All Companies except:

1. Banking Companies.

2. Insurance Companies.

3. NPO Companies (Section 8 Company).

4. One Person Company.

5. Small Company (Paid Up Capital upto INR 50 lakhs AND Turnover upto INR 200 lakhs).

6. Private Company (not within any Group Companies) having UPTO INR 1 crore (Capital and Reserves), INR 1 crore (Borrowings) and INR 10 crores (Sales).

Further to note that CARO is not applicable for Consolidated Financial Statements of a Holding Company.

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MCA has constituted a 10-Member Committee to review the offences under the Companies Act, 2013

w.e.f 14th July 2018 for filing.

Cash Flow Statement not required for :

1. One Person Company.

2. Dormant Company.

3. Startup Private Company.

4. Small Company (Private Company with paid up capital and turnover not more than 50 Lakhs and INR 200 Lakhs respectively.

5. Small and Medium Sized Companies (SMCs) as per Company (Accounting Standard) Rules, 2006.

All others are required to prepare the same.

File your ITR before 31st of July to avoid late fee, otherwise be ready to pay the fees as under;

The late fee will be Rs. 1,000/- for Assessees having total taxable income up to Rs. 5,00,000/-,

and Rs. 5,000/- for Assessees having total taxable income of more than Rs. 5,00,000/- and after December 10,000/-

Thank you.

While filing DIR-3 KYC form, all stakeholders are requested to use PAN based DSC in case of Indian Nationals i.e., DSC should contain PAN as specified in the form.

In respect of foreign nationals, applicant’s name in DSC would be matched with his/her name entered while filing the form(DIR-3 KYC).

In case the PAN /Name in DSC does not match with PAN/Name entered in the form, they would be required to get a DSC with PAN/Name as specified in the form.

Documents Required

1. DSC of Director duly Registered;

2. Self attested PAN card;

3. Self attested Aadhar card with updated Mobile number with UIDAI;

4. Self attested Electricity Bill, Mobile Bill, Bank statement of Director (latest 2 Months) of his/her present address;

5. Latest Passport size photo;

6. DIN declaration cum KYC.

DIR-3 KYC Will be deploy from 10.07.2018.

Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August, 2018.

The form should be filed by every Director using his/her own DSC and should be duly certified by a practicing professional.

After expiry of the due date by which the KYC form is to be filed, the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’.

So please complete your Director KYC before 31 August 2018 to save penalty of Rs.5,000/-

Delhi High Court issued notices to State/ Centre/ GST Council in petition challenging the constitutional validity of the provisions of CGST Act 2017 and corresponding DGST provisions relating to the constitution of GST Tribunal and qualification of their members.

In the court of:

Hon’ble Justice Sanjiv Khanna

Hon’ble Justice Chander Shekhar

In the matter of:

Bhartiya Vitta Salahkar Samiti

Vs

Union of India & Ors

{W.P. (C) 6900/2018}

Writ petition under article 226 and 227 has been filed challenging section 109 and 110 of the CGST act and corresponding DGST act as voilative of article 14 and 19(1)(g) of the constitution.

That the following major grounds has been taken in the writ petition filed-

1. The number of technical members on the bench are always higher than the number of judicial members, which is voilative of supreme court directives.

2. Appointment of officers of Indian Legal Services as judicial members would affect the very purpose of the Tribunal and voilative of supreme court directives.

3. There is no provision for Advocates to become GSTAT Judicial members and also no provision for CA’s to become Technical members, which is voilative of supreme court directives and impact on the functioning of final fact finding authority GSTAT.

4. Qualification for becoming technical member is less than the qualification required in case of first appellate authority, which is grossly voilative of rule of law.

5. Provisions providing selection committee, appointment, re‑appointment, transfer, term and removal of members for technical and judicial members, are in violation of the doctrine of separation of powers as there is complete control and discretion of the government in the said sphere.

Matter has been listed for 15th October 2018.

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