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How to Apply for Udyog Mitra Registration in Rajasthan


In this article we will discuss about the main requirement for registration in Rajasthan Udyog Mitra, 

Udyog Mitra is the new concept that the Rajasthan government has come for setting up in MSME without approval under state Act’s . Udyog Mitra provides the new establishment or Enterprises the benefits for 3 years for any mandatory registrations required under the Rajasthan state acts for setting up of their Enterprises like shop and Establishment Act etc

 

The indicative list of approvals and inspections there under, for which the enterprise shall be exempted under the said Act after availing the Acknowledgement Certificate under Udyog Mitra, is following:

(i) Registration under the Rajasthan Shops and Commercial Establishments Rules, 1959
(ii) Building Plan Approval, Completion Certificate and Occupancy Certificate under Unified Building Byelaws- 2017 (Rajasthan Building Byelaws- 2017)
(iii) Building Plan Approvals under RIICO Disposal of Land Rules, 1979
(iv) Conversion of land (section 90 A) under The Rajasthan Urban Areas (Permission for use of Agricultural Land for Non – agricultural Purposes and Allotment) Rules – 2012
(v) Change in land use under The Rajasthan Urban Areas Change in Land Use Rules – 2010
(vi) Sub-division reconstitution and improvement of plots under The Rajasthan Urban Areas (Subdivision, Reconstitution and Improvement of Plots) Rules, 1975
(vii) Land Conversion under (Section 90A) of Land Revenue Act 1956
(viii) Layout plan approval under Rajasthan Township Policy 2010
(ix) Change in land use under Rajasthan Land Use Change Rules 2010
(x) Issuance of Trade license for Hotel, restaurants etc. under Rajasthan Municipality Act, 2009
(xi) Conversion of Land under Rajasthan Land Revenue (Conversion of Agricultural Land for Non-Agricultural Purposes) Rules, 2007
(xii) Transfer of interest in the land, as per section 27 under Rajasthan Gram Dan Act, 1971(Act No. 12 of 1971);

 

This is an indicative list and not the exhaustive list of approvals & inspections under Rajasthan Law which are covered under the Act. Besides these, the State Government or any authority under it is empowered to exempt enterprises from any approval or inspection or any provisions relating thereto under any Central Act as mentioned in section 7 of the Act by publishing in gazette notification

 

Udyog Mitra registration is very simple process and the applicant must have an Aadhaar number with mobile OTP enabled and he has to enter the details of the proposed your existing Enterprises that you want to start and can obtain their acknowledgement Certificate online.

Once the Acknowledgement certificate has been generated by the applicant now open a bank account in the name of the entity  and start the business operations.

The business is not require any special registration under Rajasthan state act and can be carried on for a period of 3 years from the commencement of their business

 


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How to Make Application for Obtaining Status of Dormant Company


Meaning of Dormant Company

A Company which is formed and registered under Companies Act for a future project or to hold an asset or intellectual property and has no significance accounting transaction, such a company is an inactive company may make an application to application to Registrar of Companies for obtaining status of dormant Company.

Inactive Company – Means a Company which has not been carrying on any business or operation or has not made any significant accounting transition during the last 2 financial year or has not filed financial statements and annual return during the last two financial years.

Significance Accounting Transaction-   Means any Transition Other than :

  • Payment of Fee by a Company to Registrar
  • payment made by it to fulfill the requirements of Companies Act or other laws
  • Allotment of shares
  • payment for maintenance of its office and records

Application for Obtaining Status of Dormant Company :

#Obtaining Digital Signature Certificate (DSC) of any Director

# Pass Board Resolution for authorizing a Director to make application to ROC for obtaining status of dormant company

#Pass Special Resolution at EGM for authorization for obtaining status of dormant Company

#File MGT-14 to ROC for Special Resolution

#File MSC 1 for application to ROC for Obtaining the status of dormant Company

 

Mandatory Documents to be attached with form MSC 1: 

  • Copy of Resolution Authorizing application
  • Copy of Special Resolution
  • Auditors Certificate
  • Statement of Affairs duly certified by Auditor
  • Consent of Lender , if any loan is outstanding
  • Certificate Regarding No Dispute in the Management or Ownership
  • NOC from Regulators , if company is regulated by such authority

 


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Procedure for making Contribution to Charitable Funds


Companies Contributing to Charitable and other funds may do so by following the rules laid down under the Companies.

The Board of Directors of a Company may Contribute to bona fide charitable and other funds up to 5% of its Average net profits for the 3 immediately preceding financial years.

If Contribution is more than 5% prior permission of the Company in General Meeting is required.

Procedure for making Contribution to Charitable Funds :

#Notice of Board Meeting –

Draft a Notice Convening a Board Meeting along with Necessary Resolutions

#Conducting Board Meeting –

Pass Resolution regarding making contribution to the charitable funds, if Contribution is in excess of 5% of average net profits , also make necessary procedure regarding holding EGM of the Company for approval of Members.

#Notice of EGM

Send Notice of EGM to members of the Company

 #Hold EGM and Pass Ordinary Resolution

 #File form MGT-14 to ROC under Section 117 of the Companies Act, 2013

 

 

 

 


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Issue of Share at Discount


Section 53 of the Companies Act, 2013, prohibits a company to issue shares at discount except in the case of issue of sweat equity shares. Any shares issued by a Company at a discounted price shall be void.

Where a company contravenes the provisions of section 53, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer in default shall be punishable with imprisonment for a term of which may extend to six months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both.

 


0

Procedure For Incorporation Of Subsidiary Company Of An Existing Company


Procedure For Incorporation Of Subsidiary Company Of An Existing Company

As per provisions of Section 2(87) of the Companies Act, 2013, “Subsidiary Company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company –
(i) controls the composition of the Board of Directors; or

(ii) exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies:

As per provisions of the Act, in order to make the proposed company, CD Ltd., a subsidiary of the existing
company, AB Ltd., AB Ltd. must control the composition of the Board of Directors of CD Ltd. or it must exercise or control more than half of the total Share Capital in CD Ltd.
Keeping the above provisions in view, CD Limited shall become a subsidiary of AB Ltd. by a legal fiction and no separate application for registration of the subsidiary is required.
Section 186(1) prohibits a company to make investment through more than two layers of investment companies.

 

Important Points :

  1. The New Company Should be formed as such that the existing company must subscribes more than half of share capital of the Company
  2. Incorporation Procedure will remain same as Normal Company.

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New Procedure for online IEC ( Import Export Code ) application/modification


New Procedure for online IEC application/modification has been introduced vide Trade Notice No 23/2018-19 New Delhi, Dated the 8 th August,2018 . Kindly see the following:
(i) Mandatory Documents to be uploaded for new IEC
(a)   Bank Certificate / Pre-printed Cancelled Cheque Required  *
(b)  Address Proof of the firm Required  *
 Any of the Following Documents: Sale deed | Rent agreement | Lease Deed | Electricity bill | Telephone Land line bill | Mobile Postpaid bill | MOU | Partnership Deed
 Other acceptable documents(for Proprietorship only): Aadhar Card | Passport | Voter Id
In case the address proof is not in the name of the applicant firm, a No Objection Certificate(NOC) by the firm premises owner in favour of the firm along with the address proof is to be submitted as a single PDF document
(ii) Digital Signature Certificate Now Not Required
Copy of PAN Card Now Not Required
Photograph Now Not Required

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How to Register LLP with New LLP Incorporation Procedure


MCA has recently introduced the new process for incorporation of LLP in India, this process was much awaited as company incorporation procedure with single e form and centralized processing with Central Registration Center (CRC)  was already in place. Now LLP incorporation will also be done through CRC. Once the LLP is Incorporated the LLP Jurisdiction will vest with respective Registrar of Companyies (ROC) office.

How the New Incorporation procedure will work:-

  • Name Approval Application in RUN-LLP (Reserve Unique Name – Limited Liability Partnership)-  RUN-LLP is a web based e form , through which name approval application can be filed to CRC, Maximum two Name can be applied for approval. Before applying the name of LLP applicant must ensure that same login id will be used for filing the LLP Incorporation form.
  •  Obtaining Digital Signature for Designated Partners of LLP: – Designated Partners are required to obtain DSC with Certifying Authority in India.
  • LLP Incorporation application in Form FiLLiP (Form for incorporation of
    Limited Liability Partnership) :- This LLP Incorporation form is for following services

    • a) Name reservation ( We can Directly Apply for Name Approval Application if we are sure to get the name, it is very much advisable to get the Name Approval first as the cost for Name Approval Application is Just Rs. 200/- , this will help us to file the Application confidently without worry of name approval.
      b) Allotment of Designated Partner Identification Number(DPIN/DIN).
      c) Incorporation of the LLP
  • Approval of LLP Incorporation form : Once the LLP Incorporation form get approved , LLP Incorporation Certificate will be issued by MCA and LLP is Registered.
  • Drafting, Signing and Filing of LLP Agreement:- LLP is required to File LLP Agreement, duly signed, Stamped and notarized within 30 days of registration of LLP. Filing of LLP Agreement is Mandatory and late filing of form will cost you Rs. 100 per day.
  • Application for PAN and TAN of LLP : PAN and TAN is  must for every LLP as LLP is required to file its Income Tax Return and TDS return and is also required to quote the PAN for various transitions as prescribed under Income Tax Act and Rules. Unlike Companies where SPICE form for incorporation has facility to get PAN and TAN along with Certificate of Incorporation, LLP Form FiLLiP (Form for ncorporation of Limited Liability Partnership) do not have such facility right now, so PAN and TAN application is required to be made separately as soon as LLP gets incorporated.

 

  Get Free Quote on LLP Registration

Place your request here

Call: +91-9782280098 , Email : [email protected]

 


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Private Limited Company Annual ROC And Tax Filing for Financial Year 2017-18


Private Limited Company is required to make various legal and tax related filings as par Companies Act and Income Tax Act every year mandatory, even Private Limited Companies having zero turnover are required to file its Income Tax Return to Income Tax Department and Financial Statement and Annual Return to Registrar of Companies, Private Limited Company is also required to appoint Chartered Account within 30 days of its Incorporation  and there at First Annual General meeting of the company for a period of five years as Statutory Auditor to audit the Accounts of the company.

Every Private Limited Company is required to maintain books of accounts either in electronic form or physical and all the documents including vouchers, invoices  of all the financial transitions for the period of eight years.

Private Limited Companies are required to maintain various registers of its Members, Share Transfers, Directors, Charges, Debenture Holders etc

Process for Private Limited Company Annual ROC and Tax Filings for Financial year 2017-18

  1. Finalization of Accounts of the Company : Director of the Company are required to Finalize the Accounts as soon as  financial year get end for the purpose of audit of accounts.
  2. Audit of Accounts : Statutory Auditor will audit the Accounts and will issue audit report in  respect of financial Statements.
  3. Finalization of Directors Report – Directors of the company are required to prepare and approve the Directors report.
  4. Issue of notice for holding Annual General Meeting : Every Private Limited is required to hold its shareholders meeting for each year within 6 months form the end of Financial year, first annual general meeting of the company may be held within 9 months form the date date of end of financial year.
  5. Holding Annual General Meeting
  6. Filing of form ADT-1 for appointment of statutory auditors at first annual general meeting of the company for a period of 5 years, auditor can also be reappointment at next Annual General Meeting after end of 5th AGM. Form ADT-1 is required to filed within 15 days form the date of AGM
  7. Filing of Form AOC-4 – Form AOC-4 is required to be filed within 30 days form the date of Annual General Meeting of the Company. Financial statement including Directors Report is required to attached with Form AOC-4 and this form is required to be certified by Practicing Professional Company Secretary, Chartered Accountant or Cost Accountant. Non Filing of e Form will attract additional fee of Rs. 100 every day.
  8. Filing of form MGT-7-  Form MGT-7 is required to be filed within 60 days of Annual General Meeting of the Company, List of Shareholders and Directors information is basically given in Annual Return. Non- filing will attract additional Fee of Rs. 100 per day.
  9. Filing of income Tax Return : Last date for filing Income Tax return  is 30th September.

Directors KYC : Every Director of the Company is required to file e form DIR-3 KYC upto 30th April Every year, in year 2018 this form can be filled upto 30th August 2018 without any fee and Rs. 5000 is payable after due date.

 

Complete your Company Filings with Fastlegal , Please email us your requirements at [email protected]  or Place your request.

Call us at 9782280098

 


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Full List of Items Rates Revised by GST Council on 21st July 2018


Full List of Items Rates Revised by GST Council on 21st July 2018

1. Rates for 17 consumer goods including washing machines, refrigerators, TVs, video games, vacuum cleaners, trailers, juicer mixer, grinders, shavers and hair dryers, water coolers, water heaters, lithium-ion batteries and electric iron slashed from 28 percent to 18 percent.

2. GST rate of 18 percent will be applicable on TVs up to 68 cm (27 inch) in size

3. Small handicraft exempted under GST

4. Deities made of stone, marble and wood exempted under GST

5. Rakhis exempted under GST

6. Knitted caps or otherwise under Rs 1,000/Unit now at 5 percent

7. Ethanol for oil companies now under 5 percent slab

8. Footwear under Rs 1,000 now under 5 percent slab

9. Actual bill of hotel stay above Rs 7,500 will attract 28 percent GST. Actual hotel bill below Rs 7,500 will, however, attract only 18 percent GST

10. Fortified milk will be exempted from GST

11. Rates on paints, wall putty and varnish down to 18 percent from 28 percent

12. Perfumes, toilet spray now under 18 percent slab

13.  GST on handbags, jewellery box, wooden box for paintings, artware of glass, stone endeavour, ornamental framed mirrors, handmade lamps etc reduced to 12 percent

14.  Simpler return filing process approved. Quarterly returns for business turnover up to Rs 5 crore instead of monthly filings. However, tax payment will be monthly. Nearly 93 percent traders and small businesses will get benefited from this. Exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya, Sikkim, increased from Rs 10 lakh to Rs 20 lakh

15.  No decision on sugar cess, to be decided in next meeting

The GST Council will meet next on August 4 to discuss the problems faced by small traders and businesses and entrepreneurship. The meeting will be completely focussed on the MSME sector, Goyal said.

 

Source : Moneycontrol


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Mobile Phone Repair and Mobile Phone Accessories Business Registration in India


India will have nearly 700 million smartphone users by the end of 2020. Further, this figure will grow exponentially as more brands and cheaper variants enter the market.
Consequently, the demand for outlets and persons who offer repairs of mobile phones is expected to increase manifold. You can also sell accessories and credit recharge.

Mobile Phone Repair and Mobile Phone Accessories Business Registration in India comes under a small business  and one should still go for Shop and Establishment Registration to do it in Legal way and also go for current bank Account in the name of firm.

If your turnover exceed Rs. 20 Lakh during any time in any year then you are required to Register your  Firm under GST.

If you are doing business under Partnership than you may register Partnership Firm , LLP or Private Limited Company.

 

 


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Sectors in which 100% FDI is permitted under Automatic Route


Sectors in which 100% FDI is permitted under Automatic Route:

  • Agriculture & Animal Husbandry

    • a) Floriculture, Horticulture, and Cultivation of Vegetables & Mushrooms under controlled conditions;
      b) Development and Production of seeds and planting material;
      c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, Apiculture; and
      d) Services related to agro and allied sectors
  • Plantation Sector

    • (i) Tea sector including tea plantations
      (ii) Coffee plantations
      (iii) Rubber plantations
      (iv) Cardamom plantations
      (v) Palm oil tree plantations
      (vi) Olive oil tree plantations
      Note: Besides the above, FDI is not allowed in any other plantation sector/activity
  • Mining and Petroleum & Natural Gas

    • Mining and Exploration of metal and non-metal ores including diamond, gold, silver and precious ores but excluding titanium bearing minerals and its ores; subject to the Mines and Minerals (Development & Regulation) Act, 1957.Coal & Lignite
      (1) Coal & Lignite mining for captive consumption by power projects, iron & steel and cement units and other eligible activities permitted under and subject to the provisions of 100% Automatic Coal Mines (Nationalization) Act, 1973.
      (2) Setting up coal processing plants like washeries subject to the condition that the company shall not do coal mining and shall not sell washed coal or sized coal from its coal processing plants in the open market and shall supply the washed or sized coal to those parties who are supplying raw coal to coal processing plants for washing or sizing.

Mining and mineral separation of titanium bearing minerals & ores, its value addition and integrated                          activities subject to sectoral regulations and the Mines and Minerals (Development and Regulation Act                        1957).

  • Petroleum & Natural Gas

    • Exploration activities of oil and natural gas fields, infrastructure related to marketing of petroleum products and natural gas, marketing of natural gas and petroleum products, petroleum product
      pipelines, natural gas/pipelines, LNG Regasification infrastructure, market study and formulation and Petroleum refining in the private sector, subject to the existing sectoral policy and regulatory
      framework in the oil marketing sector and the policy of the Government on private participation in exploration of oil and the discovered fields of national oil companies.
  • Manufacturing

    • Subject to the provisions of the FDI policy, foreign investment in ‘manufacturing’ sector is under automatic route. Further, a manufacturer is permitted to sell its products manufactured in India through wholesale and/or retail, including through e-commerce, without Government approval.
    • Notwithstanding the FDI policy provisions on trading sector, 100% FDI under Government approval route is allowed for retail trading, including through e-commerce, in respect of food products manufactured and/or produced in India.
  • Broadcasting

    • (1)Teleports(setting up of up-linking HUBs/Teleports);
      (2)Direct to Home (DTH);
      (3)Cable Networks (Multi System operators (MSOs) operating at National or State or District level and
      undertaking upgradation of networks towards digitalization and addressability);
      (4)Mobile TV;
      (5)Headend-in-the Sky Broadcasting Service(HITS)
    • Cable Networks(Other MSOs not undertaking upgradation of networks towards digitalization and addressability and Local Cable Operators (LCOs))Note:
      Infusion of fresh foreign investment, beyond 49% in a company not seeking license/permission
      from sectoral Ministry, resulting in change in the ownership pattern or transfer of stake by
      existing investor to new foreign investor, will require Government approval.
  • Broadcasting Content Services

    • Up-linking of Non-‘News & Current Affairs’ TV Channels/ Down-linking of TV Channels
  • Civil Aviation

    • FDI allowed under automatic route for both Greenfield and Brownfield projects for Airports.
  • Construction Development: Townships, Housing, Built-up Infrastructure

    • Construction-development projects (which would include development of townships, construction of
      residential/commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions,
      recreational facilities, city and regional level infrastructure, townships)
  • Industrial Parks

  • Cash and Carry Wholesale Trade/Wholesale Trading

  • E-Commerce Activities
    • 100% FDI is allowed under automatic route under Marketplace Model.

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FDI in Limited Liability Partnership (LLP)


FDI in Limited Liability Partnership (LLP) is permitted in India subject to following conditions:

  1. FDI is permitted under Automatic Route in LLP operating in Sectors where 100% FDI is allowed
  2. Downstream Investment in other LLP or Company in Sectors where 100% FDI is permitted

Investment can be made by persons resident outside India ( other than Citizens of Pakisthan and Bangladesh) but not by FII, FPI and FVCI.

 

Sectors in which 100% FDI is permitted under Automatic Route:

  • Agriculture & Animal Husbandry

    • a) Floriculture, Horticulture, and Cultivation of Vegetables & Mushrooms under controlled conditions;
      b) Development and Production of seeds and planting material;
      c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, Apiculture; and
      d) Services related to agro and allied sectors
  • Plantation Sector

    • (i) Tea sector including tea plantations
      (ii) Coffee plantations
      (iii) Rubber plantations
      (iv) Cardamom plantations
      (v) Palm oil tree plantations
      (vi) Olive oil tree plantations
      Note: Besides the above, FDI is not allowed in any other plantation sector/activity
  • Mining and Petroleum & Natural Gas

    • Mining and Exploration of metal and non-metal ores including diamond, gold, silver and precious ores but excluding titanium bearing minerals and its ores; subject to the Mines and Minerals (Development & Regulation) Act, 1957.

      Coal & Lignite
      (1) Coal & Lignite mining for captive consumption by power projects, iron & steel and cement units and other eligible activities permitted under and subject to the provisions of 100% Automatic Coal Mines (Nationalization) Act, 1973.
      (2) Setting up coal processing plants like washeries subject to the condition that the company shall not do coal mining and shall not sell washed coal or sized coal from its coal processing plants in the open market and shall supply the washed or sized coal to those parties who are supplying raw coal to coal processing plants for washing or sizing.

Mining and mineral separation of titanium bearing minerals & ores, its value addition and integrated                          activities subject to sectoral regulations and the Mines and Minerals (Development and Regulation Act                        1957).

  • Petroleum & Natural Gas

    • Exploration activities of oil and natural gas fields, infrastructure related to marketing of petroleum products and natural gas, marketing of natural gas and petroleum products, petroleum product
      pipelines, natural gas/pipelines, LNG Regasification infrastructure, market study and formulation and Petroleum refining in the private sector, subject to the existing sectoral policy and regulatory
      framework in the oil marketing sector and the policy of the Government on private participation in exploration of oil and the discovered fields of national oil companies.
  • Manufacturing

    • Subject to the provisions of the FDI policy, foreign investment in ‘manufacturing’ sector is under automatic route. Further, a manufacturer is permitted to sell its products manufactured in India through wholesale and/or retail, including through e-commerce, without Government approval.
    • Notwithstanding the FDI policy provisions on trading sector, 100% FDI under Government approval route is allowed for retail trading, including through e-commerce, in respect of food products manufactured and/or produced in India.
  • Broadcasting

    • (1)Teleports(setting up of up-linking HUBs/Teleports);
      (2)Direct to Home (DTH);
      (3)Cable Networks (Multi System operators (MSOs) operating at National or State or District level and
      undertaking upgradation of networks towards digitalization and addressability);
      (4)Mobile TV;
      (5)Headend-in-the Sky Broadcasting Service(HITS)
    • Cable Networks(Other MSOs not undertaking upgradation of networks towards digitalization and addressability and Local Cable Operators (LCOs))

      Note:
      Infusion of fresh foreign investment, beyond 49% in a company not seeking license/permission
      from sectoral Ministry, resulting in change in the ownership pattern or transfer of stake by
      existing investor to new foreign investor, will require Government approval.

  • Broadcasting Content Services

    • Up-linking of Non-‘News & Current Affairs’ TV Channels/ Down-linking of TV Channels
  • Civil Aviation

    • FDI allowed under automatic route for both Greenfield and Brownfield projects for Airports.
  • Construction Development: Townships, Housing, Built-up Infrastructure

    • Construction-development projects (which would include development of townships, construction of
      residential/commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions,
      recreational facilities, city and regional level infrastructure, townships)
  • Industrial Parks

  • Cash and Carry Wholesale Trade/Wholesale Trading

  • E-Commerce Activities
    • 100% FDI is allowed under automatic route under Marketplace Model.

0

Form DIR-3 KYC Mandatory Required to be Filed on or Before 30th April Year Every Year


As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through the eform DIR-3 KYC. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018.

eForm DIR-3 KYC is required to be filed pursuant to Rule 12A and Rule 11(2) and (3) of The Companies (Appointment and Qualification of Directors) Rules, 2014 which is reproduced for your reference.

Rule 12A:
Every individual who has been allotted a Director Identification Number (DIN) as on 31st march of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year.

Provided that every individual who has already been allotted a Director Identification Number (DIN) as at
31st March, 2018, shall submit eform DIR-3 KYC on or before 31st August, 2018.”

Rule 11(2):
The Central Government or Regional Director (Northern Region), or any officer authorised by the Central Government or Regional Director (Northern Region) shall, deactivate the Director Identification Number (DIN), of an individual who does not intimate his particulars in e-form DIR-3-KYC within stipulated time in accordance with rule 12A.

Rule 11(3):
The de-activated DIN shall be re-activated only after e-form DIR-3-KYC is filed along with fee as prescribed under Companies (Registration Offices and Fees) Rules, 2014.

Documents and Information Required for Filing the E form:

  1. Copy of Aadhar Card
  2. Copy of Present Address Proof – Bank Statement/ Utility Bill in the name of Individual
  3. Copy of Passport – If Individual Director have Valid Passport
  4. Personal Mobile No
  5. Personal Email Id
  6. Digital Signature of Individual

Personal Mobile and Email OTP Verification Mandatory while filing the Form DIR-3KYC 

Professional Certification Mandatory for DIR-3KYC eForm.

 

Fastlegal Provides E Form DIR-3 KYC Filing Services – Please connect at [email protected] or call at 9782280098

 


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Reporting of Fraud by Auditor Under Companies Act, 2013


Reporting of Fraud and Other Matters by Auditor, Cost Auditor and Secretarial Auditor  

#1: Amount of Fraud is more than One Crore Rupees and Above :

If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government.

  • Manner of Reporting of Fraud to Central Government: 

The auditor shall report the matter to the Central Government as under:-

(a) the auditor shall report the matter to the Board or the Audit Committee, as the case may be, immediately but not later than two days of his knowledge of the fraud, seeking their reply or observations within forty-five days;

(b) on receipt of such reply or observations, the auditor shall forward his report and the reply or observations of the Board or the Audit Committee along with his comments (on such reply or observations of the Board or the Audit Committee) to the Central Government within fifteen days from the date of receipt of such reply or observations;

(c) in case the auditor fails to get any reply or observations from the Board or the Audit Committee within the stipulated period of forty-five days, he shall forward his report to the Central Government along with a note containing the details of his report that was earlier forwarded to the Board or the Audit Committee for which he has not received any reply or observations;

  • Where Report of Fraud is required to be sent :

(d) the report shall be sent to the Secretary, Ministry of Corporate Affairs in a sealed cover by Registered Post with Acknowledgement Due or by Speed Post followed by an e-mail in confirmation of the same;

(e) the report shall be on the letter-head of the auditor containing postal address, e-mail address and contact telephone number or mobile number and be signed by the auditor with his seal and shall indicate his Membership Number; and

(f) The report shall be in the form of a statement as specified in Form ADT-4.

 

#2: Amount of Fraud is less than One Crore Rupees :

In case of a fraud involving lesser than the Rs.1 Crore, the auditor shall report the matter to Audit Committee constituted under section 177 of the Companies Act, 2013 or to the Board immediately but not later than two days of his knowledge of the fraud and he shall report the matter specifying the following:-

(a) Nature of Fraud with description;

(b) Approximate amount involved; and

(c) Parties involved.

 

Disclouser of Fraud in Board Report : 

The following details of each of the fraud reported to the Audit Committee or the Board under sub-rule (3) during the year shall be disclosed in the Board’s Report:-

(a) Nature of Fraud with description;

(b) Approximate Amount involved;

(c) Parties involved, if remedial action not taken; and

(d) Remedial actions taken.

The provision of this rule shall also apply, mutatis mutandis, to a Cost Auditor and a Secretarial Auditor during the performance of his duties under section 148and section 204 respectively.

 


0

How to get Money Lending Licence in Rajasthan


Person who do money lending business in Rajasthan can obtain the licence for Money Lending form the SDM Office of Tehsil where he resides. Money Lending Licence is issued once the applicant fulfills the conditions of Act and Rules prescribed in Rajasthan Money Lenders Act, 1963 and Rules made there under :

Money Lending Licence is essential for every person who does the finance business of lending money other than for the companies which are specially regulated by other regulators like RBI for NBFC Companies.

Meaning of Money Lender :

Money-lender’ means-

(i) an individual or

(ii) an undivided Hindu family, or

[(iii) a company (not being a banking company as defined in section 5 of the Banking Regulation Act, 1949), body or institution other than such of them as may, by notification in the Official Gazette, be exempted from the provisions of this Act by the State Government on being satisfied that it is necessary or expedient so to do in public interest, or]

(iv) an un-incorporated body of individuals, who or which,-

(a) carries on the business of money-lending in the State; or

[(b) supplies, as a trader or dealer, goods other than agricultural goods on credit on condition of payment of interest by the buyer at a rate higher than that prescribed in section 29 in case the payment of sale price is not made within the stipulated period; or]

[(c)] has his or its principal place of such business in the State;

Documents Required and Information required obtaining for Money Lending Licence Application : –

  1. PAN card of Applicant
  2. Aadhar Card of Applicant
  3. Last Three (3) Years Income Tax Return
  4. Resident Certificate of Applicant
  5. Character Certificate  of Applicant duly issued by Gazette Officer  in two Copies
  6. Last 1 Year Bank Statement
  7. Details of Previous business,if any

Fastlegal provides Money Lending Licence Registration Services in Jaipur, Rajasthan, If you need any help Please Call at 9782280098 or email us at [email protected]

 


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Foreign Direct Investment (FDI) in Manufacturing Sector in India


Foreign investment in manufacturing’ sector is under automatic route. Further, a manufacturer is permitted to sell its products manufactured in India through wholesale and/or retail, including through e-commerce, without Government approval.

Notwithstanding the FDI policy provisions on trading sector, 100% FDI under Government approval route is allowed for retail trading, including through e-commerce, in respect of food products manufactured and/or produced in India.

 


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Foreign Direct Investment in Agriculture & Animal Husbandry Sector in India


In India Foreign Direct Investment in Agriculture & Animal Husbandry Sector is allowed 100% under Automatic Route

Following Sectors are included in Agriculture & Animal Husbandry Sector :

a) Floriculture, Horticulture, and Cultivation of Vegetables & Mushrooms under controlled conditions;
b) Development and Production of seeds and planting material;
c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, Apiculture; and
d) Services related to agro and allied sectors

Note: Besides the above, FDI is not allowed in any other agricultural sector/activity

The term “under controlled conditions” covers the following:
(i) ‘Cultivation under controlled conditions’ for the categories of floriculture, horticulture, cultivation of vegetables and mushrooms is the practice of cultivation wherein rainfall, temperature, solar radiation, air humidity and culture medium are controlled artificially. Control in these parameters may be effected through protected cultivation under green houses, net houses, poly houses or any other improved infrastructure facilities where micro-climatic conditions are regulated anthropogenically.


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Prohibited Sectors under Foreign Direct Investment (FDI) in India


FDI is prohibited in Following Sectors in India:
a) Lottery Business including Government/private lottery, online lotteries, etc.
b) Gambling and Betting including casinos etc.
c) Chit funds
d) Nidhi company
e) Trading in Transferable Development Rights (TDRs)
f) Real Estate Business or Construction of Farm Houses
‘Real estate business’ shall not include development of townships, construction of residential /commercial premises, roads or bridges and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014.
g) Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes
h) Activities/sectors not open to private sector investment e.g.

(I) Atomic Energy and

(II) Railway operations(other than permitted activities mentioned in para 5.2).
Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities


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Online Information Database Access & Retrieval (OIDAR) Services Under GST


Due to Technology and internet Advertising, Technology Cloud Services, Instant Download Services ( like E Book’s, Info graphics etc  )  , supplies of digital content (movies, television shows, music etc) , online gaming  services are becoming very popular,  Services Provided from the Non -Taxable Territory to Taxable Territory  are covered under the GST with the Name of Online Information Database Access and Retrieval Services (OIDAR) :    

Meaning of Online Information Database Access and Retrieval Services:

Online information and database access or retrieval services” mean services whose delivery is mediated by information technology over the internet or an electronic network, nature of which renders their supply essentially automated, involving minimal human intervention & impossible to ensure in the absence of information technology and includes electronic services such as-

• Advertising on the internet;

• Providing cloud services;

• Provision of movie, software, e-books, music, and other intangibles through telecommunication networks or internet;

• Providing data or information, retrievable or otherwise, to any person in electronic form through a computer network;

• Online supplies of digital content (movies, television shows, music and the like);

• Digital data storage; and

• Online gaming.

Taxability of OIDAR Services : 

When Supplier is Located outside India and Recipient is Unregistered Person ( Services Provided from Non- Taxable Territory to Unregistered Person in the Taxable Territory i.e India )

In this case Place of Supply will be taxable territory  i.e. India.  (Location of Recipient of Services ) and IGST provisions will be applicable and the Supplier of Services is required to be Registered in India for the Payment of IGST.

To take the Registration in India , Application will be made in form REG-10.

Supplier will take registration at principal commissioner of central tax, Bengaluru west who has been designated for grant of Registration in such cases.

In this case Suppler is required to appoint Authorized Representative in India for Registration and Compliance.

When supplier is located outside India and recipient is business entity (i.e. Registered Person under GST)

In this case recipient is required pay tax on Reverse Charge basis and Supplier is not required to be registered

 

Fastlegal Provides Online Registratioon and Return Filing Services for Online Information Database Access and Retrieval Services (OIDAR ) Companies.

Please email us your Requirements at [email protected] or call/whatsapp at 9782280098