Director KYC General Circular 07/2019

DIR KYC date will be extended and method of doing KYC will be updated as under:-

1.If all details of Director are same as on MCA portal_, then web-based KYC verification.

2. if email / mobile number is required to be updated_ then DIR-3 KYC based verification.

3 if any other info to be updated_, then first file DIR-6 and then DIR-3 KYC based verification.

http://www.mca.gov.in/…/pdf/GeneralCircular_27062019.pdf

MCA.GOV.IN

www.mca.gov.in

Director KYC General Circular 07/2019

DIR KYC date will be extended and method of doing KYC will be updated as under:-

1.If all details of Director are same as on MCA portal_, then web-based KYC verification.

2. if email / mobile number is required to be updated_ then DIR-3 KYC based verification.

3 if any other info to be updated_, then first file DIR-6 and then DIR-3 KYC based verification.

http://www.mca.gov.in/…/pdf/GeneralCircular_27062019.pdf

MCA.GOV.IN

www.mca.gov.in

Application for incorporation of section 8 Company along with application for license will be in Form INC-32(SPICE) and application for section 8 license for an existing company will be in form INC-12.

Currently, the power to grant license to section 8 Company is with RoC. Post amendment, it will go into the hands of CRC Manesar.

Rest who had filed GNL2 after 20/10/2014 I.E From 21/10/2014 onwards need to file EFORM ADT 1 with Additional fees.

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

MCA.GOV.IN

www.mca.gov.in

GST: B2B invoices will have to be generated on govt portal by Sept

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said.

https://www.business-standard.com/…/b2b-invoices-will…

BUSINESS-STANDARD.COM

GST: B2B invoices will have to be generated on govt portal by Sept

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

MCA.GOV.IN

www.mca.gov.in

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.