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How to Make Accounting Entries for Sales Invoices in Tally Accounting Software

Posted on by Fastlegal Team

Making accounting entries for sales invoices in Tally accounting software is a straightforward process. Tally is widely used for its user-friendly interface and efficient accounting features. Here’s a step-by-step guide on how to make accounting entries for sales invoices in Tally:

Step 1: Open Tally Software

Launch the Tally software on your computer and log in to your company’s account.

Step 2: Create Sales Ledger

If you haven’t created a sales ledger for your customer, you need to set it up. Follow these steps:

  1. Go to Gateway of Tally.
  2. Select “Accounts Info” > “Ledgers” > “Create.”

Enter the name of the customer under “Name” and choose the appropriate group, such as “Sundry Debtors.” Save the ledger.

Step 3: Create Sales Invoice

  1. Go to Gateway of Tally.
  2. Select “Accounting Vouchers” from the main menu.
  3. Choose “Sales Voucher” (Shortcut: F8).

Step 4: Enter Sales Invoice Details

  1. Party A/c Name:
    • Select the name of the customer from the list.
  2. Sales Ledger:
    • Choose the sales ledger you created earlier.
  3. Stock Item or Account:
    • Enter the name of the product or service sold.
  4. Rate:
    • Input the unit selling price.
  5. Quantity:
    • Enter the quantity of items sold.
  6. GST Details:
    • If applicable, enter the GST details for the sale.
  7. Narration:
    • Add any additional information or notes related to the sale.

Step 5: Save the Sales Invoice

Press “Enter” to save the sales invoice entry.

Step 6: View Accounting Entries

  1. To view the accounting entries, go to “Display” > “Daybook.”
  2. Select the date on which you created the sales invoice.

Here, you can see the accounting entries for the sales invoice, including the debit to the sales ledger and credit to the customer’s ledger.

Step 7: Verify Reports

To verify the sales entry in reports:

  1. Go to “Display” > “Statement of Accounts” > “Outstanding” > “Receivables.”
  2. Select the customer’s name to view the outstanding amount.

Congratulations! You’ve successfully entered a sales invoice in Tally. Repeat these steps for each sales transaction, and your financial records will be well-maintained in the software.

Remember that this guide assumes you’ve set up your Tally software and created the necessary ledgers. If you haven’t, it’s recommended to consult Tally documentation or seek assistance to ensure accurate and compliant accounting practices.

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PHED Contractor Enlistment in Rajasthan

Posted on by Fastlegal Team

In this article we will discuss about PHED Contractor enlistment in Rajasthan, the qualification for the enlistment of contractors with PHED is prescribed in Contractor Enlistment Rules. If any Company or Firm want to work on projects of PHED in Rajasthan, they are required to get enlisted in the department as their contractor.

Class of Civil Contractors for PHED Contractor:

  • AA Class
  • A Class
  • B Class
  • C Class
  • D Class

Who Will Enlist Contractors for PHED Contractor:

Contractor ClassEnlistment Authority
AA ClassChief Engineer of the Respective Engineering Department
A ClassChief Engineer of the respective Department
B ClassAdditional Chief Engineer of the respective Zone
C ClassSuperintending Engineer of the Circle
D ClassExecutive Engineer of the respective Division

Past Experience for PHED Contractor Enlistment:

Past experience for enlistment for various classes shall be as given below. When applying for enlistment, the contractors of all classes will be required to submit list of works executed, the amount of each individual work being not less than the amount indicated in col.3 of table given below under each class, the authorities under which the works were carried out and the time in which these were carried out.

S.No.ClassPast Experience for Enlistment
1.AA ClassSatisfactorily completed 2 works each costing not less than Rs. 1 crore during three years.
2.A ClassSatisfactorily completed 2 works each costing not less than Rs. 50 lac during three years.
3.B ClassSatisfactorily completed 2 works each costing not less than Rs. 10 lac during three years.
4.C ClassSatisfactorily completed 2 works each costing not less than Rs. 2 lac during three years.
5.D ClassNil

Class of Contractor and Amount of Work that can be done :


S. No. 
Class of contractors		Extent upto which qualified to tender for any, work
1AA classAny amount
2A ClassUpto Rs. 3.00 crores
3.B ClassUpto Rs. 1.50 crores
4.C ClassUpto Rs. 50 Lacs
5.D ClassUpto Rs. 15 Lacs

Registration fee Contractor Registration : 


Class of contractors		Amount of Registration Fee in Cash/Treasury Challan/Bank Demand Draft (Non-refundable)Amount of Security Deposit in form of Interest bearing deposit/FDR of Bank 
ClassAA
Rs. 30,000.00		8 Lakh
Class ARs. 22500.004 Lakh
Class BRs. 15000.002 Lakh
Class CRs. 6000.001 Lakh
Class DRs. 3000.00 50 Thousand 

Documents Required for PHED Contractor

  • Copy of PAN
  • Copy of Aadhar Card
  • Photograph
  • GST Registration Certificate
  • Address Verification of Firm/Company’s by police station/post/Councilor/Sarpanch (Verification must be attested)
  • Affidavit of a close relative of Proprietor/All partners/Directors
  • Two Certificates of work completed satisfactorily in last 3 years with work order and documents of T.D.S. deduction (26 A.S.) (amount in lacs)
  • List of machinery, plant, and documents of ownership and list of working staff on the stamp of Rs. 50 / – (rent nomination of machinery on the stamp of Rs. 500 /with Ownership documents)
  • Attested report(3B report) of latest GST return
  • Affidavit regarding Sales Tax on a stamp of Rs. 50/- and undertaking released by C.A.
  • Bank Confidential Report regarding

For Any help regarding PHED Contractor Enlistment Please call us at 9782280098

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Form MGT-7A: Simplified Annual Return Filing for OPCs and Small Companies

Posted on by Fastlegal Team

In India, compliance with the Companies Act, 2013, is a critical responsibility for all registered companies. The Ministry of Corporate Affairs (MCA) mandates the filing of annual returns to ensure transparency and accountability in corporate governance. To ease the compliance burden on smaller entities, the MCA introduced Form MGT-7A, a simplified version of the annual return form tailored for One Person Companies (OPCs) and small companies. This blog post provides a comprehensive overview of Form MGT-7A, its applicability, key features, filing process, due dates, and penalties for non-compliance, written from the perspective of a Company Secretary in India.

What is Form MGT-7A?

Form MGT-7A is an abridged annual return form introduced under the Companies (Management and Administration) Amendment Rules, 2021, effective from the financial year 2020-21. It is designed specifically for One Person Companies (OPCs) and small companies, as defined under Section 2(85) of the Companies Act, 2013. Unlike the more comprehensive Form MGT-7, which is mandatory for other companies, Form MGT-7A requires fewer details, making compliance simpler and less resource-intensive for smaller entities.

Definition of a Small Company

As per Section 2(85) of the Companies Act, 2013, a small company is a company (other than a public company) that meets the following criteria:

  • Paid-up share capital: Not exceeding ₹2 crore (or a higher amount as specified, up to ₹10 crore).
  • Turnover: Not exceeding ₹40 crore (or a higher amount as specified, up to ₹100 crore).

However, a company is not considered a small company if it is:

  • A holding or subsidiary company.
  • A company registered under Section 8 (non-profit organizations).
  • A company governed by a special act.

OPCs, by their nature, are single-member companies and are also eligible to file Form MGT-7A.

Key Features of Form MGT-7A

Form MGT-7A is designed to reduce the compliance burden on OPCs and small companies by requiring less detailed information compared to Form MGT-7. The key features include:

  1. Simplified Format: Unlike Form MGT-7, which requires extensive details about directors, key managerial personnel (KMP), and remuneration, Form MGT-7A focuses on essential information, making it easier to complete.
  2. No Mandatory Company Secretary Certification: For OPCs and small companies, Form MGT-7A does not require certification by a practicing Company Secretary. It can be signed using the Digital Signature Certificate (DSC) of a director.
  3. Key Information Required: The form captures the following details as of the close of the financial year:
    • Registered office details, Corporate Identification Number (CIN), Permanent Account Number (PAN), and principal business activities.
    • Particulars of associate companies (including joint ventures).
    • Details of shares, debentures, and other securities, along with the shareholding pattern.
    • Details of members, promoters, and debenture-holders, including changes since the previous financial year.
    • Details of meetings of members (for small companies), the board, and its committees, along with attendance records.
    • Details of penalties or punishments imposed on the company, its directors, or officers, and any appeals made.
    • Certification of compliances and disclosures as prescribed.
  4. Exemptions from Certain Disclosures: Unlike Form MGT-7, Form MGT-7A does not require details such as:
    • Composition of the board of directors or KMP.
    • Remuneration details of directors or KMP.
    • Detailed shareholder information (now submitted via an Excel template as of recent updates).
  5. Recent Updates (Effective July 14, 2025): The MCA has introduced changes to Form MGT-7A under the Companies (Management and Administration) Amendment Rules, 2025. These include:
    • Submission of shareholder and debenture-holder lists via a standardized Excel template.
    • A new section for gender-wise shareholder data.
    • A mandatory photograph of the registered office showing the external building and company name, as per Section 12 requirements.
    • Integration of Form MGT-8 fields for applicable companies, eliminating separate PDF uploads.

Applicability of Form MGT-7A

Form MGT-7A is mandatory for:

  • One Person Companies (OPCs): Single-member companies incorporated under the Companies Act, 2013.
  • Small Companies: Companies meeting the paid-up capital and turnover criteria mentioned above.

All other companies, including private limited companies, public companies, and listed companies, must file Form MGT-7. Additionally, listed companies or companies with a paid-up share capital of ₹10 crore or more or a turnover of ₹50 crore or more must have their Form MGT-7 certified by a practicing Company Secretary in Form MGT-8.

Filing Process for Form MGT-7A

Filing Form MGT-7A is a straightforward process that can be completed electronically via the MCA portal. Below are the steps to file Form MGT-7A:

  1. Download the Form: Access Form MGT-7A from the MCA portal under the “Annual Filing e-Forms” category.
  2. Fill in the Details: Provide the required information, including:
    • Company registration details (CIN, PAN, registered office address).
    • Principal business activities.
    • Details of shares, debentures, and shareholding patterns.
    • Details of meetings, penalties, and compliance certifications.
    • For FY 2024-25 onwards, upload shareholder and debenture-holder details via the prescribed Excel template and attach a photograph of the registered office.
  3. Attach Required Documents: The following documents must be attached:
    • List of shareholders and debenture-holders (via Excel template).
    • List of directors.
    • Approval letter for any extension of the Annual General Meeting (AGM), if applicable.
    • Optional attachments, as needed.
  4. Digital Signature: The form must be digitally signed by a director of the company using a valid DSC and Director Identification Number (DIN). No Company Secretary certification is required unless specified for certain cases.
  5. Pre-Scrutiny Check: Use the “Pre-Scrutiny” button on the MCA portal to validate the form for technical errors. Rectify any issues before proceeding.
  6. Upload and Pay Fees: Log in to the MCA portal, upload the validated form under the “Upload e-Forms” section, and pay the prescribed filing fee. The fee varies based on the company’s nominal share capital:
    • Less than ₹1 lakh: ₹200
    • ₹1 lakh to ₹5 lakh: ₹300
    • ₹5 lakh to ₹25 lakh: ₹400
    • ₹25 lakh to ₹1 crore: ₹500
    • Above ₹1 crore: ₹600
  7. SRN Generation: Upon successful submission, a Service Request Number (SRN) is generated for tracking purposes. A challan detailing the fee payment is also issued.
  8. Acknowledgment: After processing by the Registrar of Companies (ROC), an acknowledgment is sent to the company’s official email address.

Due Dates for Filing Form MGT-7A

  • For Small Companies: Form MGT-7A must be filed within 60 days from the date of the Annual General Meeting (AGM). The AGM must be held on or before September 30 following the close of the financial year (March 31). Thus, the due date is typically November 29 each year.
  • For OPCs: The due date is within 60 days from the expiry of 180 days from the close of the financial year. For example, for the financial year ending March 31, 2025, the 180-day period ends on September 27, 2025, making the filing due by November 26, 2025.

If the AGM is not held, the form must be filed within 60 days from the date the AGM should have been held.

Penalties for Non-Compliance

Non-compliance with the filing of Form MGT-7A attracts significant penalties under the Companies Act, 2013. Since 2018, the penalty for delayed filing has been set at ₹100 per day of default, with no upper limit. This applies to both the company and its officers in default. Additionally, failure to file may lead to:

  • Adverse impact on the company’s compliance record.
  • Difficulty in obtaining approvals or engaging in certain business activities.
  • Potential disqualification of directors under Section 164(2) of the Companies Act, 2013.

To avoid hefty penalties, OPCs and small companies must ensure timely and accurate filing of Form MGT-7A.

Recent Amendments (Effective July 14, 2025)

The MCA’s notification dated May 30, 2025, introduced key changes to Form MGT-7A to enhance filing accuracy and transparency:

  • Excel Template for Shareholder Data: Shareholder and debenture-holder details must now be submitted via a standardized Excel template, similar to PAS-3 filings, ensuring uniformity and ease of processing.
  • Gender-Wise Shareholder Data: A new section requires companies to provide gender-wise shareholder information, promoting demographic transparency.
  • Registered Office Photograph: Companies must attach a photograph of the registered office showing the external building and company name, aligning with Section 12 requirements.
  • Integration of Form MGT-8: For applicable companies, Form MGT-8 fields are now integrated into Form MGT-7A, eliminating the need for separate PDF uploads.
  • Support for CIRP/Liquidation: Companies undergoing Corporate Insolvency Resolution Process (CIRP) or liquidation can now file Form MGT-7A directly via the MCA V3 portal.

These updates, effective for filings related to the financial year ending March 31, 2025, aim to streamline compliance and improve data accuracy.

Importance of Form MGT-7A

Form MGT-7A serves as a critical tool for maintaining transparency and accountability in OPCs and small companies. It provides stakeholders, including shareholders, creditors, and potential investors, with essential information about the company’s operations, governance, and financial health. Key benefits include:

  • Regulatory Compliance: Ensures adherence to the Companies Act, 2013, and MCA regulations.
  • Transparency: Provides a snapshot of the company’s non-financial health, ownership structure, and management.
  • Ease of Compliance: The simplified format reduces the administrative burden on small companies and OPCs.
  • Stakeholder Confidence: Accurate and timely filing enhances trust among investors, regulators, and other stakeholders.

Practical Tips for Company Secretaries

As a Company Secretary, ensuring seamless compliance with Form MGT-7A requires careful planning and attention to detail. Here are some practical tips:

  1. Verify Eligibility: Confirm that the company qualifies as an OPC or small company based on the latest paid-up capital and turnover thresholds.
  2. Use the MCA Help Kit: Leverage the MGT-7A help kit on the MCA portal for guidance on filling out the form accurately.
  3. Prepare Documents in Advance: Compile all required documents, including shareholder lists and registered office photographs, before initiating the filing process.
  4. Check for Updates: Stay informed about MCA notifications, such as the recent amendments effective July 14, 2025, to ensure compliance with the latest requirements.
  5. Engage Professionals: While Form MGT-7A does not require Company Secretary certification, engaging a practicing Company Secretary or chartered accountant can ensure error-free filing, especially for companies with complex structures.
  6. Track Deadlines: Use compliance calendars to monitor AGM and filing deadlines to avoid penalties.

Conclusion

Form MGT-7A is a game-changer for OPCs and small companies, offering a simplified and cost-effective way to meet annual return filing requirements under the Companies Act, 2013. By reducing the compliance burden and focusing on essential information, it allows smaller entities to prioritize their core business operations while maintaining transparency and accountability. As a Company Secretary, staying updated on MCA amendments, such as those effective from July 14, 2025, and ensuring timely and accurate filing of Form MGT-7A is crucial for fostering good corporate governance and avoiding penalties. For seamless compliance, consider leveraging professional services or MCA resources to navigate the filing process with confidence.

For further assistance or queries on Form MGT-7A filing, feel free to contact a practicing Company Secretary or visit the MCA portal at www.mca.gov.in.

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How to Declare and Pay Dividends in Accordance with Companies Act 2013

Posted on by Fastlegal Team

In this blog post we will discuss on process for declaration of Dividend and payment of Dividend in Accordance with Companies Act, 2013, Declaring and paying dividends is a significant aspect of a company’s interaction with its shareholders. In India, the procedure of dividend declaration and payment is governed by the Companies Act, 2013. Below is a step-by-step guide on how to declare and payment dividends for companies operating under this act.

Step 1: Ascertain Profit Availability

Before declaring any dividend, the board of directors must ensure that there are sufficient profits. As per the Companies Act, dividends can be paid out of:

  • Current financial year’s profits
  • Profits from previous financial years after providing for depreciation
  • Money provided by the government for dividend payment in government companies

Ensure that adequate provisions are made for all unpaid dues, depreciation, and contingencies.

Step 2: Hold Board Meeting in Process for Declaration of payment of Dividend

A meeting of the Board of Directors should be convened by giving notice to all the directors of the company as per Section 173 of the Act. In this meeting, the board should:

  • Consider the profit and loss accounts
  • Decide the quantum of dividends
  • Fix the date for Annual General Meeting (AGM)

Record the minutes of the meeting as per Section 118 of the Act.

Step 3: Declare Dividend at AGM

The shareholders of the company must approve the dividend at the Annual General Meeting:

Process for Declaration of Dividend
  • The board’s recommended dividend is put forward to the members in the AGM
  • The declaration is subject to the approval of shareholders
  • The dividend declared should not exceed the amount recommended by the Board

Step 4: Deposit Dividend Amount

Within 5 days of the declaration, the company must deposit the total amount of dividend in a separate bank account as per Section 123 of the Act.

Step 5: Dividend Payment

  • The company should pay or dispatch the dividends within 30 days from the declaration date to the entitled shareholders
  • Electronic modes of payment are preferred
  • Ensure proper documentation and record-keeping of the payment

Step 6: Transfer to Unpaid Dividend Account

In the process for Declaration of Dividend , Any dividend amount that remains unpaid or unclaimed after 30 days of its declaration should be transferred to the ‘Unpaid Dividend Account’ as per Section 124 of the Act. The company should also inform the shareholders about this transfer.

Step 7: Transfer to Investor Education and Protection Fund (IEPF)

If any amount in the ‘Unpaid Dividend Account’ remains unclaimed or unpaid for a period of 7 years, the company shall transfer it to the Investor Education and Protection Fund established under Section 125 of the Companies Act.

Step 8: Maintain Statutory Registers and Records

The company must maintain the prescribed registers and records, including:

  • The register of dividends (Form SH-7)
  • Any documentation related to unpaid dividends

Step 9: Compliance and Reporting

  • File the necessary forms with the Registrar of Companies (RoC) within the prescribed timelines.
  • Ensure compliance with tax laws regarding dividend distribution tax (DDT), as applicable.

Step 10: Address Discrepancies and Grievances

The company should setup a mechanism to address any discrepancies and grievances that shareholders might have regarding dividend payments.

Following these steps in accordance with the Companies Act of 2013 helps ensure legal compliance and good corporate governance practices. It protects the interests of the shareholders and maintains the company’s reputation in the corporate ecosystem.

For additional information for in the process for declaration of dividend and payment compliance, always refer to the latest version of the Companies Act and consult with legal professionals.

Note: As of the writing of this article, the Corporate Laws in India are subject to changes, and as such, the process outlined above might have been updated. Please ensure to check the latest provisions in the Companies Act, 2013, and amendments thereafter.

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Interest Subsidy under Mukhyamantri Laghu Udhyog Protsahan Yojana (MLUPY)

Posted on by Fastlegal Team

Mukhyamantri Laghu Udhyog Protsahan Yojana (MLUPY) provides subsidized loans through Financial institutions to facilitate the establishment of enterprises in the state and to provide new employment opportunities to all sections of the society.

Mukhyamantri Laghu Udhyog Protsahan Yojana (MLUPY)

Role of Financial Institutions under Mukhyamantri Laghu Udhyog Protsahan Yojana (MLUPY)

Under the scheme, loans will be provided for manufacturing, service and business enterprises through financial institutions like (Nationalized Commercial Bank, Private Sector Scheduled Commercial Bank, Scheduled Small Finance Bank, Regional Rural Bank, Rajasthan Financial Corporation, SIDBI and Urban Cooperative Banks).

Which Type of Enterprise is eligible

Along with newly established enterprises, pre-established enterprise will also be eligible for expansion / diversification / modernization projects.

Who Can Apply

Under the scheme Individual applicants as well as institutional applicants (self-help groups / societies / partnership firms / LLP firms / companies) will also be eligible. The establishment of the enterprise under the scheme will be Rajasthan State. The minimum age of the individual applicant shall be 18 years.

Loan Amount under Scheme

Under the scheme, loan up to Rs. 10 crore will be available for new Manufacturing and Service Enterprises and Rs. 1 Crore for units going for expansion/diversification/ modernisation . The maximum limit of loan for business will be Rs. 1 crore. The nature of the loan will be composite loan, term loan and working capital (including CC Limit). As per RBI guidelines, collateral security will not be needed on loans upto Rs. 10 lakh.

Interest Subsidy under Mukhyamantri Laghu Udhyog Protsahan Yojana (MLUPY)

The Interest Subsidy will be granted to the beneficiaries on the loan provided by banks which will be payable as follows for five years:

S.No.Maximum Loan AmountInterest Subsidy
1. Up to 25 Lakh8%
2. 25 Lakh to 05 Crore6%
3. 05 Crore to 10 Crore5%

Process

Under the scheme, the applications will have to be submitted online, whose process will be according to the guidelines prescribed for the implementation of the Scheme. Loan applications up to Rs. 10 lakh can be forwarded directly to the banks without any interview and the loans above Rs. 10 lakh will be forwarded to the bank after being scrutinized by the District Level Task Force Committee.

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How to Register Sole Proprietorship Firm in India

Posted on by Fastlegal Team
proprietorship registration

In India a Sole Proprietorship firm may be started by getting any of the following registrations:

Shop Act Registration  or Gumasta Licence for Proprietorship Firm Registration :

Registration under the Shop and Commercial Establishment Act is Commonly known as “Shop Act Registration” Most of the Banks open Current Bank Account for this Registration 

GST Registration for Proprietorship Firm Registration

GST Registration: As GST Registration is Mandatory Only if Gross Sales Exceeds Rs. 20 Lakh in any Financial Year, but you can voluntary take GST Registration, GST Registration is Mandatory if you are selling products on E-commerce Marketplace Websites like: Amazon, Flipkart, Snapdeal, eBay, Esty etc.. also if you are running ads for your business promotion on popular Social Networking like Facebook, Twitter, etc.

GST Registration is required by vendors if they are registered under GST , this makes easier for them to make uniformity in business transitions.

How to Register Sole Proprietorship Firm in India 1

Udhyam Registration for Proprietorship Firm Registration

Udhyam Registration is for MSME Enterprises, this registration will give recognition of MSME enterprise for your business if you are running proprietorship firm business and want to have Single Registration this is a great deal to have in the pocket. You can apply for MSME Registration with Fastlegal Team Members.

Proprietorship Firm Registration

Opening of Current Bank Account in the name of Business : 

Once you get any of the above registration certificates, you can contact to the Bank with which you wish to open your current account.

Its all Done: Your Business is registered business entity now.  you can now do all the banking transactions in the name of your firm.

Benefits of Proprietorship firm Registration:

  1. Fast and Cheaper Registration
  2. Less Legal Compliance
  3. Banking Transaction may be done in the name of the firm
  4. No Need to obtain different PAN for your business entity (Pan of the Proprietor shall be the business entity also)
  5. No need to file return of your income if your income does not exceed the maximum amount liable to tax (which is at present Rs. 250000/- and may be changed in every budget)

Looking for Proprietorship Firm Registration Online?

Just submit your request in below Form and Fastlegal Team Members will contact you shortly for getting your Firm Registered as per your business needs, you just need to share Required documents and information Via E-mail.

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Annual Filings for Limited Liability Partnership (LLP)

Posted on by Fastlegal Team

Limited Liability Partnership (LLP) is a separate legal entity and Separate from Its partners, LLP is governed by LLP Act, 2008, LLP Rules, and in accordance with LLP agreement, LLP act and rules provides for the Annual Returns that are required to be filed by LLP (LLP Annual Filing) to Registrar of Companies by every LLP. beside compliances of LLP Act and rules LLP is required to file its Income tax return and Tax Audit report if required, and designated partners of LLP is required to complete there annual DIN KYC every year, all this comes under LLP Annual Filing, below we have discussed main LLP annual filing that is required to be done by every LLP:

LLP Annual Filing

LLP Annual Filings Calendar

LLP Filing

  • LLP Form 11
  • LLP Form 8
  • DIR-3 KYC
  • Income Tax Return
  • GST Return
  • TDS Return

Due Date

  • 30th May
  • 30th October
  • 30th June
  • 30th July (Non-Audit)
  • Every month /Qtr ( For GST Registered)
  • Every Qtr ( if TDS deducted)

LLP Form 11 ROC LLP Filing

LLP Form 11 is required to be filed by every LLP, Even if LLP has not carried out any business activity LLP Form 11 is mandatorily required to be filed. LLP Form 11 is also known as LLP Annual Return and it contains information about the ownership structure of LLP like Capital Contributed by each designated partner or partner, who are the partners of LLP as on the financial year ending date for which Form 11 is required to be filed.

Mandatory Attachment of Form 11 – In Form 11 a document in respect of Designated partners and partners is required to be attached which contains details in which the designated partner of LLP is the Director or Partner.

LLP Form 8 ROC LLP Filing

LLP Form 8 is required to be filed by every LLP, LLP Form 8 is filed with respect to Statement of Accounts and solvency, In general, this form is required to be filed for filing LLP Annual Accounts to ROC. So before Filing this form LLP is required to be prepare and finalize its books of accounts, otherwise, it is not possible to file this form. LLP Audit is also done under this where Auditor is required to Digitally signed this form, in case LLP is required to get its accounts audited, Presently Limit for LLP Audit is Rs. 40 Lakh for turnover and Rs. 25 Lakh for Capital Contribution, if either exceeds this limit LLP is required to get its accounts audited.

DIR-3 KYC for Designated Partners of LLP (LLP Annual Filing)

DIR-3 KYC is mandatory for every designated partner of LLP, non-filing will lead to a fee of Rs. 5000 for activation of DIN of designated partner. The due date for filing DIR-3 KYC is 30th September.

Income Tax Return of LLP (LLP Annual Filing)

Every LLP whose accounts are not required to be audited is required to file its Income Tax return on or before 31st July. For Audited LLP the due date is 30th September.

GST Return of LLP (LLP Annual Filing)

If LLP has GST Registration, then LLP is required to file Applicable GST returns like GSTR3B, GSTR1, GSTR9, and other applicable returns on a monthly, quarterly or yearly basis as and when applicable.

TDS Return of LLP

If LLP has made payments that are required to pay after deduction of Tax at source, The TDS amount is required to be deposited before the 7th of next month and is required to file a Quarterly TDS return.

Small LLP Incorporation

Enrich your business.

  • Name Approval
  • DIN
  • DSC
  • LLP Agreement *
  • PAN /TAN of LLP
  • Capital Contribution Up to Rs. 1 Lakh *

*Stamp duty up to Rs. 2000 included in this package

Rs. 9999 /-

LLP Annual Filing

Small LLP without Audit Applicability

  • LLP Form 11
  • LLP Form 8
  • DIN KYC
  • Income Tax Return
  • Book-keeping & Final Accounts up to 100 Entries

Rs. 8000/- Per year

LLP Annual Filings

Other than Small LLP

  • LLP Form 11
  • LLP Form 8
  • DIN KYC
  • Income Tax Return
  • Book-keeping
  • Audit

Request

1

How to Become SEBI Registered Research Analyst

Posted on by Fastlegal Team

No person shall act as a research analyst or research entity or hold itself out as a research analyst unless he has obtained a certificate of registration from the SEBI under (RESEARCH ANALYSTS) Regulations, 2014

Who is Research Analyst

Research analyst” means a person who is primarily responsible for

  • preparation or publication of the content of the research report; or
  • providing research report; or
  • making ‘buy/sell/hold’ recommendation; or iv.giving price target; or
  • offering an opinion concerning public offer,with respect to securities that are listed or to be listed in a stock exchange, whether or not any such person has the job title of ‘research analyst’ and includes any other entities engaged in issuance of research report or research analysis.
  • Explanation.-The term also includes any associated person who reports directly or indirectly to such a research analyst in connection with activities provided above
Research Analyst

What is Research Report

“research report” means any written or electronic communication that includes research analysis or research recommendation or an opinion concerning securities or public offer, providing a basis for investment decision and does not include the following communications:

  • comments on general trends in the securities market;
  • discussions on the broad-based indices;
  • commentaries on economic, political or market conditions;
  • periodic reports or other communications prepared for unit holders of mutual fund or alternative investment fund or clients of portfolio managers and investment advisers;
  • internal communications that are not given to current or prospective clients;
  • communications that constitute offer documents or prospectus that are circulated as per regulations made by the Board;
  • statistical summaries of financial data of the companies;
  • technical analysis relating to the demand and supply in a sector or the index;
  • any other communication which the Board may specify from time to time

Qualification and certification requirement for Research analyst

  • A professional qualification or post-graduate degree or post graduate diploma in finance, accountancy, business management, commerce, economics, capital market, financial services or markets provided by:
    • a university which is recognized by University Grants Commission or by any other commission/council/board/body established under an Act of Parliament in India for the purpose; or
    • an institute/association affiliated with such university; or
    • an institute/ association/university established by the central government or state government; or
    • autonomous institute falling under administrative control of Government of India; or
  • professional qualification or post-graduate degree or post graduate diploma which is accredited by All Indian Council for Technical Education, National Assessment and Accreditation Council or National Board of Accreditation or any other council/board/body set up under an Act of Parliament in India for the purpose; or
  • a professional qualification by completing a Post Graduate Program in the Securities Market (Research Analysis) from NISM of a duration not less than one year; or
  • a graduate in any discipline with an experience of at least five years in activities relating to financial products or markets or securities or fund or asset or portfolio management and
  • An individual registered as research analyst , individuals employed as research analyst and partners of a research analyst, if any, shall have, at all times, a NISM certification for research analysts as specified by the SEBI or other certification recognized by the SEBI from time to time

Capital Adequacy Requirement for Research Analyst

  • A research analyst who is individual or partnership firm shall have net tangible assets of value not less than one lakh rupees
  • A research analyst who is body corporate or limited liability partnership firm shall have a networth of not less than twenty five lakh rupees

“net worth” means the aggregate value of paid-up share capital plus free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses.

Step By Step Procedure for Registration as Research Analyst With SEBI

  • Fullfill Experiance and Education Qualfication reequirements as mentioned above
  • Pass required NISM Examination
  • Ensure to have Net Tengible assets of Rs. 1 Lakh for Individual /partnership Firm or Networth of Rs. 25 Lakh for Companies /LLP
  • Application to SEBI for Research Analyst Registration inForm A
  • Payment of Application fee
  • Reply to Clearification raised by SEBI
  • Approval by SEBI
  • Payment of Registration Fee
  • Issue of Certificate of Registration by SEBI

Fee for SEBI Research Analyst Registration

Application Fee

  1. For individuals or partnership firms: Rupees 5000;
  2. For Body Corporate including Limited Liability Partnerships: Rupees 50000

Registration Fee

  1. For individuals or partnership firms: Rupees 10000;
  2. For Body Corporate including Limited Liability Partnerships: Rupees 500000

Research Services Details in Application

  • Details of the proposed research services
  • Details about internal policies and procedures to effectively address conflict of interest
  • Details about the standard disclosures to be provided
  • Any other relevant information pertaining to research services provided

Office Requirements for SEBI Research Analyst Registration

  • Details of office space, office equipment, furniture and fixtures, communication facilities, research capacity, research software for undertaking research analysis.
  • Declaration that the applicant has the necessary infrastructure to effectively discharge the activities of research analyst.

Documents required for Research Analyst Application (Individual Applicant)

  • Copy of PAN and Aadhar
  • Last 3 Years Income Tax Return
  • Education qualifcation documents
  • NISM Certificates
  • Experiance Certificate
  • Networth Certificate
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Draft Format SIMPLE WILL GIVING ALL PROPERTY TO WIFE

Posted on by Fastlegal Team

SIMPLE WILL GIVING ALL PROPERTY TO WIFE

I, AB hereby revoke all former WILLS AND CODICILS made by me and declare this to be my last will whereby I bequeath and devise all my movable and immovable property whatsoever to my wife CD and appoint her sole executrix of my this WILL.

IN WITNESS WHEREOF. I have signed this will hereunder on the …day of …………, 2000.
Sd/………………..
(A B)

Signed by the above-named testator in our presence at the same time and each of us has in the presence of the testator signed his name hereunder as an attesting witness.

WITNESSES;

1…………………….

2…………………….

0

Company Fresh Start Scheme – 2020 , File Company Returns without Additional Fee

Posted on by Fastlegal Team

What is this Company Fresh Start Scheme – 2020 (CFSS-2020)  for

Company Fresh Start Scheme -2020 is for Waiver for Payment of Additional Fee for Filing of E forms with ROC/MCA and Immunity from launch of prosecution or proceedings for imposing penalty

Applicable for

  • Companies which has not filed Annual Return and Financial Statements to ROC /MCA i.e. Form AOC-4, AOC-4 XBRL, AOC-4 CFS,  Form MGT-7
  • Companies which has not filed any E Forms that are required to be filed to ROC /MCA and not filed i.e. Form MGT-14, ADT-1, Form DPT-3 , Form DIR-12, Form 20A, INC 22

Period for Which Returns Can be filed under CFSS-2020

  • From 01-04-2020 to 30-09-2020

Fee Payable for Filing of Documents

  • Normal Filing Fee

What is Form CFSS-2020

  • E Form
  • Required to be Filed with MCA
  • Within 6 Months after the End of the Scheme
  • No Filing Fee for E Form CFSS-2020

Non Applicability of CFSS-2020

  • Company under Strike off
  • Amalgamated Companies
  • Applications filed for obtaining Status of Dormant Companies
  • Vanishing Companies
  • Form SH-7 for Increase in Authorized Share Capital
  • Form CHG-1 , CHG-4, CHG-8, CHG-9 related to Charge

Inactive Companies

Shall File

  • Application for Obtaining Status of Dormant Company
  • STK-2 for Strike of Name of Company

Action by ROc/MCA

  • If Pending Returns/ Documents are not filed
  • MCA/ROC will take action as per provisions of Companies Act, 2013 which provides for very high penalties