Wednesday, September 2, 2020

File Overdue MCA Returns & Avoid Penalty under Fresh Start 2020 scheme of Government of India for default Companies / LLPs

File Overdue MCA Returns & Avoid Penalty under Fresh Start 2020 scheme of Government of India for default Companies / LLPs

The MCA (Ministry of Corporate Affairs, Government of India) had announced the Fresh Start 2020 Scheme to provide prosecution immunity and penalty waiver for companies and LLPs that have failed to file any overdue returns. Under the scheme, companies and LLPs can file any overdue MCA return without payment of any penalty until 30th September 2020. Directors or Partners of the companies/LLPs availing the scheme will also be provided with prosecution immunity. 

We request you to contact us before 10th of September 2020 if you have any defaulting company or LLP. In case you would like us to do a free check of your company or LLP compliance, please contact us today 

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Tuesday, September 1, 2020

Annual Compliances of Section-8 Companies

Annual Compliances of Section-8 Companies
A Section 8 company is required to adhere to the compliance levied by Registrar of Companies (ROC) and Income tax authorities. Failure to  fulfil their compliance requirements results in paying heavy penalties, and chances are such organizations and their directors’ may even get disqualified for a period of time.

Appointment of An Auditor: Under section 139 of the Companies Act 2013, it is mandatory for companies to appoint an auditor. The books of accounts and annual returns of the company shall be audited by the statutory auditor who will be appointed for a period of 5 years.

Maintenance of Statutory Registers: The company is required to maintain a statutory register consisting of members, loans obtained, charges created, its directors, etc. as enumerated under section 8 of the companies act 2013.

Convening Meeting: Annual general body meeting is to be conducted once a year within 6 months of the end of financial year and other board meetings have to be conducted.
Boards’ Report: The Board of Directors of the company shall file their boards’ report in an appropriate manner, consisting of all the financial statements and other annexures. The board report is required to be filed in Form AOC-4.

Preparation of Financial Statement of The Company: The company will get the  balance sheet, profit and loss A/C, cash flow statement and other financial statements prepared by the statutory auditor which is to be filed with ROC.

Tax Returns: The ITR is required to be filed at the end of every assessment year before 30th September.

Filing of Financial Statements: The financial statement shall be filed in the appropriate form (E-FORM AOC-4), within 30 days from the date of annual general meeting.

Filing Annual Returns: The annual return containing all the information like management details, shareholders’ details will be filed in Form MGT-7 with Registrar of Companies (ROC), within 60 days of the annual general meeting.

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