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Mandatory Filings for Private Limited Companies in Current Financial Year 2019-20- ROC and Income Tax

IMPORTANT FORMS TO BE FILED

E-form Purpose of the Form When to File
DIR-3 KYC  Any person who has been allotted “Director Identification Number(DIN/DPIN) needs to file DIR-3-KYC to update KYC details On or before 30th June of every financial Year
Form DPT-3

 

Return of Deposits

One time return of outstanding receipt of money or loan by a company which is not considered as deposits as per rule 2 (1) (c)

 

Filling is required to be done for both secured & unsecured outstanding money/loan not considered as deposits.

 

Period of outstanding loan/money shall be from April 01, 2014 till March 31st, 2019.

On or before 29th June, 2019
MSME 1 Details of all outstanding dues to Micro or small enterprises suppliers –          within 30 days from the deployment of form on MCA i.e. 30th May, 2019 after that half yearly

–          For the period of April to September-by 31st October

–          For the period of October to March-by 30th April.

ADT-1 For appointment of Auditor Within 15 days of the AGM
Form INC 22A Active Active Form – for Verification of Office and Compliance 15th June

https://fastlegal.in/blog/company-law/active-form-inc-22a-date-extended-15th-june/

AOC-4 Financial Statement Within 30 days of the AGM
MGT-7 Annual Return Within 60 days of the AGM
DIR-12 Addition, cessation, or change in designation of directors Within 30 days of the Event
Income Tax Return Income Tax Return for Private Limited Company On or before 30th September, 2019
TDS Return Tax Deduction To be filed quarterly within 30 days of end of quarter, except in case of Quarter ending on March, in which return to be filed within 90days from the end of quarter?

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Active Form INC 22A date extended to 15th June, 2019

Ministry of Corporate Affairs extended date of filing form active INC 22A to 15th June 2019 for the companies which are registered on or before 31st December 2017

Official Notification form MCA 

http://www.mca.gov.in/Ministry/pdf/CompaniesRegistrationOfficesFeesRule_25042019.pdf

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How to Apply for 12A and 80G Registration of NGO under Income Tax Act

An NGO ( Society/Section 8 Company/ Trust ) can obtain registration under 12A so that no tax is levied on the Surplus Income of NGO and 80G registration can be obtained so that Donner can claim tax exemption up to 50% of amount donated subject to maximum 10% of Gross Total Income of Donner. 

What is 12A Registration of NGO 

Once NGO has obtained 12A registration, NGO gets Tax Benefits that the Surplus Income of NGO becomes non taxable. 

What is 80G Registration of NGO

An Institution having 80G Registration provides tax benefits to donor up to 50% of donation made to such institution, subject to maximum 10% of Gross Total Income of Donor    

Procedure for Registration under Section 12AA and 80G: 

  • The Application is required to be made in form 10A and 80G
  • The Application is required to filed with Correct Information as regard to Institution , Such as Name , Address and KMP, Date of Incorporation 
  • Details of Author(s)/Founder(s), like PAN , Name , Address 
  • Details of Trustees/Office Bearers/Directors as on the date of filing of application
  • Objects of Institution such as Relief to poor , Medical , Education etc  
  • The Application should be accompanied with
    • Annual Accounts of Last Three Year or Accounts from the Date of Incorporation or Formation Certificate of Incorporation, Registration or Trust Deed Note on Activities of Institution  

Once the Application is Submitted, the Income Tax Department Exemption ward will issue questionnaire asking for some more documents and 
Information: 

Sample Questionnaire : 

1 A declaration that no part of the income of the Trust/ Society/ Non Profit Company enures, directly or indirectly for the benefit of any person specified in section 13(1)(c) of the Income Tax Act, 1961 and that no part of the income or property of the Trust/ Society/Company was ever used or applied for the benefit of any person specified in section 13(1)(c) of the Income Tax Act, 1961, duly signed by the Authorized Signatory.

2 A note specifying the main area of your charitable/ religious activities and a projection/ plan for the main charitable/ religious activities to be undertaken in the next two years.

3 Please attach a ‘No Objection Certificate’ from the owner of the premises from which you are operating along with proof of his ownership.

4 Please attach a certified copy of annual accounts since inception/ during last three years.

5 Please attach a certified copy of the Trust Deed/ Memorandum of Assosiation and produce original copy for verification.

6 Please attach a copy of the proof of identity of the main Trustee/ President or Secretary of the Trust/ Society/ Non Profit Company.

7 Please attach a note on activities conducted since inception/ during last three years.

8 Please attach details of donations made since inception/ during last three years.

9 Please attach details of donations received, including corpus donation, received since inception/ during last three years.

10 Please attach details of your bank accounts including name of the bank, branch, type of account and number of account

11 Please file an undertaking that there will be no infringement to the 1st proviso to section 2(15) of the Income Tax Act, 1961.

12 Please specify the category of charitable purposes provided in section 2(15) of theIncome-Tax Act, 1961 in which your case falls, i.e., whether your objective is relief ofthe poor/ education/ yoga/ medical relief/ preservation of environment (includingwatersheds, forests and wildlife)/ preservation of monuments or places of artistic/historic interest/ advancement of any other object of general public utility/ religiousactivities.

13 Your Trust Deed/ Memorandum of Association does not have Irrevocability Clause.Please include this clause in your Trust Deed/ Memorandum of Association and file acertified copy of the amended Trust Deed/ Memorandum of Association.

14 Your Trust Deed/ Memorandum of Association does not have a clause that thebeneficiaries are a section of the public and not specific individuals. Please includethis clause in your Trust Deed/ Memorandum of Association and file a certified copyof the amended Trust Deed/ Memorandum of Association.

15 Your Trust Deed/ Memorandum of Association does not have any clause providingthat in the event of dissolution of Trust/ Society/ Non Profit Company,the funds/assets of the Trust/ Society/ Non Profit Company will be transferred only to someother Trust/ Society/ Non Profit Company having similar objectives. Please includethis clause in your Trust Deed/ Memorandum of Association and file a certified copyof the amended Trust Deed/ Memorandum of Association.

16 Your Trust Deed/ Memorandum of Association does not have any clause providingthat the funds/ property of the trust will be used only for the objectives of theTrust/Society/ Non Profit Company. Please include this clause in your TrustDeed/Memorandum of Assosiation and file a certified copy of the amended TrustDeed/Memorandum of Assosiation.

17. If the Trust Deed/ MOA etc. are in vernacular language, please furnish certified translatedcopy of entire Trust Deed/ MOA in English/ Hindi.

18. Photocopy of PAN card(s) of the organisation along with the original PAN card forverification.

19. Copies of Income Tax Returns filed for last three years along with computation and AuditReport in Form No. 10B.

20. If represented through authorized representative, duly discharged letter of authorityalongwith name, address, mobile no. and e-mail address may be furnished.

21. Details of charitable or religious activities actually carried out by the organisation since its inception. In case no such activities have been carried out in any of earlier financial years, please furnish such details for the current financial year till date along with the documentary evidence

22. In case of schools/ hospitals, whether necessary the permission from the State Govt./ Local bodies has been obtained? File a copy of same.

23. In the case of any change in trustee/ member/ principal officer/ address of the organisation, copy of relevant change report from Charity Commissioner/ Registrar of Companies may be filed.

24. If any donation from foreign country is received then submit the details of registration under FCRA alongwith donation received and purpose thereof.

25. Please furnish online Acknowledgement receipt of Form No. 10G/ If applied

A hearing is required to be attended for submitting the documents and information as per questionnaire.

Once the CIT, Exemption is satisfied about the Grant of Registration under Section 12A and 80G , he may grant the Registration or call for more such information to the satisfaction of CIT. 

Fastlegal Provides 12A and 80G Registration Services in Rajasthan , Please call 9782280098 or email at [email protected]

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DIR-3KYC – Update from MCA for Filing DIR-3KYC on Annual Basis

  

As per rule 12A of the Companies (Appointment and Qualification of Directors) Rules 2014, “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 e-form DIR-3 KYC on or before 5th October,2018.”

However, the DIR-3 KYC e-form presently available on the portal does not cater for the following: (i) Filing on annual basis, and (ii) Filing in respect of DINs allotted post 31 March 2018. It presently caters only to those individuals who were allotted DINs as on 31st March 2018 and whose DINs have been marked as ‘Deactivated due to non-filing of DIR-3 KYC’. Stakeholders may please note that DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in the MCA21 system.

With the objective of making the form more user friendly, the form is presently being modified to enable pre-filling of data & information so that annual filings can be done by DIN holders in a simple and user friendly manner.

The revised form, which will be shortly deployed, can be filed without any fee within a period of 30 days from the date of deployment. Accordingly, DIN holders who had filed DIR-3 KYC form earlier and complied with the said provisions may kindly await the deployment of the modified form for fulfilling their compliance requirements.

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How to get Warehouse Subsidy under NABARD in Rajasthan

Any Person who has vacant or un utilized land may choose to setup warehosue in Rajasthan and get rental Income through renting of warehouse. Further Central Government provides subsidy on Project cost for setting up warehouse in Rajasthan. Subsidy are provided through NABARD ( National Bank for Agriculture and Rural Development). 

Following are details of Subsidy provided by NABARD: 

How Much Subsidy is Provided by NABARD for setting up warehouse

If the Applicants applying for Subsidy are : 

  • Women/Farmer/SC/ST Category  : 33.33% of Project Cost 
  • Others : 25% of Project Cost 

Minimum Owner Contribution of Project Cost Required 

The Applicant or Owner who is applying for subsidy for setting up warehouse must contribute minimum 20% of Project Cost of warehouse.

What is Project Cost 

Project Cost means Cost Involved in Construction of warehouse and also Includes :

  • Cost of Boundry Walls
  • Cost of Internal Roads 
  • Cost of Internal Drainage System
  • Cost of Weighing Kanta
  •  Cost of Fire Fighting Equipments Etc. 
  • Cost of Land (Maximum 10% )

How Much Loan is required from Banks

Applicants Getting benefits of Subsidy under this scheme, must require to obtain minimum 50% Loan from Banks of Project Cost. 

Documents Required for getting subsidy/Loan 

  • Detailed Project Report ( Fastlegal Provides Project Report Preparation Services , Please Call 9782280098, or email : [email protected]
  • Income Tax Returns of Applicants 
  • Land Documents – Land Must be owned by Applicants and it must be out of Municipal Corporation Limits as Directed by NABARD
  • ID & Address Proof of Applicants

Fastlegal Provides Warehouse Project Loan and Subsidy Consultancy Services

Call: 9782280098

Email : [email protected] 

[happyforms id=”1213″ /]

 

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Last date for filing ACTIVE Form INC 22A is 25th April 2019

Last date for filing ACTIVE Form INC 22A is 25th April 2019

Request you to kindly update photographs of registered office along with one Director with longitude and latitude of exact address.

Penalty after 25th April – 10000/-

File ACTIVE Form INC 22A with Fastlegal -call 9782280098, email- [email protected]

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Annual Filing of Limited Liability Partnership (LLP) for 2019 Year


Every LLP (Limited Liability Partnership) is required to file its Annual Accounts (Statement of Accounts and Solvency ) , Annual Return and Income tax Return every year within the stipulated time, even LLP having nil turnover or LLP has not carried out any business operation during the reporting period.

Annual Filing requirements with Registrar of Companies for Financial Year 2019 :

Filing of Annual Return in Form 11 for Financial Year 2018-19:

Every LLP is required to File its Annual Return to ROC by 30th May of Every Year, failure to file Annual Return will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 30 days will cost you Rs. 100*30= 3000)

Filing of Annual Accounts and Solvency in Form 8 for FY 2018-19:

Every LLP is required to file its Annual Accounts with ROC by 30th Oct of every year, failure to file Annual Accounts will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 50 days will cost you Rs. 100*50= 5000) this is in addition to Additional fee to be paid for Form 11 , if not filed.

READ  How to Register LLP with New LLP Incorporation Procedure

LLP Income Tax Filing Requirement for FY 2018-19 :

The due date for filing income tax return in case of a LLP for A Y 2019-20 is 31st July, 2019 . It is applicable for income earned from April 1st, 2018 to March 31st, 2019. For LLP due date is September 30th (where audit is required), November 30th(where there are foreign transaction or specified domestic transactions). 

Note : In case of LLP is registered on or after 01st of Oct than LLP may end Financial Year in next March. Like if LLP is registered on  05th of Oct, 2018 than First Financial Year of LLP may end on 31st March, 2020. This Limit is only for ROC Filing Purpose and LLP is required to file Income Tax Return Mandatory if Incorporated before 31st March of the Year. 

Fastlegal provides LLP Annual Filing Services all over India Online , to avail Fastlegal Services Please Call/Whatsapp at +919782280098, Email at [email protected] 

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How to do Startup Valuation for Startup Companies in India

In this articles we will share the Startup Valuation Method that is mostly used by Venture Capitalist and Angel Investors for valuing Startups.  Startups are valued with different methods and approaches, this all depends on products, users, technology and revenue models. 

Here Investor invests to earn return of their equity and they risk high on startups because early stage startups have no business experience, no established brand of their products and services, No Human Resources, illiquid Investments etc. The Future of Startups are uncertain, so valuing a startup can be little bit tricky.

Here we will discuss startup valuation at pre-revenue stage or revenue generation just commenced and gradually being scaled up.

Minimum Requirements for Startup Valuation and Stake Diversion – Procedure 

Expected Investment by Venture Capitalist or Angel Investor :

For Example are you an startup Founder and have recently get connected with Venture Capitalist or Angel Investor, He wants to I invest Rs. 100 lakhs in your startup, so How much Company Stake are you willing to divert to get Rs. 100 lakh into your business. We will find this out at later stage. 

Expected Profits by Startup Company will earn 

It is Important to know that what products or services startup entity have , how much it will earn in next year. We need to do some maths and got that company will earn profits of Rs. 300 Lakhs on fifth year. 

Expected Return on Equity Investor expects from Startup entity 

There is certain percentage return that Investor expects to earn from its Investment  , say Investor wants to earn 20% return on Investment per year, 25% return on Investment per year. 

The required Future Value of Investment = 100*(1.20) for 5th Year 

if you calculate the Future Value this Comes out at = 248.83 at 20% and 305.18 at 25% 

Valuation of Company at this time

5th Year Net Profit * PE Multiple 

300*8 = 2400 Lakhs 

How much Company Stake to be diverted 

248.83/2400*100 = 10.36% stake

Fastlegal Provides Valuation Services for Startup Entities though IBBI  registered Valuers, Email us your Requirements at [email protected]

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How to Apply for FCRA registration of NGO in India

Any NGO receiving Foreign Contribution is required to take FCRA registration with Ministry of Home Affairs online. 

Eligibility criteria for grant of registration

For applying for registration under FCRA NGO should:

  •  be registered under an existing statute like the Societies Registration Act, 1860 or the Indian Trusts Act, 1882 or section 25 of the Companies Act, 1956 (Now Section 8 of Companies Act, 2013) etc;
  • Normally be in existence for at least three years and has undertaken reasonable activity in its chosen field for the benefit of the society for which the foreign contribution is proposed to be utilised.
  • For this purpose, the association should have spent at least Rs.10,00,000/- over the last three years on its aims and objects, excluding administrative expenditure. Statements of Income & Expenditure, duly audited by Chartered Accountant, for last three years are to be submitted to substantiate that it meets the financial parameter

Permission to accept Foreign Contribution

There are two modes of obtaining permission to accept foreign contribution according to FCRA, 2010:

  • Registration ( Minimum Requirements Discussed Above) 
  • Prior Permission

An organization in formative stage is not eligible for registration. Such organization may apply for grant of prior permission under FCRA, 2010.

Prior permission is granted for receipt of a specific amount from a specific donor for carrying out specific activities/projects. For this purpose, the association should meet following criteria:

  • be registered under  Societies Registration Act, 1860 or the Indian Trusts Act, 1882 or section 25 of the Companies Act, 1956 etc;
  • submit a specific commitment letter from the donor indicating the amount of foreign contribution and the purpose for which it is proposed to be given; and
  • For Indian recipient organizations and foreign donor organizations having common members, FCRA Prior Permission shall be granted to the Indian recipient organizations subject to its satisfying the following:
  •  The Chief Functionary of the recipient Indian organization should not be a part of the donor organization.
  •  At least 51% of the office-bearers/ members of the Governing body of the Indian recipient organization should not be members/employees of the foreign donor organization.
  • In case of foreign donor organization being a single person/individual that person should not be the Chief Functionary of the recipient Indian organization.
  •  In case of a single foreign donor, at least 51% office bearers/members of the governing body of the recipient organization should not be the family members and close relatives of the donor

Conditions to be met for the grant of registration and prior permission

In terms of Sec.12 (4) of FCRA, 2010, the following shall be the conditions for the grant of registration and prior permission:

(a) The ‘person’ making an application for registration or grant of prior permission-

  • is not fictitious or benami;
  • has not been prosecuted or convicted for indulging in activities aimed at conversion through inducement or force, either directly or indirectly, from one religious faith to another;
  • has not been prosecuted or convicted for creating communal tension or disharmony in any specified district or any other part of the country;
  • has not been found guilty of diversion or mis-utilisation of its funds;
  • is not engaged or likely to engage in propagation of sedition or advocate violent methods to achieve its ends;
  • is not likely to use the foreign contribution for personal gains or divert it for undesirable purposes;
  • has not contravened any of the provisions of this Act;
  • has not been prohibited from accepting foreign contribution;
  • the person being an individual, such individual has neither been convicted under any law for the time being in force nor any prosecution for any offence is pending against him.
  •  the person being other than an individual, any of its directors or office bearers has neither been convicted under any law for the time being in force nor any prosecution for any offence is pending against him.

(b) the acceptance of foreign contribution by the association/ person is not likely to affect prejudicially –

  • the sovereignty and integrity of India;
  • the security, strategic, scientific or economic interest of the State;
  • the public interest;
  • freedom or fairness of election to any Legislature;
  • friendly relation with any foreign State;
  • harmony between religious, racial, social, linguistic, regional groups, castes or communities.

(c) the acceptance of foreign contribution-

  •  shall not lead to incitement of an offence;
  •  shall not endanger the life or physical safety of any person.

Documents Required for Making FCRA registration Application 

(A) Registration

  • jpg file of signature of the chief functionary (size:__________)
  • self-certified copy of registration certificate/Trust deed etc., of the association (size:_____________)
  • self-certified copy of relevant pages of Memorandum of Association/ Article of Association showing aim and objects of the association.
  • Activity Report indicating details of activities during the last three years; (size:_____________)
  • Copies of relevant audited statement of accounts for the past three years (Assets and Liabilities, Receipt and Payment, Income and Expenditure) clearly reflecting expenditure incurred on aims and objects of the association and on administrative expenditure; (size:______________)

(B) Prior Permission

  • jpg file of signature of the chief functionary (size:__________)
  • self-certified copy of registration certificate/Trust deed etc., of the association (size:_____________)
  • duly signed Commitment Letter from Donor.
  • If functioning as editor, owner, printer or publisher of a publication registered under the Press and Registration of Books Act, 1867, a certificate from the Registrar of Newspapers for India that the publication is not a newspaper in terms of section 1(1) of the said Act.

Fastlegal Provides FCRA Registration Services , for more information Please Call at 9782280098 or email us at [email protected]