Compliances of a Partnership Firm
Compliances of a Partnership Firm Mandatory Compliances of a Partnership Firm Partnership firms are relatively easy to start and are prevalent amongst small and medium sized businesses in the unorganized sectors. Partnership Firms can be registered merely by a simple partnership deed by obtaining a stamp paper. There is another way, where the Partnership Firm […]
Format of Resolution by Circulation
Format of Resolution by Circulation The following Resolution is intended to be passed by circulation as per the provisions of Section 175 of the Companies Act, 2013. A note explaining the urgency and necessity for passing the said Resolution by circulation and the supporting papers (if any) are enclosed. and also it includes particular Format […]
Golden Rules of Accounting
Golden rules of Accounting Every entity must present its financial information to all its stakeholders. The information provided in the financials must be accurate and present a true picture of the entity. For this presentation, it must account for all its transactions. Since economic entities are compared to understand their financial status, there has to […]
Introduction of form MGT 7A by ministry of corporate affairs
Introduction of form MGT 7A by Ministry of Corporate Affairs Recently the Ministry of Corporate Affairs has notified a separate form for small companies and one-person companies (OPC) under section 92 read with sub-rule (1) rule 11 of the Companies Management and Administration rules. In this regard, it is pertinent to note that the Finance Bill, […]
New Definition of Small Company
New Defination of Small Company The Ministry of Corporate Affairs has notified an amendment in the Companies (Specification of Definitions Details) Rules, 2014 that came into force on 1st April 2021. The MCA (Ministry of Corporate Affairs) has effected this amendment in accordance with the proposal of the Honourable Finance Minister to revise the definition […]
Passing the resolution by circulation
Passing the Resolution by Circulation The Companies Act, 2013 makes the provision of Passing the resolution by circulation, to transact urgent matters in cases where the holding of Board Meeting is not possible on an immediate basis or due to non-availability of Directors. As per Section 175 of Companies, Act 2013 read with Rule 5 […]
Format of Resignation Letter of Director
Every Director resigning from the Board of the Company must submit his resignation letter to the Board of the Company for their acceptance On receipt of resignation letter, it is placed before the Board for their perusal and further discussion. Date: ____ From, (Name of the Director) S/o. ____________ (Address of the Director as per […]
PAN – Types and Requirements
PAN Types & Requirements PAN (Permanent Account Number) PAN is an electronic system through which, all tax related information for a person/company is recorded against a single PAN number. This acts as the primary key for storage of information and is shared across the country. Hence no two tax paying entities can have the same […]
Filing Of Financial Statements in XBRL Mode
Filing of Financial Statements in XBRL Mode XBRL stands for eXtensible Business Reporting Language, a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. XBRL major benefits include ease in preparation, analysis and communication of business information by the corporates. XBRL offers cost savings, greater efficiency, […]
No need to file ADT-1
No need to file ADT-1 in case of appointment of first auditor of the company No need to file ADT-1 in case of appointment of first auditor of the company – Companies Act, 2013 (‘CA, 2013’) Form ADT 1 governed by following : Section 139 of the Companies Act, 2013 Section 140 of the Companies […]
