The Government of India through the Finance and Corporate Ministry has announced several measures to provide the relief to the companies. In the light of this global pandemic COVID-19, the ministry has extended the date of compliance for various requirements falling within the period of March 20, 2020 to June 29, 2020. The extended date … Continue reading “Corporate Affairs – Various due dates extended for companies due to COVID 19”

The Government of India through the Finance and Corporate Ministry has announced several measures to provide the relief to the Individuals and the companies. The individuals and the various businesses are required to comply with numerous statutory requirements time to time like filing of tax returns, making some investments within a stipulated time, etc. In … Continue reading “Income Tax – Various Due Dates Extended Due to COVID-19”

The Ministry of Corporate Affairs (MCA) has notified new forms for Incorporation of Companies in India. The New form is named as SPICe+ ‘Simplified Proforma for Incorporating Company Electronically Plus’ (INC 32) (Read more about New Form SPICe+). For incorporating a One Person Company (OPC) (Read more about ‘what is OPC?’) the new notified forms will … Continue reading “Steps for Incorporation of One Person Company”

As per the Advisory issued by the Ministry of Corporate Affairs (MCA), all companies & LLPs are requested to report their compliance through their authorized signatories for confirming their readiness towards COVID-19 threat by filing a new web based form called CAR (Company Affirmation of Readiness towards COVID-19) which will be deployed on March 23, … Continue reading “MCA notified a Web Based Form (CAR) for Companies and LLPs for confirming their readiness to deal with COVID-19 threat”

The Ministry of Corporate affairs have come up with New Forms for Incorporation of Companies in India. The form is named as SPICe+. The full form SPICe+ is a ‘Simplified Proforma for Incorporating Company Electronically Plus’ (INC 32) is a web form designed for Incorporation of companies fast, without any hassle and having following features: … Continue reading “New Incorporation Form for Companies (Form SPICe+)”

All about One Person Company A new concept has been introduced in the Companies Act 2013, about the One Person Company (OPC) to support those entrepreneurs who wants to start a venture on their own by allowing them to create a single person entity. What is One Person Company? One-person company is a company that has only … Continue reading “All about One Person Company (OPC)”

What is ADVANCE TAX? Advance tax is the tax, which is paid before the end of the financial year. An advance calculation of income and taxes is made at specified dates. The due dates for payment of advance tax are prescribed by the Income Tax Department. If the taxes are not paid as per prescribed … Continue reading “What is Advance Tax?”

Intimation u/s 143(1) received from Income Tax Department When you have received an intimation there are things to cheer for and may be somethings to further look into. Firstly the good thing is that the Income Tax Return which you have filed for the relevant year is received and processed by the Income Tax Department. … Continue reading “All about Intimation u/s 143(1) received from Income Tax Department”

Heading As per CARO 2016 As per CARO 2020   Clause No. Particulars Clause No. Particulars Remarks Fixed Assets (i)   (i)       (a) Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets (a)(A) Whether the company is maintaining proper records showing full particulars, … Continue reading “Comparison between CARO 2016 and CARO 2020”

The Ministry of Corporate Affairs (MCA) has notified the new CARO report which will be called CARO 2020. In the new CARO 2020, there are many clauses that have been added in Para 3 of the Order. This Para 3 deals with all the matters which an auditor has to include in the report and … Continue reading “Applicability of Companies (Auditor’s Report) Order, 2020 – CARO 2020”