INCOME TAX RETURN, BUSINESS REGISTRATION, GST FILINGS, ACCOUNTING, BUSINESS COMPLIANCE AND MANAGEMEN...

The Ministry of Labour and Employment has published the National Pension Scheme for Traders, Shopkeepers and Self-Employed Persons, 2019, which shall come into force on the date of its publication in the Official Gazette i.e 11-08-2021, in all the States and Union Territory Administrations. This scheme aims at providing pensions to small traders, shopkeepers, and self-employed persons to ensure their old age protection. Any individual desirous of availing the benefits under the Scheme shall be required to furnish proof of possession of Aadhaar or undergo Aadhaar authentication. Further, under this Scheme, a minimum monthly assured pension of three thousand rupees per month is given to the beneficiaries after attaining the age of sixty years. In order to provide benefits to the beneficiaries under the Scheme conveniently, the Ministry through its Implementing Agencies shall make all the required arrangements to ensure wide publicity through media is given to the beneficiaries to make them aware of the requirement of Aadhaar under the Scheme.

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MCA has exempted the foreign companies and companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India, insofar as they relate to the offering for subscription in the securities, requirements related to the prospectus, and all matters incidental thereto in the International Financial Services Centre set up under section 18 of the Special Economic Zones Act, 2005. Further, Section 387 to 392 of the Companies Act, 2013 deals with the dating of prospectus and provisions as to experts’ consent and allotment, the registration of the prospectus, the offer of India depository receipts, and the punishment for contravention.

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QuickLaw Solutions – Innovative Approches, Proven Results Best advice, just when you need it! CONTACT US ABOUT US ABOUT US QUICKLAW SOLUTONS IS ENGAGED IN PROVIDING PROFESSIONAL SERVICES RELATED TO COMPANY INCORPORATION, CORPORATE COMPLIANCE, TAX ADVISORY, INCOME TAX RETURN, BUSINESS REGISTRATION, GST FILINGS, ACCOUNTING, BUSINESS COMPLIANCE AND MANAGEMEN...

The provisions under Rule 138E of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Restriction on furnishing of information in PART A of FORM GST EWB 01” for taxpayers who have not filed GST returns for two months or quarters up to June 2021 will not be able to generate e-way bills from August 15. Thus, after August 15, 2021, the system will check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08 (for composition taxpayers filing quarterly returns) and restrict the generation of EWB in case of non-filers and those who has not filed two or more returns in GSTR-3B up to June 2021, or has not filed 2 or more statements in GST CMP-08 for the quarters up to April to June 2021, will not be able to generate e-way bill after August 15. The CBIC had earlier suspended the blocking of electronic way (e-way) bill generation for non-filers of GST returns, to give taxpayers compliance relief during the COVID pandemic.

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QuickLaw Solutions – Innovative Approches, Proven Results Best advice, just when you need it! CONTACT US ABOUT US ABOUT US QUICKLAW SOLUTONS IS ENGAGED IN PROVIDING PROFESSIONAL SERVICES RELATED TO COMPANY INCORPORATION, CORPORATE COMPLIANCE, TAX ADVISORY, INCOME TAX RETURN, BUSINESS REGISTRATION, GST FILINGS, ACCOUNTING, BUSINESS COMPLIANCE AND MANAGEMEN...

IEC Updation date has now extended upto 31st, August, 2021.

Another amendment by SEBI provides that the non-resident Indians or overseas citizens of India or resident Indian individuals maybe constituents of an applicant for FPI registration provided they meet the conditions specified by the Board from time to time. It is further provided that resident Indian other than individuals may also be constituents of the applicant, subject to the conditions, that Such resident Indian, other than individuals, is an eligible fund manager of the applicant, as provided under Section 9A(4) of the Income Tax Act, 1961 and the applicant is an eligible investment fund as provided under Section 9A(3) of the Income Tax Act, 1961 which has been granted approval under the Income Tax Rules, 1962.

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QuickLaw Solutions – Innovative Approches, Proven Results Best advice, just when you need it! CONTACT US ABOUT US ABOUT US QUICKLAW SOLUTONS IS ENGAGED IN PROVIDING PROFESSIONAL SERVICES RELATED TO COMPANY INCORPORATION, CORPORATE COMPLIANCE, TAX ADVISORY, INCOME TAX RETURN, BUSINESS REGISTRATION, GST FILINGS, ACCOUNTING, BUSINESS COMPLIANCE AND MANAGEMEN...

The SEBI inserted a new provision which stated that no independent director, who resigns from a listed entity, shall be appointed as an executive / whole-time director on the board of the listed entity, its holding, subsidiary or associate company or on the board of a company belonging to its promoter group, unless a period of one year has elapsed from the date of resignation as an independent director. For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. Further, for the purpose of pecuniary relationship, it is now provided that it shall be construed when the person is holding securities of or interest in the listed entity, its holding, subsidiary or associate company during the three immediately preceding financial years or during the current financial year of face value in excess of fifty lakh rupees or two percent of the paid-up capital of the listed entity, its holding, subsidiary or associate company, respectively, or such higher sum as may be specified.

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MCA has introduced the concept of “small limited liability partnership” in line with the concept of “small company” under the Companies Act, 2013. It is proposed to amend certain sections of the Act so as to convert offenses into civil defaults and to convert the nature of punishment provided in the said sections from fines to monetary penalties. A new section 34A has been inserted to empower the Central Government to prescribe the “Accounting Standards” or “Auditing Standards” for a class or classes of limited liability partnerships. Further, powers under section 39 of the Act relating to “compounding of offenses” is granted to the Regional Director to compound any offense under this Act which is punishable with fine only. A new section 67A empowering the Central Government to establish or designate as many “Special Courts” as may be necessary for the purpose of providing speedy trial of offenses under the Act, has been inserted.

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance. In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till July 15, 2021. It has now been decided to extend the aforesaid date to August 15, 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorized dealers till August 15, 2021. Authorized dealers are advised to accept such Forms till August 15, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.

Home e-Filing of Income Tax Return or Forms and other value added services & Intimation, Rectification, Refund and other Income Tax Processing Related Queries

Things you should know before incorporation of your Private Limited Company

https://quicklawsolutions.com/registration-of-private-limited-company/

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Registration of Private Limited Company – QuickLaw Solutions Registration of Private Limited Company Things you should know before registration of your Private Limited Company Registring a Private Limited Company is not that Complex and it takes 10-15 days to complete the whole process, if all documents are fine. Do you want to get your Private Limited Compan...

New eform MGT-7A and revised eform MGT-7 in line with the Companies (Management and Administration) Amendment Rules, 2021 is now available for filing under MCA21 Company forms download page.

RBI extended the last date for filing the Annual Return of Foreign Liabilities and Assets (FLA) to 31st July, 2021.

There are different types of organizations which can be registered.

This article covers difference between LLP (Limited Liability Partnership) and Partnership.

Do check out the link mentioned:

https://quicklawsolutions.com/difference-between-llp-limited-liability-partnership-and-partnership/

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Difference Between LLP (Limited Liability Partnership) and Partnership – QuickLaw Solutions Difference Between LLP (Limited Liability Partnership) and Partnership Selecting the suitable business structure is the very first step in starting a business. This selection is based on different parameters including business plan, number of partners, investment requirements, ability to take risk,....

There are different types of organizations which can be registered.

This article covers difference between LLP (Limited Liability Partnership) and Private Limited Company.

Do check out the link mentioned:

https://quicklawsolutions.com/difference-between-llp-limited-liability-partnership-and-private-limited-company/

For any assistance feel free to contact us at [email protected]

Difference Between LLP (Limited Liability Partnership) and Private Limited Company – QuickLaw Solutions Difference Between LLP (Limited Liability Partnership) and Private Limited Company Selecting the suitable business structure is the very first step in starting a business. This selection is based on different parameters including business plan, number of partners, investment requirements, ability to...

An article on Appointment of Auditors as per Companies Act, 2013.

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https://quicklawsolutions.com/appointment-of-first-and-subsequent-auditor/

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APPOINTMENT OF FIRST AND SUBSEQUENT AUDITOR – QuickLaw Solutions APPOINTMENT OF FIRST AND SUBSEQUENT AUDITOR PARTICULARSAPPOINTMENT OF FIRST AUDITORAPPOINTMENT OFSUBSEQUENT AUDITORSECTION   WHICH DEALS WITH SUCHAPPOINTMENTSection – 139 (6)Section – 139(1)PROCESS OFAPPOINTMENTEvery company (other than a government company) shall appoint fi...

QuickLaw Solutions updated their phone number.

QuickLaw Solutions updated their business hours.

SEBI Circular issued on 06th July,2021.

IEC updation date extended

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Inclusion of Retail and Wholesale Trades as MSME's.

A great relaxation to retail and wholesale businesses.

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