April, 2024 | CA B K Goyal & Co LLP

S.O, _(E) FILE NO.1/1/2018

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

S.O, _(E) FILE NO.1/1/2018 Read More »

The Companies (Specification of Definitions Details)Amendment Rules, 2018

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

The Companies (Specification of Definitions Details)Amendment Rules, 2018 Read More »

The Companies (Registration Offices and Fees) Second Amendment Rules, 2018

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 7th May, 2018 G.S.R. 435(E).—In exercise of the powers conferred by sections 396,398,399, 403 and 404 read with subsections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes thefollowing rules further to amend the Companies (Registration Offices and Fees) Rules, 2014, namely:—1. (1) These rules may be called the Companies (Registration Offices and Fees) Second Amendment Rules, 2018.(2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in theOfficial Gazette.2. In the Companies (Registration Offices and Fees) Rules, 2014, (herein after refer to as the principal rules), for provisoto sub-rule (3) of rule 10, the following proviso shall be substituted.“Provided that Registrar shall allow fifteen days’ time for re-submission in case of reservation of a name through webservice – RUN for rectifications of defects if any.”3. In the Principal rules, in the Annexure, in item I (Fee for filing under section 403 of the Companies Act, 2013,-(a), for sub-item B, the following sub-item shall be substituted:-“B. Following Table of additional fee shall be applicable for delay in filing of forms other than for increase in NominalShare Capital or forms under section 92/137 of the Act.TABLESl. No. Period of delays Forms including charge documents01 upto 15 days (sections 139 and 157) One time02 More than 15 days and upto 30 days (Sections 139and 157) and upto 30 days in remaining forms.2 times of normal filing fees03 More than 30 days and upto 60 days 4 times of normal filing fees04 More than 60 days and upto 90 days 6 times of normal filing fees05 More than 90 days and upto 180 days 10 times of normal filing fees06 Beyond 180 days 12 times of normal filing feesNote.- The belated filing of documents/forms (including increasing in nominal capital and delay caused thereon) whichwere due to be filed whether in Companies Act, 1956 Act or the Companies Act, 2013 Act i.e due for filing prior tonotification of these fee rules , the fee payable at the time of actual filing shall be applicable”.(b), after sub-item C, the following sub-item shall be inserted, namely:–“D. For Forms under section 92 or 137:- (i) In case the period within which a document required to be submitted undersection 92 or 137 of the Act expires after 30/06/2018, the additional fee mentioned in Table shall be payable:-TABLESl. No. Period of delay Additional fee payable (in Rs.)01 Delay beyond period provided under Section 92(4) ofthe ActOne Hundred per day02 Delay beyond period provided under Section 137(1)of the ActOne Hundred per day(ii) In all other cases where the belated annual returns or balance sheet/financial statement which were due to be filedwhether in the Companies Act, 1956 or the Companies Act, 2013 the following additional fee mentioned in Table shallbe payable:-4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]TABLESl. No. Period of delay Additional fee payable (in Rs.) up to30/06/2018 plus Rs. 100 per day witheffect from 01/07/20181 Up to 30 days 2 times of normal filing fees2 More than 30 days and up to60 days4 times of normal filing fees3 More than 60 days and up to90 days6 times of normal filing fees4 More than 90 days and up to180 days10 times of normal filing fees5 Beyond 180 days 12 times of normal filing feesNote: (1) The additional fee shall also be applicable to revised financial statement or board’s report under section 130and 131 of the Act and secretarial audit report filed by the company secretary in practice under section 204 of the Act.(2) The belated filing of documents/forms (including increasing in nominal capital and delay caused thereon) which weredue to be filed whether in Companies Act, 1956 Act or the Companies Act, 2013 Act i.e due for filing prior tonotification of these fee rules, the fee payable at the time of actual filing shall be applicable”. [F. No. 01/16/2013 CL-V (Pt-I)]K.V.R. MURTY, Jt. Secy. 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The Companies (Share Capital andDebentures) Second Amendment Rules, 2018

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

The Companies (Share Capital andDebentures) Second Amendment Rules, 2018 Read More »

The Companies (Audit and Auditors) AmendmentRules, 2018.

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

The Companies (Audit and Auditors) AmendmentRules, 2018. Read More »

The Companies (Meetings of Board and its Powers) Amendment Rules, 2018

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

The Companies (Meetings of Board and its Powers) Amendment Rules, 2018 Read More »

The Companies (Appointment and Qualification of Directors) Second Amendment Rules,2018

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

The Companies (Appointment and Qualification of Directors) Second Amendment Rules,2018 Read More »

The Companies (Prospectus and Allotment of Securities) Amendment Rules, 2018

Companies Act 2013 / CA Bhuvnesh Goyal / April 3, 2024

The Companies (Prospectus and Allotment of Securities) Amendment Rules, 2018 Read More »

Purchase Order

learn / CA Bhuvnesh Goyal / April 3, 2024

A purchase order is a legal document form used by a buyer and sent to a supplier for an order. A purchase order specifies items, quantities, prices, and credit terms for a purchase from the vendor. A PO becomes a legally binding contract when a vendor accepts the purchase order. What is a Purchase Order? A purchase order is a commercial source document that is issued by a business’ purchasing department when placing an order with its vendors or suppliers. The document indicates the details on the items that are to be purchased, such as the types of goods, quantity, and price. In simple terms, it is the contract drafted by the buyer when purchasing goods from the seller. Steps in Ordering 1. Buyer creates a purchase requisition- Before sending out the purchase order to the supplier, the first step is to create a purchase requisition. This is a document issued within the company to the purchasing department to keep track of the goods ordered.The purchase requisition also helps the company keep an account of their expenses. The PO is created only after the purchase requisition is approved by the authorized manager. 2. Buyer creates a purchase order- When the goods that need to be purchased are agreed upon, the purchase order is created. The PO lists the date of the order, FOB shipping information, discount terms, names of the buyer and seller, description of the goods being purchased, item number, price, quantity, and the PO number. The PO number is a unique number associated with a certain order. It serves two purposes. One is to ensure that the goods ordered match the ones that are received. Secondly, the PO number is matched to the invoice to make sure the buyer is charged the right amount for the goods. 3. Seller accepts (or rejects) purchase order-At the bottom of the purchase order is a dotted line for the authorized manager of the seller to sign off on the order. The PO includes all the details about the transaction and what the buyer expects to receive. Once the seller receives the PO, they have the right to either accept or reject the document. However, once the PO is accepted, it becomes a legally binding contract for both parties involved. 4. Buyer records purchase order- Once the order has been placed, the purchase order remains “open.” An open purchase order is a PO where the order is placed but the goods have not yet been received, or it can mean that only part of the order has been received. Either way, it signifies that the delivery of the goods is not complete. Benefits of Purchase Orders 1. Avoids duplicate orders- Purchase orders bring several benefits to a company. The most important is that it helps avoid duplicate orders. When a company decides to scale the business, POs can help keep track of what has been ordered and from whom. Also, when a buyer orders similar products, matching the invoices can be difficult. The PO serves as a check for the invoices that need to be paid. 2. Keeps track of incoming orders- In addition, POs help keep track of incoming orders, and a well-organized purchase order system can help simplify the inventory and shipping process. 3. Serves as legal documents- Purchase orders serve as legal documents and help avoid any future disputes regarding the transaction. How Does the Supplier Use the Purchase Order? Purchase orders play a major role in the inventory management process. When the supplier receives the PO, they will take the items listed in the PO from their inventory. The PO helps keep a record of the inventory on hand and identify any discrepancies between the values shown in the records and the actual stock. Additionally, the supplier needs the PO to fill the order correctly. The buyer will also be charged by the supplier based on the payment terms agreed upon in the PO. Purchase Order vs. Invoice The purchase order is a document generated by the buyer and serves the purpose of ordering goods from the supplier. The invoice, on the other hand, is generated by the supplier and shows how much the buyer needs to pay for goods bought from the supplier. The PO is a contract of the sale while the invoice is the confirmation of the sale. Purchase Order vs. Sales Order While the purchase order shows what goods were ordered from the supplier, the sales order is generated by the supplier and sent to the buyer. It signifies the confirmation or approval of the sale. Nowadays, the PO process is no longer paper-based, and the buyer usually sends its suppliers an electronic PO. This is done using the PO module in ERP software. It helps speed up the purchasing process while decreasing the chance of error. FAQs What is a purchase order (PO)? A purchase order is a legally binding document issued by a buyer to a seller, indicating the details of goods or services the buyer wishes to purchase. It outlines the quantity, description, price, and terms of the items or services being purchased. Why are purchase orders important? Purchase orders help ensure accurate record-keeping of transactions, establish clear expectations between buyer and seller, and provide a basis for resolving disputes. They also assist in inventory management and financial planning. What information should be included in a purchase order? A typical purchase order includes details such as the buyer’s and seller’s names and addresses, PO number, date of issue, item descriptions, quantities, prices, payment terms 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 |

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public Financial Management System (PFMS)

Government Schemes / CA Bhuvnesh Goyal / April 3, 2024

Public Financial Management System (PFMS) is a web-based application for payment, accounting and reconciliation of Government transactions and integrates various existing standalone systems. It is an online transaction system for fund management and e-payment to implementing agencies and other beneficiaries. PFMS is a single platform for payment, accounting and reconciliation of Government transactions. Objectives The objective of the Public Financial Management System (PFMS) is to establish an efficient fund flow system and expenditure network. The PFMS also provides various stakeholders with a reliable and meaningful management information system and an effective decision support system. The online payment and accounting system is being proposed through this portal for all the non-plan expenditure. The payment process in PFMS starts at Programme Division level. It moves further through Drawings and Disbursing Officer to Pay and Accounts Office for making payment directly to the bank account of the beneficiary. Benefits under PFMC It facilitates the beneficiaries with the online information of bank balances to provide “just in time” provision of funds to the implementing agencies. This system facilitates with E-Payment to the ultimate beneficiaries. The Decision Support System (DSS) that supports various decision-making levels including operational level decisions and tactical level decisions of programme managers. The use of PFMS has made mandatory for the payment, accounting and reporting under Direct Benefit Transfer. No payments under the Direct Benefit Transfer (DBT) schemes are to be processed, unless the electronic payment files for the payments that are received through the PFMS system. The copies of sanction orders will be available in pdf format for the State users. The utilization can be monitored by State Departments for the Schemes where Funds received from the Government of India is further transferred to Implementing Agencies (IAs) such as State Health/ Education Societies using PFMS-CBS Interface. The PFMS progress towards the wide integrated financial management system as a comprehensive payment, receipt and accounting system. The main purpose of the PFMS is to improve the financial management/ programme, reduce the float in the financial systems by enabling the “just in time” and also the government borrowings with the direct impact on interest cost. Bank Interface The PFMS-Core Banking Solution Interface expedites the online validation process of beneficiaries, and Agencies bank account details. The electronic payment files ar_e generated through PFMS for 3 modes of payments, viz. Print payment Advice (PPA), Corporate Internet Banking (CINB) and Digital Signature Certificate (DSC). PFMS–CBS interface is operational with various Public Sector Banks, Regional Rural Banks, and private sector banks. The PFMS has an interface with the India Post as well with RBI. Agency Registration The below following implementing Agencies can get registered on the Public Financial Management System for monitoring of bank balance funds and tracking of fund flow. Statutory bodies Trusts, Registered Societies Autonomous Bodies State Government Institutions Local Bodies Registration Process Step 1: The CPSMS portal can be accessed by the Principal Accounts Officer (Pr.AO User) and to be registered with the portal. Step 2: Click on the” Register sanction ID Generation Users” hyperlink on the home page. Step 3: Now the user has to fill all the mandatory fields in the registration form. Step 4: Select the Principal Account Officer and Controller of Ministry from the drop-down list. Enter the designation (Accounts Officer/Sr. Accounts Officer), e-mail id and phone number. Step 5: Now, the user has to click on the “Submit” button after accepting the terms and conditions to complete the sign-up process. An SMS will be sent to the recorded number confirming the successful sign-up. Step 6: If the applicant has an account already, they can log in using the Id and Password. Note: The PFMS portal has standard rules where incomplete or wrong information is given while registering, then the system will assist the user to correct the same. Step 7: The registration of Pr. AO user is to be approved by the PFMS Office. Step 8: After getting the approval from the Controller General of Accounts (CGA) (PFMS), Pr. AO user can log in to the portal. Step 9: After login, Pr. Accounts Officer can create AAO and DH users for Pr. Accounts Office. Step 10: Now the user has to fill the following fields such as type of users, controller, first and last name, designation, e-mail id, phone number, etc. Step 11: Click on the “Submit” button after entering all the details. FAQs What is the Public Financial Management System (PFMS)? The Public Financial Management System (PFMS) is an online platform developed by the Government of India to facilitate efficient management of funds disbursed under various schemes, programs, and projects. It serves as a centralized platform for tracking, monitoring, and reporting financial transactions. What is the purpose of PFMS? PFMS aims to improve transparency, accountability, and efficiency in the management of public funds. It helps in better tracking and monitoring of fund flow, reduces delays in fund disbursement, minimizes leakages, and enhances overall financial management across government departments and agencies. Who uses PFMS? PFMS is primarily used by various government departments, ministries, state governments, implementing agencies, and beneficiaries of government schemes and programs. It is also accessed by auditors, financial institutions, and other stakeholders involved in public financial management. 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)

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April 2024