39 new forms notified effective from 14/04/2014

39 new forms notified effective from 14/04/2014.
1.       INC-1 Application for reservation of name – old form  1A
2.       INC-2 OPC- Application for Incorporation - New form
3.       INC-3 OPC- Nominee consent form - New form
4.       INC-4 OPC- Change in Member/Nominee - New form
5.       INC-5 OPC- Intimation of cessation - New form
6.       INC-6 OPC- Application for Conversion - New form
7.       INC-7 Incorporation of Co. (Other than OPC) 1
8.       INC-18 Application to Regional director for conversion of section 8 co.
into any other kind of co. - New form
9.       INC-20 Intimation to Registrar of revocation/surrender of license issued u/s 8  - New form
10.   INC.21 Application for commencement of business old form  19, 20
11.   INC-22 Notice for situation or change of situation of registered office old form 18
12.   INC-23 Application to Regional director for approval to shift the registered office from one state to another state or from jurisdiction of one registrar to another within the state - old form 1AD,24AAA
13.   INC-24 Application for change of name old form -  1B

Features of One Person Company (OPC)

The following are the important features of the One Person Company (OPC)

• One Person Company is a Private Company
• One Person Company has only one person as a member/shareholder.
• Minimum paid up share capital of One Person Company is one lakh rupees (Rs. 1,00,000)
• One Person Company may be either a Company limited by share / a Company limited by guarantee / an unlimited Company
• The words "One Person Company" should be mentioned in brackets below the name of the One Person Company
• One Person Company shall indicate the name of the nominee/other person in the memorandum, with his prior written consent
• The written consent above, shall be filed with the Registrar at the time of incorporation of the One Person Company along with its M&A (Memorandum and Articles)
• The nominee/ other person can withdraw his consent at any time
• The member/Shareholder of One Person Company may change the nominee/other person at any time, by giving notice to the other person and intimate the same to Company. Then the Company should intimate the same to the Registrar
• One Person Company is one of the type of Company on the basis of number of members
• In case of the death of member/shareholder or his incapacity to contract, then nominee/other person become the member of the Company
• Member/Shareholder of the One Person Company acts as first director, until the Company appoints director(s)
• One Person Company can appoint maximum 15 directors, but minimum should be one director
• One Person Company need not to hold any AGM (Annual General Meeting) in each year
• One Person Company should inform to the Registrar about every contract entered and also should record in the minutes of the meeting with in 15days from the date of approval by the BOD (Board of Directors)
• Cash Flow Statement may not include in the financial statements of One Person Company
• One Director is sufficient to sign the Financial Statements/Director's Report
• Within 180 days from the closure of the Financial Year, One Person Company should file the copy of the Financial Statements with Registrar

Companies Act 2013- Clarification on definition of term 'related party'

Order proposed to be issued under section 470 of the Companies Act, 2013

MINISTRY OF CORPORATE AFFAIRS

ORDER

New Delhi, the , 2014

S.O. _____ (E) Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on 29th August, 2013 and section 1 thereof came into force on the same date;

And whereas clause (76) of section 2 of the Act define the term `related party’ has commenced on 12th September, 2013.

And whereas in sub-clause (v) of clause (76) provides for that a public company in which a director or manager is a director or holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.

And whereas difficulties have arisen regarding compliance with the provision.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 470 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Order to remove the above said difficulties, namely :-

1. Short title and commencement .-

(1) This Order may be called the Companies 1st (Removal of Difficulties) Order, 2014.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. It is hereby clarified that a public company in which a director or manager is a director and holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.

Companies Act 2013 - Notificationof significant sections wef 01.04.2014

Today, The Ministry of Corporate Affairs (MCA) has notified 183 new sections of the Companies Act 2013 and some sub- sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, in the fourth phase today, by way of notification dated 26th March 2014. These sections have been notified to come into effect from 1st April 2014. With the notification of these sections, now a total of 283 sections of the new Act stand notified.

With the notification of aforesaid sections, it can be assumed that relevant rules will also be notified shortly as most of them are dependent on rules.

The sections remaining to be notified are related to National Financial Reporting Authority, Investor and Education Protection Fund, Compromise and arrangement, oppression and mismanagement, winding up, sick companies ,special courts, national company law tribunal. Majority of these sections are not notified due to pending case in Supreme court with respect to the National Company Law Tribunal.

Useful for May and November- 2014 CA Final Exams

Summary of case law of DT

DT and IDT Amendments

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7 simple hacks to save on taxes

It's that time of the year again when the HR department sends you an email reminding you to 'declare your investments' for the financial year, pronto.

Most of us just do the minimum to get over with it and hope that we aren't squeezed again by the taxman this year.

Time to change tracks. Why? Two reasons:

a.    You're don't want to pay more of your hard-earned money as taxes than absolutely necessary.

b.    It really IS simple to save some extra bucks on taxes

CBDT CIRCULAR ON TDS RETURNS OF GOVT DEDUCTORS

Circular No. 07/2014

F. No. 275/27/2013-IT(B)

Government of India

Ministry of Finance Department of Revenue

Central Board of Direct Taxes

New Delhi, the 4 th March, 2014

All Chief Commissioners of Income-tax 

All Directors General of Income-tax

Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding

The Central Board of Direct Taxes (‘the Board’) has received several petitions from deductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961( ‘the Act’).

2. The matter has been examined. In case of Government deductors, if TDS/TCS is paid without production of challan, TDS/TCS quarterly statement is to be filed after obtaining the BIN from the PAOs / DTOs / CDDOs who are required to file Form 24G (TDS/TCS Book Adjustment Statement) and intimate the BIN generated to each of the Government deductors in respect of whom the sum deducted has been credited. The mandatory quoting of BIN in the TDS/TCS statements, in the case of Government deductors was applicable from 01-04-2010. However, the allotment of Accounts Officers Identification Numbers (AIN) to the PAOs/ DTOs/CDDOs (a pre-requisite for filing Form 24G and generation of BIN) was completed in F.Y. 2012-13.  This has resulted in delay in filing of TDS/TCS statements by a large number of Government deductors.