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Companies Act 2013: MCA introduces new eforms

On its way to the journey of implementation of Companies Act 2013, MCA introduces the following new eforms Serial no New form Purpose of the form 1 INC-1 Application for reservation of name 2 INC-2 OPC- Application for Incorporation 3 INC-3 OPC- nominee consent forms 4 INC-4 OPC-change in members/nominees 5 INC-5 OPC-Intimation of cessation […]

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Companies Act 2013-A brief outlook on major changes affecting private companies

Glance on provisions affecting private companies Section Details Brief Provision Section 2(41) Definitions Financial Year of any Company can end only on March 31 and only exception is for companies, which are holding / subsidiary of a foreign entity requiring consolidation outside India, can have a different financial year with the approval of Tribunal. Section […]

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KYC procedure for opening of Bank Accounts for Foreign students studying in India

Foreign students arriving in India are facing difficulties in complying with the Know Your Customer (KYC) norms while opening a bank account due to non-availability of any proof of local address therefore it has been decided to lay down a procedure for opening accounts of foreign students who are not able to provide an immediate […]

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The Companies Act, 2013 has acquired assent by President of India on August 29, 2013.

The new Companies Bill has received President’s assent, that will make it into a law replacing the nearly six-decade old regulations that govern corporates in the country. The Companies Bill 2013 received assent from the President Pranab Mukherjee on August 29 2013. The new Bill, providing for sweeping changes in the way companies operate and […]

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Gift received by assessee on occasion of his daughter’s marriage won’t be exempt as the word individual appearing in proviso to sub-clause (vi) of sec. 56(2) relates to marriage of assessee and not of his daughter.

The High Court held as under: 1) Proviso to sec. 56(2)(vi) provides that gift received on the occasion of the marriage of an individual would be exempt from tax. There is no ambiguity in such proviso; 2) The expression “individual” appearing in proviso (b) to section 56(2)(vi) of the Act, is preceded by the word […]

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Highlights of Company Bill 2012- passed in Lok Sabha

After a long wait –   Companies Bill, 2008 became Companies Bill, 2009 and then Companies Bill, 2011. Based on Parliamentary Standing Committee’s recommendations, it was again amended and finally now we have Companies Bill, 2012 – Passed in Lok Sabha on 18th Dec 2012 at 10:46 PM The Companies Bill, 2012 has been passed by the […]

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SME Listing- win win all!

Introduction Among all the uncertainties impacting the economy, as regulators are bringing about policy changes, as foreign investors are apprehensive about investing in India– its a sigh of relief for the small and medium sized enterprises(SME), which has a new and easier platform to raise money and advance its growth. SMEs are correctly named as […]