Companies(Removal of Names of Companies from the Register of Companies) Amendment Rules- 2019-http://www.mca.gov.in/Min…/pdf/AmendmentRules_08052019.pdf

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1. Form DPT-3 is exempted for Government Companies and NBFC Companies.

2. NIL RETURN IS ALSO COMPULSORY

3. Audit of Financials for FY 2018-19 is not compulsory for filing Form DPT-3

4. As per Rule 16 Figures filled in Form DPT-3 should be audited one for that Auditor Certificate may be obtained

5. Difference between One time Return and Annual Return.

a. In One time Return we need to fill the amount received after 01/04/2014 and outstanding on 31/03/2019 but in Annual return, date of receipt of amount is not important, it covers every amount outstanding on 31/03/2019 whether received on or before 01/04/2014.

b. In One time return only amount outstanding is required to be filled, no detail for that amount is required but in annual return detail for the outstanding amount is required to be filled.

c. It is mandatory to bifurcate the amount of Deposit and amount exempted from Deposit in annual return, but in One time return no such bifurcation is required.

d. One time return is need to be filed on or before 29th June, 2019 and annual return on or before 30th June

6. Object clause in form will be pre-filled from last AOC-4 or in case change in object activity from latest MGT-14 filed, So please check the same before filing form if there is any difference then raise Query on MCA.

7. In point 8 of Form DPT-3, Net Worth should be calculated as per preceding audited statement for this time it will be Audited financial statement for the year ended on 31.03.2018.

8. Net Worth as per Form DPT-3 considers intangible assets but as per definition of Net Worth, Net Worth does not consider intangible assets, so there are chances that Net Worth filled in Form AOC-4 and in Form DPT-3 could be different, So Advisable to attach Clarification on that.

9. Auditor Certificate is not Compulsory but advisable to comply the words of Rule 16 even in case of NIL Return.

10. Some important examples What is deposit and what is Exempted

a. Intercorporate Deposit is Exempted one but Loan from LLP is not Exempted one it is Deposit.

b. Loan from Director’s Owned Fund is exempted but from relative of Directors is not exempted

c. Amount from HUF is also Deposit as HUF is not any Body Corporate

d. Any Trade Advance for less than 365 days is Exempted one and Trade advance for more than 365 days is Deposit

e. Share Application Money due for less than 60 days is Exempted one and for more than 60 days is Deposit.

Revised form will also be available for the companies for which ADT -1 was filed in GNL – 2, as Auditors Details could not be filed in the form through GNL- 2 SRN.

http://www.mca.gov.in/…/CompaniesRegistrationOfficesFee…

MCA Link: http://www.mca.gov.in/…/DIR3KYCcompleteMessage_13042019…

As per rule 12A of the Companies (Appointment and Qualification of Directors) Rules 2014, “every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year.

Provided that every individual who has already been allotted a Director Identification Number (DIN) as at 31st March, 2018, shall submit e-form DIR-3 KYC on or before 5th October,2018.” However, the DIR-3 KYC e-form presently available on the portal does not cater for the following: (i) Filing on annual basis, and (ii) Filing in respect of DINs allotted post 31 March 2018. It presently caters only to those individuals who were allotted DINs as on 31st March 2018 and whose DINs have been marked as ‘Deactivated due to non-filing of DIR-3 KYC’. Stakeholders may please note that DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in the MCA21 system. With the objective of making the form more user friendly, the form is presently being modified to enable pre-filling of data & information so that annual filings can be done by DIN holders in a simple and user friendly manner. The revised form, which will be shortly deployed, can be filed without any fee within a period of 30 days from the date of deployment. Accordingly, DIN holders who had filed DIR-3 KYC form earlier and complied with the said provisions may kindly await the deployment of the modified form for fulfilling their compliance requirements.

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1) If the number of directors is less than minimum prescribed under the Act.

2) If DIN status of any director is not approved.

3) If the company does not have any KMP (MD/WTD/CEO/CFO/CS) if mandatory as per the Act.

4) If the company does not have cost auditor if mandatory as per the Act.

5) If Balance Sheet and annual return for 2017-18 are not filed.

6) If ADT-1 is not filed for 2018-19.

1. Within 2 years, Tax assessment will be done electronically

2. IT returns processing in just 24 hours

3. Minimum 14% revenue of GST to states by Central Govt.

4. Custom duty has abolished from 36 Capital Goods

5. Recommendations to GST council for reducing GST rates for home buyers

6. Full Tax rebate upto 5 lakh annual income after all deductions.

7. Standard deduction has increase from 40000 to 50000

8. Exempt on tax on second self-occupied house

9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000

10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000

11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.

12. Benefit u/s 80IB has increased to one more year i.e. 2020

13. Benefit has given to unsold inventory has increased to one year to two years.

Other Areas:

14. State share has increased to 42%

15. PCA restriction has abolished from 3 major banks

16. 2 lakhs seats will increase for the reservation of 10%

17. 60000 crores for manrega

18. 1.7 Lakh crore to ensure food for all

19. 22nd AIIMS has to be opened in Haryana

20. Approval has to be given to PM Kisan Yojana

21. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments

22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission

23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.

24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.

25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs

26. Bonus will be applicable for workers earning 21000 monthly

27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.

28. Our government delivered 6 crores free LPG connections under Ujjawala scheme

29. 2% interest relief for MSME GST registered person

30. 26 weeks of Maternity Leaves to empower the women

31. More than 3 Lakhs crores for defence

32. One lakh digital villages in next 5 years

33. Single window for approval of India film makers

Internal Auditor not to undertake Goods and Service Tax (GST) Audit simultaneously

We have received enquiries from the members at large and other stakeholders as to whether an internal auditor of an entity can also undertake GST Audit of the same entity as required under the Central Goods and Service Act, 2017.

The Council of the Institute, while considering the issue at its 378th Meeting held on 26th and 27th September, 2018, noted its earlier decision taken at its 281st Meeting held from 3rd to 5th October, 2008, that internal auditor of an assesee, whether working with the organization or independently practising Chartered Accountant being an individual chartered accountant or a firm of chartered accountants, cannot be appointed as his Tax auditor (under the Income Tax Act, 1961).

Upon consideration, the Council has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit (under Income Tax Act, 1961) will also be applicable to GST Audit (under the Central Goods and Service Act, 2017).

Accordingly, it is clarified that an Internal Auditor of an entity cannot undertake GST Audit of the same.