Company Secretarial Services

03/07/2018

26/06/2018

Register your company with Zero Government Fees now.

25/11/2017

15/05/2017

Get 2 Years valid Digital Signature with token just @ 555/-
For more information, Please contact
kushendra 7533020107

16/02/2017

Migrate your existing licences into GST

14/10/2016

17th October 2016 is Last date of Company Income Tax Filing..
For More information, please contact
Pankaj Kumar 09643128481

24/04/2016

FREQUENTLY ASKED QUESTIONS (FAQs) ON ANNUAL FILINGS, LINKED FILINGS, CANCEL SRN SERVICE, RESUBMISSION AND ADDITIONAL FEE WAIVER
PRESS RELEASE, 2016- 04 -19
Stakeholders are requested to make note of the following common queries. Stakeholders are also requested not to raise duplicate Helpdesk tickets.
1. Which eforms can I file as attachments with GNL-2?
Annual filing eforms under the Companies Act, 1956 viz. 23AC/ACA, 23AC/ACA-XBRL, 20-B, 21-A, Form 66, I-XBRL, A-XBRL, 23B, 23C and 23D would be made available shortly for filing purposes. Users are requested not to file these forms as attachments with GNL-2 eforms.
2. How can I file CRA-4 and Refund eforms as they are not available on www.mca.gov.in?
The CRA-4 (Companies Act, 2013) and Refund eforms would also be made available shortly for filing purposes. Stakeholders may kindly take note and plan accordingly.
3. My account is debited on making online payment; however, corresponding challan/receipt is not generated and system does not allow filing of the form again. What should I do next? OR
The payment was made but the SRN status is 'Pending for Payment' or 'Not Paid'. What should I do next?
You need to cancel your SRN. On cancellation, the payment would be reversed by the bank. The filing can be re-initiated immediately.
MCA has issued a circular wherein it has been decided to relax additional fees payable on e-forms which are due for filings by companies between 25th March to 30th April '16. However, no such waiver of additional shall be applicable if such due forms are filed after 10th May 2016.
To cancel an SRN, do the following:
1. Login to the MCA21 application.
2. Click the MCA Services tab. The list of MCA Services is displayed.
3. Click the SRN / Transaction Status menu. The Track SRN Status page is displayed.
4. In the SRN field, enter the SRN to be cancelled and click Submit. The SRN details are displayed.
5. Click the Cancel SRN link available for the SRN. The Track SRN page will be displayed with SRN filled in the SRN field.
4. I am unable to upload the eform again after cancelling the SRN. How can I upload the eform after cancellation of SRN?
The same eform cannot be uploaded 'As-Is'. You need to modify the eform, complete the Pre-scrutiny and then try to upload the form again. Please ensure that the latest version of the eform is downloaded from MCA21 portal.
5. The payment challan was generated but the total of fees shown is incorrect. How can I get the challan / receipt with correct amount?
The issue has been fixed and stakeholders are requested to download the corrected challan / receipt from "Track Payment Status / Track SRN Status" service on the MCA21 portal.
6. How can I upload linked eforms?
Incorporation forms in the new MCA21 portal need to be linked filed. You are required to select multiple eforms while uploading the form. Steps for linked filing of incorporation forms (INC-7, DIR-12, INC-22, URC-1) are as following:
1. Login to the MCA21 application.
2. Click the MCA Services tab. The list of MCA Services is displayed.
3. Under e-filing, click the Upload eForms menu. The Upload eForms page is displayed.
4. Click the eForm Upload button/link. The eForm Filing page is displayed
5. Click on normal filing or resubmission SRN as the case may be.
6. Check the Linked Forms option
7. Click the Browse button to navigate and select the eform to be uploaded. To upload linked eforms, click the Add more linked eForms button. Click the Browse button that appears in the second row, to navigate and select the linked eform to be uploaded. Follow similar process to upload more linked eforms. You can select upto 10 linked eforms.
8. Click the Upload button. In case you selected multiple linked eforms, all eforms will be uploaded in one go.
9. The pre scrutiny checks happens and after successful upload the SRN of the uploaded eForm will be displayed to the user.
10. The user will have an option to either make a payment soon after form upload or later
11. Click thee Pay Fee button. The fee details screen will be displayed.
12. The Payment Options page is displayed.
13. Select the desired payment option making payment of Fee. Make the payment. SRN is generated and displayed.
14. After you make the payment, a transaction receipt/acknowledgment is generated.
7. I could not resubmit my company eforms as the eform was not available in the portal/ I faced technical issues with the MCA21 portal. What are the timelines for resubmission of Company eforms?
The provision to extend resubmission due date has been made. The stakeholders will be allowed to resubmit the eform until 10th May 2016, in case the resubmission due date was between 25th March and 30th April 2016.
8. The name approval letters has expired for my proposed company. However, the Company formation process is not yet completed. Do I get another name approved?
If the company name was approved and the name expired between periods 25th March to 30th April 2016, the Name reservation date is extended for you till 10th May 2016.
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MCA regulates corporate affairs in India through the companies Act, 1956, 2013 and other allied Acts, Bills and Rules. MCA also protects investors and offers many important services to stakeholders. This site is your gateway to all services, guidance, and other corporate affairs related information.

18/01/2016

Service Tax

In case of import of services under section 66A, assessee is deemed to be service provider only for purpose of paying service tax.

Insofar as Cenvat credit is concerned, imported service cannot be regarded as output service.

Therefore, credit balance cannot be used to pay service tax under reverse charge on imported services.

Assesse have to pay full rate tax on output services rendered by him.

Pankaj Kumar Sharma

17/01/2016

FAQs ON SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
PRESS RELEASE, 2016- 01 -8
Disclaimer: Based on queries/ comments received from market participants, these FAQs have been prepared to provide guidance on the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Regulations", "Listing Regulations", "LR") and circulars issued there under. For full particulars of laws governing continuous disclosure requirements, please refer to the Acts/Regulations/Guidelines/Circulars etc. appearing under the Legal Framework Section of SEBI website i.e., www.sebi.gov.
A. Definitions
Q1. Regulation 2(1)(b) of LR defines an 'associate company' to mean any entity which is an associate under the Companies Act, 2013 or under the applicable accounting standards. Whether both conditions have to be met or either of the two?
Answer: The definition of associate company should be viewed under the Companies Act, 2013 as well as Accounting Standards. If the condition is met under either of the two, then such entity should be classified as an associate company.
Q2. Regulation 2(1)(zb) of LR defines the term 'Related party' to mean related party under the Companies Act, 2013 or under the applicable Accounting Standards. Whether both conditions have to be met or either of the two?
Answer: The definition of related party should be viewed under the Companies Act, 2013 as well as Accounting Standards. If the condition is met under either of the two, then such party should be classified as a related party.
B. Corporate Governance
Q3. Regulation 17(8) of LR requires a compliance certificate to the Board of directors by Chief Executive Officer (CEO) and Chief Financial Officer (CFO). Whether the Managing Director or Whole Time Director may certify the compliance certificate, when the company has not designated a CEO?
Answer: Such certificates may be signed by the officials who hold powers, duties and responsibilities of a CEO/ CFO irrespective of their designations.
Q4. Regulation 23 (4) provides that all material related party transactions shall require approval of the shareholders through resolution and the related parties shall abstain from voting on such resolutions whether the entity is a related party to the particular transaction or not. In this regard, whether only those related parties who are related to the concerned transaction/ contract should abstain from voting or whether related parties should altogether abstain from voting?
Answer: The requirement under Regulation 23(4), is applicable for listed entities subject to the provisions of Regulation 15. Hence, for applicable entities, the regulations clearly provide that all material related party transactions shall require approval of the shareholders through resolution and the related parties shall abstain from voting on such resolutions whether the entity is a related party for the particular transaction or not.
Q5. Regulation 24 (1) prescribes having at least one independent director of the listed entity as a director on the board of directors of 'unlisted material subsidiary, incorporated in India'. Sub-regulations (2), (3) and (4) to the same regulation refer to 'unlisted subsidiary'. Whether such sub-regulations (2), (3) and (4) are applicable to all unlisted subsidiaries or only material unlisted subsidiaries incorporated in India?
Answer: Listed entities may be guided by the provisions of Regulation 24. Wherever 'unlisted material subsidiary' and 'unlisted subsidiary' have been distinctly mentioned in a particular sub-regulation, such sub-regulation shall be applicable to material unlisted subsidiaries or all unlisted subsidiaries as the case may be.
C. Disclosure of Events or Information
Q6. Regulation 30(8) of LR requires posting of disclosures on the listed entity's website for a minimum period of five years. Whether the said provision is prospective from December 1, 2015 and pertains to disclosures relating to events happening thereafter?
Answer: The disclosures made under Regulation 30(8) shall be made w.e.f. December 01, 2015, i.e., the listed entity shall disclose on its website all such events or information which has been disclosed to stock exchange(s) under this regulation on or after the said date, and such disclosures shall be hosted on the website of the listed entity for a minimum period of five years from the date of disclosure to the stock exchange.
Q7. Regulation 30(9) of LR requires disclosure of all events and information with respect to subsidiaries which are material. If both parent and subsidiary are listed entities, would it be sufficient compliance if the listed subsidiary has made a disclosure or whether same disclosure be made by the parent listed entity also?
Answer: Both the parent and material subsidiary in their own right as Listed Entities have to make disclosure separately as applicable under Listing Regulations.
Q8. Regulation 16 (1)(c) defines material subsidiary as - "material subsidiary" shall mean a subsidiary, whose income or net worth exceeds twenty percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year." The Explanation to Regulation 16 (1)(c) states that the listed entity shall formulate a policy for determining material subsidiary. Can the listed entity adopt a different criteria for determining material subsidiary for the purpose of Regulation 30 (9)?
Answer: The definition of 'material subsidiary' under regulation 16(1)(c) defines a subsidiary that is material to the listed entity. Further, the explanation to the aforesaid provision allows the listed entity to formulate a policy for the same, i.e., a listed entity can develop criteria that is stricter than what has been provided in the Regulations.
Regulation 30(9) requires the listed entity to disclose all events or information with respect to subsidiaries which are material for the listed entity. The said sub-regulation places stress on materiality of the events or information. Therefore, disclosure would be required in cases where the event or information originating from a subsidiary is material to the listed entity, irrespective of whether such a subsidiary is material or not as per the definition provided at regulation 16(1)(c).
Q9. Schedule III Part A, Para A, Clause 1(ii)(a) requires disclosures on acquisition or agreements to acquire shares or voting rights in a company, whether directly or indirectly, such that the listed entity holds shares or voting rights aggregating to five per cent or more of the shares or voting rights in the said company. Whether the disclosure is with respect to acquisition of shares or voting rights when the target company is a listed entity only or whether it is applicable to unlisted entities also?
Answer: The Schedule refers to the listed entity's acquisition of shares or voting rights in the company. Such target company can be listed or unlisted.
D. Other Clarifications
Q10. Under Regulation 33(3), for submission of financial results for the last quarter, whether Unaudited Results can be submitted to the Exchanges?
Answer: Regulation (33)(3)(d) clearly states that the listed entity shall file audited annual results in 60 days from the end of the last quarter. Therefore, the financial statements for the last quarter shall necessarily be audited. The said provision was also there in the erstwhile Listing Agreement

15/01/2016

Companies Act : Where petitioner filed an application contending that all erstwhile directors of Respondent Company vacated their offices in terms of section 167(1) read with section 164(2) due to default committed by erstwhile directors in filing financial statements of Respondent Company for years 2010-11, 2011-12 and 2012-13 but it was found that there had been restraint order whereby interim injunction had been imposed from holding general meetings of Company and, consequently, financial statements for years 2010-11, 2011-12 & 2012-13 had not been filed, prayers made in Company Application were to be disallowed as petitioner was not having control over respondent company and action under section 167 (3) would accrue on non-filing of financial statements for three years commencing from 1-4-2014 and, hence, erstwhile Directors continued to be validly and legally appointed directors

15/01/2016

IT : Liability of assessee Diagnostic laboratory to deduct TDS u/s 194H from discounts paid to hospitals/labs in respect of diagnostic testing charges received by it depends (a) as to how the hospitals/laboratories have approached the assessee, i.e. whether on the specific instruction of the patient or on its own. (b) whether the laboratories/hospitals are dedicated to the assessee only or not, i.e., whether they have such kind of business link with the competitors of the assessee or not.

If the hospitals/laboratories have availed the services of the assessee on the specific instructions of the patients, then they should be considered as mere agents, in which case the discount paid to them should be considered as "Commission" liable for deduction u/s 194H of the Act.

If the hospitals/laboratories have availed the services of the assessee on their own, without any instructions from the patients, then it should be considered that the transactions have been carried on "Principal to Principal" basis, in which case the discount given by the assessee cannot be considered to be commission payments

The hospitals/laboratories are doing dual roles. This is particularly in view of the fact that the assessee is also widely advertising its services through the media and also through display of their name before the laboratories/hospitals. Further, if any of the laboratory is dedicated only for the assessee, then the discount paid to such kind of laboratories would fall in the category of "Commission" only, since the patients should be approaching them to get their tests conducted through the assessee.

The following facts need to be brought on record for deciding liability for TDS u/s 194H (a) as to how the hospitals/laboratories have approached the assessee, i.e. whether on the specific instruction of the patient or on its own. (b) whether the laboratories/hospitals are dedicated to the assessee only or not, i.e., whether they have such kind of business link with the competitors of the assessee or not.

It is also required to be seen as to whether the test reports are given by the assessee directly to the patients referred to by the hospitals/laboratories or they are issued to the hospitals/laboratories, who in turn issue the test results in their own letter heads. This factor will also help to decide about the nature of relationship.

All the above facts need to be examined before answering the question about the nature of relationship between the assessee and hospitals/laboratories