Unnati Consulting

16/05/2016

IMPORTANT!
Finance Bill 2016 is now Finance Act 2016. Please take note of the two important changes in service tax w.e.f. 14 May 2016:

1. Krishi Kalyan Cess @ 0.5% introduced, making effective Service Tax rate as 15% instead of 14.5% earlier

2. Change in rate of interest on delayed payment of service tax: Instead of slab rates, now flat rate of interest of 24% p.a. will be charged on service tax collected from customers but not deposited and 15% in case service tax is not collected or in case of Reverse Charge Liability. Period of delay in this case will be the due date of payment or 14 May 2016 whichever is later till the actual date of payment.

23/03/2016

Happy Birthday Amit Sir! Have a wonderful birthday. Unnati wishes your every day to be filled with lots of love, laughter, happiness and the warmth of sunshine.

19/02/2016

Ignorance of law is not an excuse of non-compliance!

Feb190 Persons from whom a Private Limited Company can borrow under Companies Act 2013 Posted by admin Under the Companies Act 1956, the private limited companies pretty much did as they pleased. Most of the compliance sections were not applicable to them and even if they were, the penalties were la…

29/01/2016

To bring the definition of Key Managerial Personnel ("KMP") in line with the global trends, the new Companies Act has widened the definition of KMP to include Company Secretary and functional heads like Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO").

Jan290 Key Managerial Personnel – Who are they? Posted by admin A. Key Managerial Personnel – Section 2(51) In relation to a company, means— the Chief Executive Officer – Section 2(18) – any officer who has been designated as CEO; the managing director – Section 2(54) – A director who has been assig…

27/01/2016

Legal entity selection parameters for your Proposed startups!

Jan040 What kind of legal structure is best for my startup? Posted by admin I meet & advise a lot of prospective or existing entrepreneurs who come for legal & financial viability vetting of their one in a million idea before taking the plunge or who are still struggling to stay afloat. They all com…

27/01/2016

Complex business structures of closely held companies and funds movement between them to ensure smooth functioning of operations can lead to huge fines under Companies Act, 2013 and may also lead to increased tax liability on the Company as per Income Tax Act, 1961. Hence, it becomes imperative for the business houses to ensure that they comply with the said provisions.

Jan270 Borrowings and Advances by Private Limited Companies – Section 180, 185 and 186 of the Companies Act, 2013 Section 2(22)(e) of Income Tax Act, 1961 Posted by admin These days, a normal business house has more than one company to which they call as group of companies. The structuring is normal…

30/11/2015

MCA has extended the due date of filing of annual e-forms AOC-4, AOC-4 CFS, AOC-4 XBRL and MGT-7 upto 30.12.2015

http://www.mca.gov.in/Ministry/pdf/General_Circular_No_15_2015.pdf

24/11/2015

Nov090 Appointment, Re-appointment, Ratification or Change in Auditors Posted by admin A. Appointing an auditor in a newly incorporated company? Following is the process to be followed within 30 days of incorporation: Intimate the proposed auditor(s) regarding the intention of appointing him/it as a…

24/11/2015

Nov200 Companies Act 2013 – November 2015 Updates Posted by admin A. New Form AOC-4 introduced New Form AOC-4 CFS (Form for filing consolidated financial statements and other documents with the Registrar) would be available for filing w.e.f 1 November 2015. Version of Form AOC-4 XBRL and Form AOC 4 …

24/11/2015

Nov240 Related Party Transactions – Section 2(76), 2(77) and 188 of the Companies Act, 2013 Posted by admin A. Relative – Section 2(77) read with Rule 4 of Companies (Specification of definitions details) Rules, 2014 Any person is related to another if they are: Members of a HUF; or Husband and wif…

24/11/2015

Nov200 Financial Reporting Posted by admin Key compliance requirements The Companies Act 2013 defines the term financial statements to include balance sheet, statement of profit and loss and cash flow statement. The cash flow statement (“CFS”) is a first-time inclusion, however, the CFS is not requi…

24/11/2015

Nov200 Annual ROC Filing as per Companies Act, 2013 Posted by admin A. Filing of Financial Statements with Registrar Section 134 and 137 of the Companies Act, 2013 read with Rule 12 of the Companies (Accounts) Rules, 2014 requires every company incorporated under this Act or under any previous compa…