Applicability of Swachh Bharat Cess (SB Cess): The concept of SB Cess has been originated from the Union Budget, 2015, where the provision has been made for levying a SB Cess on all or any of the Services but this cess was to be levied only from the date as notified by the Central Government....Continue Reading

In recent years in India, the financial and corporate frauds and scams have rekindled the thought for corporate governance and stringent provisions to tackle fraud. This prompted the lawmakers to statutorily deal with this problem. The Companies Act, 1956 also recognizes the concept of “fraud” as it has provisions for punishment with regard to fraudulent...Continue Reading

Few checkpoints while filing the Annual Filing form: Email ID of the Company (Authorized Person) in the company master data: It is recommended to give the email ID of the person handling the secretarial compliances of the company, as all official correspondence from Ministry, such as, form approvals, notices will be sent on this email...Continue Reading

The Ministry of Corporate Affairs, vide Notification dated July 21, 2016, has notified the National Company Law Tribunal Rules, 2016 (NCLT Rules, 2016), which has replaced the Company Law Board. Further, the rules for the National Company Law Appellate Tribunal have also been notified by the Corporate Affairs Ministry. The Tribunal and its Appellate Authority are...Continue Reading

UNDERSTANDING GST: Goods and Service Tax (GST), as we all know has been in consideration for years now and the basic concept is also clear to many. Yet there are a few technical concepts that may need broad deliberations to reduce the ambiguities upon its implementation. We list down few of these for simple understanding....Continue Reading

For Private Companies and Unlisted Public Companies:   Closure of financial year Preparation of Balance Sheet and finalisation in the Board Meeting Preparation and approval of Board Report Calling of Annual General Meeting Sending notice of Annual General Meeting Disclosure of interest of Directors in other entities Obtaining certificate of non-disqualification from Directors Filing of...Continue Reading

Uniform Financial Year: Every Company shall follow a uniform financial year, from 01st April to 31st Companies following a different financial year need to align with the new requirement of law within two years of implementation of Act, ie 31st March 2016. A Company or Body Corporate which is holding or subsidiary of a Company...Continue Reading

KEY AMENDMENTS TO COMPANIES ACT, 2015: No requirement of Common Seal: Not mandatory to have common seal in the company In such a case, documents shall either be signed by 2 Directors, or 1 Director and Company Secretary, jointly   No need of Certificate of Commencement of business: No need of Certificate of Commencement of...Continue Reading

New Rate of Service Tax @14% (including all cess) will be effective from 01st June, 2015   IMPORTANT TO NOTE: Additional 2% “Swachh Bharat Cess” is not notified yet, hence not leviable/chargeable.   EFFECTIVE RATES IN CASE OF ABATEMENT (AS APPLICABLE) WILL BE:   SN Service Provided Effective Dates Effective Service Tax Rates New Abatement...Continue Reading

Due to implementation of Companies Act, 2013, effective 01st April, 2014, the companies have been entrusted with increased number of compliances and reporting. The Management is now required to keep the Company Secretary (internal or external) informed for certain business events, so that such transactions can be ratified/ approved through valid secretarial interventions.   We have...Continue Reading