April, 2024 | CA B K Goyal & Co LLP

Nidhi Company, formed under Section 406 of the Companies Act, 2013, is a type of finance company that is formed for the mutual benefit of its members. It accepts deposits from its members and grants loans to them for different purposes. Nidhi companies must fulfill certain compliance requirements prescribed under the Companies Act, 2013, compliances of Nidhi Company are important To generate accurate insights about the performance and working of the company Every company which is registered under Companies Act, 2013 has to mandatory file the required compliances for the smooth operations of the business. Being a Public Company, Nidhi Company has to safeguard the interests of the stakeholders. Compliances for Nidhi Company One-Time Compliances A Nidhi Company has to fulfill the following requirements only once, known as one-time compliances. Pre-Incorporation Requirements The following are the requirements for forming a Nidhi Company, that shall be fulfilled before incorporation – Post-Incorporation Requirements For this purpose, Nidhi Companies are divided into the following two categories based on their date of incorporation – Companies Incorporated Before Commencement of Nidhi (Amendment) Rules, 2022 Nidhi Companies that are incorporated before the commencement of Nidhi (Amendment) Rules, 2022 i.e., 19th April 2022, must comply with the following requirements within one year of their incorporation – It shall have at least 200 members. The Net Owned Funds of the company shall be equal to Rs. 10 lakhs or more Unencumbered term deposits shall be a minimum of 10% of the outstanding deposits (as of the last working day of the 2nd preceding month) of the company. The ratio of Net Owned Funds to Deposits cannot be more than 1: 20. Companies Incorporated After Commencement of Nidhi (Amendment) Rules, 2022 Nidhi Companies that are incorporated on or after the commencement of Nidhi (Amendment) Rules, 2022 i.e., 19th April 2022, must comply with the following requirements within 120 days of their incorporation – It shall have at least 200 members. The Net Owned Funds of the company shall be equal to Rs. 20 lakhs or more. However, according to Nidhi Rules, 2014, every Nidhi Company (irrespective of its date of incorporation) shall keep a minimum of 10% of its outstanding deposits (as on last working day of 2nd preceding month) as unencumbered term deposits with scheduled commercial bank or post office. In addition, a Nidhi Company can accept deposits only up to 20 times its Net Owned Funds (as per the latest audited financial statements). Note – Net-owned funds represent the total sum of paid-up capital and free reserves, with adjustments made for accumulated and intangible assets as reported in the latest balance sheet. Forms to be filed A Nidhi Company shall file the following forms after incorporation – S. No. Form No. Form Type/ Purpose Due Date Authority with which form/ return is to be filed or application is to be made 1. NDH – 1 Return of Statutory Compliances To furnish details regarding members, deposits, loans, reserves, etc. for the financial year This form should be certified by Practising CA/CS/CMA Note – Nidhi Companies incorporated on or after 19th April 2022 are not required to file this form. Within 90 days from the end of the first financial year and wherever applicable, the second financial year as well ROC 2. NDH – 4 Application for declaration as Nidhi Company Application by companies desirous of declaring themselves as a Nidhi Company Within 120 days of incorporation of the company Central Government 3. INC-20A Declaration of Commencement of Business Declaration by a Director that all the subscribers to the memorandum have paid the full value of their shares Note – This form should be certified by Practising CA/CS/CMA Within 180 days of incorporation ROC 4. ADT – 1 Appointment of Auditor Within 15 days of the appointment of the auditor (The first auditor shall be appointed within 30 days of incorporation) ROC Other One-Time Compliances Apart from filing the above forms, a Nidhi Company shall fulfill the following requirements after its incorporation – Conduct a board meeting within 30 days of incorporation. Open a bank account of the company. Issue share certificates within 2 months from incorporation. Obtain registration under different applicable laws such as GST registration, Trademark registration, etc. Printing of letterhead of the company containing details like name, registered office address, CIN, contact details, etc. Annual Compliances A Nidhi Company shall comply with the following requirements every year. Forms to be filed A Nidhi Company shall file the following forms on an annual basis – S. No. Form No. Form Type/ Purpose Due Date Authority with which form/ return is to be filed or application is to be made 1. NDH – 3 Half Yearly Return To furnish details regarding members, deposits, loans, reserves, etc. for each half-year Note – This form should be certified by Practising CA/CS/CMA For 1st April to 30th September – 30th October For 1st October to 31st March – 30th April ROC 2. AOC – 4 Annual Financial Statements Within 30 days of holding of Annual General Meeting ROC 3. MGT – 7 Annual Return Within 60 days of holding of Annual General Meeting or the due date of the Annual General Meeting, whichever is earlier ROC 4. DIR – 3 KYC Director KYC 30th September of each year ROC 5. DPT – 3 Return of Deposits 30th June of each year ROC 6. MBP-1 Disclosure of Interest by the Director to the Company In the first board meeting of each financial year – 7. DIR-8 Disclosure of Non-Disqualification by the Director to the Company In the first board meeting of each financial year – 8. ADT-1 Reappointment of Auditor or Casual Vacancy of Auditor In case of reappointment, within 15 days from the Annual General Meeting in which the Auditor is reappointed In case of a casual vacancy, within 15 days from the Extraordinary General Meeting in which a new auditor is appointed ROC 9. IEPF-2 Statement of Unpaid and Unclaimed Amounts if any Within 60 days of holding of

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Atal Pension Yojana (APY)

Government Schemes / CA Bhuvnesh Goyal / April 29, 2024

Atal Pension Yojana (APY) is an old age income security scheme for a savings account holder in the age group of 18-40 years who is not an income tax-payee. The scheme helps in addressing the longevity risks among the workers in the unorganized sector and encourages the workers to voluntarily save for their retirement. Atal Pension Yojana is a pension scheme that focuses on helping the working poor have a steady income after retirement. The Indian government launched the Atal Pension Yojana pension program in 2015-16. Its implementation was motivated by the desire to offer pension benefits to people working in the unorganized sector. What is the Atal Pension Yojana? Initiated by the Indian government, the Atal Pension Yojana is a social security program that aims to give all Indian citizens a reliable income after they turn 60. In other words, it is a pension program that primarily serves those who work in the informal economy, such as housekeepers, maids, deliverymen, gardeners, etc. The main objective of this scheme is to give Indian citizens a sense of security by ensuring that they are not concerned about unexpected illness, accidents, or chronic illnesses in their old age. Employees in the private sector and those working for organisations that do not offer pension benefits are also eligible to apply, so it is not just the unorganised sector. Atal Pension Yojana Information Pension Amount Up to Rs.5,000 Age Limit 18 years – 40 years Contribution Period Minimum 20 years Exit Age 60 years The Atal Pension Yojana (APY) scheme was announced by the Government of India in the 2015-2016 budget with the purpose of helping individuals who are working in the unorganised sector. A pension of up to Rs.5,000 is paid per month Tax benefits are provided The Indian Government co-contributes towards the scheme Risk-free scheme Atal Pension Yojana scheme encourages them to save for their retirement. All operations of the scheme are handled by the Pension Fund Regulatory and Development Authority (PFRDA). The APY scheme is a voluntary scheme to save for retirement. Atal Pension Yojana Eligibility You must be an Indian citizen. You must be between the ages of 18 and 40 years. You must have an active mobile number. You must have a valid bank account number linked to your Aadhaar number. You must submit all ‘Know Your Customer‘ details. You must not have an existing APY account. You must make contributions to the APY scheme for at least 20 years You must not be eligible for any other social welfare programme.In addition, those who were Swavalamban Scheme beneficiaries are eligible and transferred to the APY scheme. Benefits of Atal Pension Yojana The scheme is guaranteed by Government of India and hence is a low-risk investment option Easy for Indian residents whether self-employed or salaried to subscribe Under Section 80CCD (1) of the Income Tax Act, 1961, contributions made qualify under tax benefits Depending on contributions made by the subscriber, guaranteed pension amount of Rs.1,000, Rs.2000, Rs.3000, Rs.4000 or Rs.5,000 will be paid Offers flexibility to the subscribers for contribution, which is either monthly, quarterly, or half-yearly Both organized and unorganized sector workers, is allowed for APY subscription Based on subscriber’s choice, pension amount can be upgraded or downgraded In case of demise of the APY subscriber, spouse, nominee, or next of kin will receive guaranteed benefits as per applicable rules Individuals contributing to other private or government-backed pension schemes are also eligible to make contribution to APY scheme Objectives of Atal Pension Yojana Provision of security and protection of citizens against illness, accidents, diseases, and so on. This scheme is mainly aimed at the unorganized sector in the country. Under the APY, will receive monthly payments from their accrued corpus. If a beneficiary passes away, the pension payments will be made to their spouse. In the event of both the beneficiary and their spouse’s death, a lump sum payment will be made to the nominee. Registration and Login of APY Account You can register to Atal Pension Yojana account through any banks in India Any Indian banks can assist you to register for APY via NSDL or Karvy you will be provided a PRAN (Permanent Retirement Account Number) after completing your registration You will need PRAN and applicable APY account password to log into your APY account You can also log into your APY account using your PRAN and account number via NSDL portal How to Open an Atal Pension Yojana Account? The following are the steps to open an Atal Pension Yojana Account: Visit your local bank branch, and submit dully filled PAY registration form Provide the required details, such as: Bank account number Aadhar Number Mobile number At the time of account opening, the first contribution amount will be deducted from your linked bank account Acknowledgment Number or PRAN Number will be issued by the bank The further contributions will be done automatically from your bank account FAQs What is the Atal Pension Yojana (APY)? Atal Pension Yojana is a government-backed pension scheme aimed at providing a sustainable pension to citizens of India, especially those in the unorganized sector, during their old age. What are the benefits of the Atal Pension Yojana? The scheme provides a guaranteed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month, depending on the contribution amount and the age of the subscriber at the time of joining. How does the Atal Pension Yojana work? Subscribers choose a pension amount they wish to receive monthly after retirement and contribute accordingly. The pension amount depends on the age of joining, contribution period, and the amount contributed. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency |

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Andhra Pradesh Ration Card

Government Schemes / CA Bhuvnesh Goyal / April 29, 2024

Residents of cities or towns in Andhra Pradesh who are below the poverty line or just above the poverty line can apply for a ration card. A ration card helps the person purchase food items under subsidised rates. A Ration card also acts as a valid government document. Residents of cities or towns in Andhra Pradesh who are below the poverty line or just above the poverty line can apply for a ration card. A ration card helps the person purchase food items under subsidised rates. A Ration card also acts as a valid government document. Andhra Pradesh Ration Card list Visit the official website of the food department of Andhra Pradesh. On the home page select the district, followed by the Mandal. You will then have the option of exporting the list to Microsoft Excel. Once you have exported the list, you can view the Andhra Pradesh Ration Card list. Types of Ration Card in Andhra Pradesh White Ration Cards The white ration cards are for people who fall under the poverty line. Persons having white ration card can obtain supplies at subsidized cost from the Government. Pink Ration Cards The pink ration cards are for the people who are above the poverty line. Persons having pink ration card cannot purchase rations at a subsidized cost. Andhra Pradesh Ration Card eligibility People who earn less than Rs.10,000 monthly in rural areas and Rs.12,000 per month in urban areas are eligible Documents required to apply for Andhra Pradesh Ration Card The list of documents you will have to submit in order to apply for the Andhra Pradesh Ration Card are: Proof of address Proof of identity Proof of income Photographs How to apply for Andhra Pradesh Ration Card? Online- You can apply for Andhra Pradesh Ration Card online by following the steps given below: You can visit the Meeseva portal in order to apply for Andhra Pradesh Ration Card. Once you have visited the website, click on Meeseva online portal. You will then have to click on ‘Nre Registration‘, following which an application form will be displayed on your computer screen. Fill out the form and make sure all the details filled in by you are correct. The process will also require you to create your desired login id and password. Once all the details have been filled in, click on ‘Submit‘. You can then use your login ID and password to enter the Meeseva portal. You can then apply for a ration card by filling out the application form and uploading all the necessary documents. Make sure all the details provided by you are correct. Once you have filled out the form and uploaded the documents, review it and click on ‘Submit’. Your form will be submitted. You will get a reference number which you can use to check the status of your ration card. Offline- You can either download the ration card application form from the Meeseva website and take a printout of it and then proceed to fill in the relevant information. Once you are done, you can visit the nearest ration shop and submit the form along with all the necessary documents. You can also obtain a form from the nearest ration shop. Once you have submitted the documents and the application form, you will receive a reference number which you can use to check the status of your ration card. How to check Andhra Pradesh Ration Card Status? Visit the official website https://aepos.ap.gov.in/SRC_Trans_Int.jsp Click on ‘Check Status‘ tab Enter your ration card number or your Aadhaar card number The status of your ration card will be displayed FAQs What is an Andhra Pradesh Ration Card? The Andhra Pradesh Ration Card is an official document issued by the Government of Andhra Pradesh that enables eligible households to purchase essential commodities at subsidized rates from fair price shops (FPS) under the Public Distribution System (PDS). What are the types of Ration Cards available in Andhra Pradesh? White Ration Card: Issued to households living below the poverty line (BPL). Pink Ration Card: Issued to households above the poverty line (APL) but eligible for certain subsidies. Annapurna Card: Issued to destitute individuals who are unable to fend for themselves. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format

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ISO Certification in India

learn / CA Bhuvnesh Goyal / April 29, 2024

ISO refers to International Organization for Standardisation. It is an independent organisation that provides standards in terms of quality, safety, and efficiency of products and services provided by businesses. With the increasing competition among the business, it is important to deliver high quality of goods & services in order to sustain in the market. ISO certification helps to improve your business credibility as well as overall efficiency of the business. Type of ISO Certification First of all, you need to choose the type of ISO certification required for your business. There are various types of ISO certification available such as : ISO 9001 2008 – Quality Management ISO 14001 – Environmental Management SO 9001:2008- Quality Management System OHSAS 18001 – Occupational Health & Safety Management System ISO 37001 – Anti-bribery management systems ISO 31000 – Risk Management ISO 27001 – Information Security Management System ISO 10002 – Compliant Management System ISO 14001:2015 – Environment Management System ISO 26000 – Social Responsibility ISO 28000 – Security Management ISO 22008 – Food Safety Management SA 8000 – Social accountability EnMS EN 16001 ISO 50001 – Energy Management SO/IEC 17025 – Testing and calibration laboratories SO 13485 – Medical devices ISO 639 – Language codes ISO 4217 – Currency codes ISO 3166 – Country codes ISO 8601 – Date and time format ISO 20121 – Sustainable events SO/IEC 27001 – Information security management Choosing an ISO Certification Body It must be noted that ISO itself does not provide certification to the companies. Certification is done by the external bodies. It is very important that you choose recognized and credible certification body. While choosing the ISO registrar, you should keep the following in mind: Evaluate several ISO Certification service providers. Check if they are following the CASCO standards. CASCO is the ISO committee that works on issues relating to conformity assessment. Check whether it is accredited or not. Accreditation is not compulsory but they must meet the requirements of ISO Accreditation bodies. Advantages of ISO Certification International credibility: ISO Certification plays a vital role in helping the organisation to build credibility in overseas business. Customer Satisfaction: ISO standards are intended to make organisations to serve their customers in a better way that would simultaneously increase customers’ satisfaction Government Tenders: ISO Certification is quite essential to bid for Government Tenders. Business Efficiency: Functional efficiency of organisations is improved by obtaining ISO Certification. SOP (Standard Operating Procedures) and work instructions can be developed with the help of ISO Certification Agency. Implementation of ISO in an organisation manages the resources efficiently. Product Quality: By obtaining ISO Certification, the product quality matches up the international standards, it will reduce the risk of product order rejections that may occur due to the flawed products. Marketability: ISO Certification improves the business credibility, and it helps the business marketing directly. ISO Certification Processing Time ISO certification processing time also varies from organisation to organisation. The ISO certification body will notify the details processing time for completion of ISO certification after assessing the size of an organisation. Process for ISO Certification in India Create an application /contract- The applicant and the registrar should agree on a contract. This contract usually defines rights and obligations of both parties and includes liability issues, confidentiality, and access rights. Quality Documents Review- The ISO auditor will view all your quality manuals and documents related to various policies and procedures being followed in the organization. Review of existing work will help the ISO auditor to identify the possible gaps against the requirements stipulated in the ISO standards. Make an Action Plan- After the ISO auditor communicates the existing gaps in your organization, you should prepare an action plan to eliminate these gaps. Prepare the list of the required tasks to be performed to bring the desired changes in your organization. You may be required to give training to your employees to work efficiently while adapting to new procedures. Make all the employees aware of the ISO standards in terms of work efficiency and quality standards. Initial Certification Audit- The initial certification audit is divided into two categories- Stage 1 and Stage 2. Stage 1: The ISO auditor will audit the changes made by you in the organization. They will then try to identify the possible non-conformities in your systems and procedures to the desired quality management system. They will divide these non-conformities into minor and major non-conformities. The applicant must carefully assess all these non-conformities and get it aligned as per the desired quality standards through modification in the techniques and processes used by the organisation. Stage 2: After all the required changes are done in the organisation, the ISO auditor does the final auditing. The auditor will check whether all the non-conformities have been eliminated or not as per ISO quality standards. If the ISO auditor is satisfied, they will prepare the final ISO audit report and forward it to the registrar. Completing the ISO Certification- After all non-conformities are addressed and all the findings are put in the ISO audit report, the registrar will grant you the ISO certification. Surveillance Audits- Surveillance audit is basically conducted to ensure that ISO quality standards are being maintained by the organization.It is conducted from time to time. Cost involved in the ISO Certification Process-Cost for getting ISO certification is not fixed and varies from organization to organization. The ISO certification agency calculates the cost of ISO certification separately for each organization after considering them on different parameters such as- Number of employees Number of Processes Level of risk associated with the scope of services of the organisation Complexity of the management system The number of working shifts etc. FAQs What is ISO Certification? ISO certification is a globally recognized standard that ensures that products and services meet specific quality, safety, and efficiency criteria set by the International Organization for Standardization (ISO). Why is ISO Certification important? ISO certification demonstrates a company’s commitment to quality, customer satisfaction, and continuous improvement. It enhances credibility,

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April 2024