MCA amended Auditors’ rules with respect to the limits specified for “Class of Companies”

MCA, vide Notification dated 22nd June, 2017, has amended the Companies (Audit and Auditors) Rules, 2014. By this notification, the word “twenty” mentioned in Rule 5(b) has been replaced by the word “fifty”.

Pursuant to Section 139(2) of Companies Act, 2013, listed companies and certain class of companies are required to do rotation of their statutory auditor. Rule 5 of the Auditors’ Rules has specified few categories of the Class of Companies which are required comply with this provision.

One of the categories is “all private limited companies having paid up share capital of Rs 20 Cr or more”. For this category, now the limit has been increased to Rs 50 Cr.

Therefore, now, all private limited companies, whose paid up share capital does not touch Rs 50 Cr or above, are not required to comply with Section 139(2) of Companies Act, 2013

Copy of this notification can be accessed at below link:

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

Regards,

Team BKA.

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Goods and Services Tax Council | GST

Constitution of GST Implementation Committee, Standing Committ

Companies will be allowed to file late returns for the first two months so as to adapt to new filing system.

MCA vide its Notice dated June 17, 2017 has confirmed that Form DIR-5 will be deployed as an E-Form for filing purposes with effect from June 21, 2017.

Stakeholders who wish to surrender their DINs are required to file this Form DIR-5 instead of it being filed as an attachment to Form RD-1.

Currently Form DIR-5 is required to be filed under Rule 11 of the Rules which deals with Cancellation, Surrender or Deactivation of DIN.

Form DIR-5 will be a separate E-form instead of an attachment to existing Form RD-1 w.e.f. June 21, 2017.

Regards,

Team BKA.

​One Major Amendment “LLP shall file overdue returns in Form 8 and Form 11 up to the end of the financial year in which the limited liability partnership ceased to carry on its business or commercial operations before filing Form 24.

​Team BKA.

MCA amended Auditors’ rules with respect to the limits specified for “Class of Companies”

MCA, vide Notification dated 22nd June, 2017, has amended the Companies (Audit and Auditors) Rules, 2014. By this notification, the word “twenty” mentioned in Rule 5(b) has been replaced by the word “fifty”.

Pursuant to Section 139(2) of Companies Act, 2013, listed companies and certain class of companies are required to do rotation of their statutory auditor. Rule 5 of the Auditors’ Rules has specified few categories of the Class of Companies which are required comply with this provision.

One of the categories is “all private limited companies having paid up share capital of Rs 20 Cr or more”. For this category, now the limit has been increased to Rs 50 Cr.

Therefore, now, all private limited companies, whose paid up share capital does not touch Rs 50 Cr or above, are not required to comply with Section 139(2) of Companies Act, 2013

Copy of this notification can be accessed at below link:

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

Dear Professionals,

Pursuant to the Section 48 of the approved Central Goods and Service Tax Act (CGST), read with Rule 24 of the Revised Return Rules as available on www.cbec.gov.in , Any person who has passed Final Examination of the Institute of Company Secretaries of India (ICSI) is Eligible for enrolment as *Goods and Services Tax Practitioner* by making an application in *Form GST PCT-1* to the Authorised Officer.

http://www.cbec.gov.in/

Regards,

Team BKA