September 2024


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Why is ROC filing needed

learn / /
Why is ROC filing needed

Every company is required to file the Audited financial statement and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting date. Filing of an Audited financial statement is governed under Sections 129 and 137 of The Companies Act, 2013 read with Rule 12 of the Company (Accounts) Rules, 2014 and annual return is governed under Section 92 of the Companies Act, 2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014. ROC filing ROC filing is a mandatory requirement for all companies registered in India, and companies are required to file various forms, returns, and documents with the ROC regularly. ROC filing includes the following: Annual financial statements Annual returns As per sections 129 and 137 of the Companies Act 2013, every Company should file audited financial statements with the ROC. Similarly, under section 92 of the Companies Act 2013, the annual returns must be submitted to the ROC. Why ROC Filing is Important? Compliance with the Law: Meeting the ROC filing obligations is essential for businesses to uphold their legal status. Not meeting the deadlines for submitting required documents can result in penalties, fines, or even the dissolution of the company. Adhering to these rules demonstrates a company’s dedication to transparent and accountable business operations. Equitable Financial Reporting: ROC filing encompasses submitting financial statements like balance sheets, profit and loss accounts, and cash flow statements. These reports offer stakeholders such as investors, creditors, and government bodies an exact overview of the company’s financial performance. Clear financial reporting boosts investor trust and bolsters the company’s standing. Blocking Legal Effects: Meeting ROC filing requirements shields companies from legal consequences stemming from non-compliance, safeguarding them against potential legal actions and fostering a seamless operational environment. Availability of Business Financing and Loans: Before extending loans or funding, financial institutions and investors frequently seek access to a company’s financial statements and compliance records. ROC filing allows businesses to demonstrate their financial stability and creditworthiness, thereby enhancing their prospects of securing loans and drawing investments. Developing Trustworthiness: Consistently submitting financial statements to the ROC exhibits a company’s credibility and dependability. This, in effect, can entice potential clients, customers, and partners, nurturing business growth and facilitating expansion Due Date for ROC filing Every Company must file the financial statement form within 30 days of the annual general meeting. The annual returns company with a share capital must be filed within 60 days of the Company’s annual general meeting. Amount of penalty levied on late ROC filing The penalty amount is directly proportional to the number of days the applicant delays. Following is the amount of penalty: Sl.No Period of Delay Penalty   1 Up to 30 days delay Two times of regular filing fee 2 More than 30 days and up to 60 days Four times of regular filing fee 3 More than 60 days and the upto 90 days Six times of regular filing fee 4 More than 90 days and upto 180 days Ten times of regular filing fee 5 More than 180 days twelve times of regular filing fee Documents Required for ROC Annual Filing Every company has to attach some documents important while filing the ROC and including: Balance-Sheet: Form AOC-4 is to be filed by all companies while ROC filing Profit & Loss Account: Form AOC-4 is to be filed while ROC filing by all companies Annual Return: MGT 7 and MGT 7A to be filed by companies Cost Audit Report:  Form CRA 4 to be filed by the companies E-Forms are Required to be Filed with ROC Name of E-form Purpose of E-form Attachments Due date of filing Applicability on Company Form ADT-1 Appointment of Auditor Appointment Letter, Confirmation Letter from Company Private Companies, Public Limited Companies, One Person Company 15 days from the date of the AGM. Form AOC-4 and Form AOC-4 CFS (in case of Consolidated financial statements) Filing of Annual Accounts Board Report along with annexures: MGT-9, AOC-2, CSR Report, Corporate Governance Report, Secretarial Audit Report, etc.. as per the nature of Company and financial statements 60 days from the date of the AGM. Companies prescribed as per The Companies (Cost Records and Audit Rules), 2014 amended from time to time. Form AOC-4 (XBRL) Filing of Annual Accounts in XBRL mode XML document of financials of the Company 30 days from the date of the AGM Listed companies in India and their Indian subsidiaries (or) a public company With paid-up capital >= 5 crores (or) With turnover>=100 crores Form MGT-7/MGT-7A Filing of Annual Return List of shareholders, debenture holders, Share Transfer, MGT-8 30 days from the receipt of the Cost Audit Report Private Companies, Public Limited Companies, Listed Companies, One Person Company Form CRA-4 Filing of Cost Audit Report XML document of Cost Audit report 30 days from the date of the concerned Board Meeting Private Company, Public Limited Companies, Listed Companies, One Person Company Form MGT-14 Filing of resolutions with MCA regarding approval of Board Report and Annual Accounts A certified true copy of the resolution. 30 days from the date of concerned Board Meeting Public Companies and Listed Companies (Exempted for private companies) FAQs What is ROC Filing, and why is it mandatory for my company? ROC filing entails the submission of necessary paperwork and financial declarations to the Registrar of Companies. It is a compulsory obligation for every company that is registered under the Companies Act to adhere to regulatory obligations. By completing ROC filing, businesses ensure adherence to legal requirements, promote transparency, and establish accountability. What are the deadlines for ROC filing? The deadlines for ROC filing differ based on the company’s type and size. Private limited companies have 30 days, public limited companies have 60 days, one-person companies have 60 days, and small companies have 90 days to complete their ROC filing from the Annual General Meeting (AGM).

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Section 43B(h) Of Income Tax Act

Income Tax / /
Section 43B(h) Of Income Tax Act

According to the Income-tax Act, the deduction of expenses is typically based on the accounting method followed by the assessee. However, Section 43B outlines certain expenses that are deductible only on a payment basis, irrespective of the accounting method. The Finance Act of 2023 introduced a new clause (h) to Section 43B, emphasizing timely payments to Micro and Small Enterprises (MSEs). This amendment, viewed as a Socio-Economic Welfare Measure, aims to address working capital shortages in the MSE sector by promoting prompt payments. The Law and Analysis: Section 43B(h) stipulates those payments to MSEs must adhere to the time limits specified in Section 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. MSME Section 43B(h): New MSME 45 Days Payment Rule The newly added clause (h) states that any sum payable by the assessee to a Micro & Small Enterprise beyond the time limit specified in Section 15 of the MSMED Act shall be allowed as a deduction only in the previous year in which the sum has been actually paid (irrespective of the accounting method employed). Applicability of Section 43B(h) Section 43B(h) applies when an enterprise purchases goods or services from a supplier registered under the MSMED Act, 2006. Importantly, the buyer’s registration under the MSMED Act is not required for this clause to apply. This provision, which encourages prompt payment to registered micro and small enterprises, will take effect on April 1, 2024. This ensures that the benefits of Section 43B(h) are available as long as the supplier is registered under the MSMED Act. Section 43B(h) Applicability On Traders As per Office Memorandum No. 5/2(2)/2021-E/P and G/Policy dated July 2, 2021, wholesale and retail traders are entitled to Udyam registration only for the benefit of Priority Sector Lending. So, Section 43B(h) is not applicable for dues outstanding to traders as per the MSMED Act’s definition of enterprise. Example: Mr. A purchased Goods from Mr. B. Mr.B is a trader. Is section 43B(h) applicable? No, section 43B(h) is not applicable as the supplier is a trader. It is applicable to Manufacturing and services Providers Only. Benefits of Clause (h) of Section 43B for MSMEs Smooth Payment Cycle: Section 43B(h) encourages large companies to settle their dues with MSMEs within the specified timeframe: 15 days without a written agreement and 45 days with an agreement. This ensures that MSMEs receive timely payments, which are crucial for maintaining their cash flow, sustainability, and growth. Better Bargaining Power: With the enforcement of this provision, MSMEs can negotiate payment terms with larger entities more confidently. Knowing that delayed payments have tangible consequences bolsters their negotiation position. Reduced Disputes: Timely payments lead to fewer disputes and legal issues related to outstanding dues. This reduction in conflict saves time and resources for both MSMEs and larger businesses, fostering a more harmonious business environment. Effective Date of Section 43B(h) for MSME Payments Section 43B(h), introduced in the Finance Act, takes effect from April 1, 2024. This means the amendment applies from the assessment year (AY) 2024-25, corresponding to the financial year (FY) 2023-24. Example: Mr. A purchased goods from Mr. B on March 31, 2023. Is Section 43B(h) applicable? No, Section 43B(h) does not apply to purchases made before March 31, 2023. The provision only affects payments for goods and services from April 1, 2024. Payment Time Limits Under Section 43B(h) for MSMEs Under Section 43B(h), business enterprises must adhere to specific payment timelines to MSMEs as dictated by Section 15 of the MSMED Act, 2006. These payment terms are contingent on a written agreement between the buyer and the supplier. No Written Agreement: If there is no written agreement specifying the payment terms, the business enterprise must pay within 15 days of purchasing goods or services from an MSME. With Written Agreement: If there is a written agreement, payments should be made according to the timeline specified in the agreement, provided that this period does not exceed 45 days from the date of acceptance or deemed acceptance of the goods or services. Here is the structured information about payment timelines for MSMEs under Section 15 of the MSMED Act, presented in tabular format  : Scenario Timelines for Payment Details Payment timelines specified under an agreement Payment should be made within the earlier of the following dates:     a) Due date specified in the agreement This is the date the buyer and MSE agreed upon for making the payment.   b) 45 days from the ‘day of acceptance’ The ‘day of acceptance’ is when the goods are delivered or the services are rendered.     Note: If the buyer objects in writing within 15 days of the delivery or rendering of services, the ‘day of acceptance’ is adjusted to the day when the MSE resolves the objection. Payment timelines not specified under an agreement Payment should be made within 15 days from the ‘day of acceptance’. The ‘day of acceptance’ is when the goods are delivered or the services are completed.     Note: If the buyer writes an objection to the goods or services within 15 days, the MSE resolves the objection on the ‘day of acceptance’. Penalties For Failure To Pay MSMEs In the case of late payment to an MSME, interest is applicable. Rate of interest: Compound interest at the 3 times the bank rate notified by the Reserve Bank of India (RBI). Date from which interest is payable: The date as per the agreement or the day following immediately after the expiry of the period of fifteen days from the day of acceptance or the day of deemed acceptance of any goods or any services by a buyer from a supplier (appointed day), as the case may be. The deduction of this interest is not allowed as an expense, as per the Income-tax Act (ITA), 1961. FAQs Who is affected by Section 43B(h)? Businesses that deal with Micro, Small and Medium Enterprises (MSMEs) will need to be more diligent in tracking and ensuring timely payments to these entities. Since deductions for delayed payments to micro and small enterprises can only be claimed upon actual payment, businesses

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Rajasthan Balika Protsahan Puraskar Yojana

Government Schemes / /
Rajasthan Balika Protsahan Puraskar Yojana

Overview of the scheme Name of the scheme Rajasthan Girl Child Incentive Award Scheme. Starting date 2009-10 Benefit One time lump sum amount of Rs 5000/- per year to the girls pursuing graduation after securing 75% marks in class 12th examination. Nodal Department Department of Secondary Education, Rajasthan. application system Online through Rajasthan Shaladarpan Portal. About the plan Rajasthan Girl Child Incentive Award Scheme has been started by the Rajasthan Government.  Department of Secondary Education, Government of Rajasthan is the nodal department for this scheme. This scheme was started in the session 2009-10 to promote girl child education every year. The objective of this scheme is to provide support to girl education as well as give them financial help. Under the Rajasthan Balika Protsahan Puraskar Yojana, the following benefits will be provided to the girls of the state:- One time lump sum amount of Rs 5000/- per year to the girls pursuing graduation after securing 75% marks in class 12th examination. The following persons will be eligible for Rajasthan Girl Child Incentive Award Scheme:- Must be a permanent resident of Rajasthan state. Must have passed high school examination in 2019. The applicant must be unmarried. The student must have obtained minimum 75% marks in class 12. This amount is payable to girl students who have passed class 12 and are pursuing regular graduation studies. At the time of application, the student should have Jan-Aadhaar details in which the student’s name and date of birth are correct. If the name and date of birth of the student is not correct in the Jan-Aadhaar, then the candidate should get her Jan-Aadhaar corrected and only then apply online. The incentive amount will be transferred to the bank account of the applicant student. Therefore, it is necessary that the student’s Jan Aadhar card should also be linked to the same account number. Benefits under the scheme Under the Rajasthan Balika Protsahan Puraskar Yojana, the following benefits will be provided to the girls of the state:- One time lump sum amount of Rs 5000/- per year to the girls pursuing graduation after securing 75% marks in class 12th examination. Eligibility The following persons will be eligible for Rajasthan Girl Child Incentive Award Scheme:- Must be a permanent resident of Rajasthan state. Must have passed high school examination in 2019. The applicant must be unmarried. The student must have obtained minimum 75% marks in class 12. There is no restriction on the income, occupation, caste etc. of the student’s parents. Age should be between 18 years to 35 years. Documents required Education Qualification Marksheet/Certificate. Bank passbook. Jan-Aadhaar/Bhamashah Card. Aadhar card. Process Online application is done by the student through Rajasthan Shaladarpan Portal . First of all the applicant has to register himself on the portal. After registration, the applicant will have to login to the portal with the login ID and password received. After that the applicant will have to enter his personal information on the portal. Necessary documents also have to be attached with the application. After filling all the information the application form has to be submitted. Thereafter, after the application is approved by the District Education Officer and Chief Block Education Officer, it is forwarded to the Girls Education Foundation, Jaipur. The payment is made by the Girl Child Education Foundation through DBT in the girl child’s bank account. FAQs What is the Rajasthan Balika Protsahan Puraskar Yojana? The Rajasthan Balika Protsahan Puraskar Yojana is a government initiative aimed at encouraging the education of girl children in Rajasthan by providing financial incentives and recognition to girls who perform exceptionally well in their academics. Who is eligible for the Rajasthan Balika Protsahan Puraskar Yojana? Girls who are residents of Rajasthan and have excelled in their 10th and 12th-grade examinations from a recognized board are eligible for the scheme. The specific academic criteria may vary depending on the guidelines issued each year.

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Section 9 – Charitable Endowments Act, 1890

Charitable Endowments Act, 1890 / /

Annual publication of list of properties vested in Treasurer A Treasurer of Charitable Endowments shall cause to be published annually in the Official Gazette at such time as the appropriate Government may direct, a list of all properties for the time being vested in him under this Act and an abstract of all accounts kept by him under sub-section (2) of the last foregoing section.

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Section 8 – Charitable Endowments Act, 1890

Charitable Endowments Act, 1890 / /

(1) Subject to the provisions of this Act, a Treasurer of Charitable Endowments shall not, as such Treasurer, act in the administration of any trust whereof any of the property is for the time being vested in him under this Act. (2) Such Treasurer shall keep a separate account of each property for the time being so vested in so far as property consists of securities for money, and shall apply the property or income thereof in accordance with the provision made in that behalf, in the vesting order under section 4 or in the Scheme, if any, under section 5, or in both those documents. (3) In the case of any property so vested other than securities for money, such Treasurer shall, subject to any special order which he may receive from the authority by whose order the property became vested in him, permit the persons acting in the administration of the trust to have the possession, management and control of the property and the application of the income thereof, as if the property had been vested in them.  

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Section 6 – Charitable Endowments Act, 1890

Charitable Endowments Act, 1890 / /

Mode of applying for vesting orders and schemes (1) The application referred to in the two last foregoing sections must be made,— (a) if the property is already held in trust for a charitable purpose, then by the person acting in the administration of the trust, or, where there are more persons than one so acting, then by those persons or a majority of them; and (b) if the property is to be applied in trust for such a person, then by the person or persons proposing so to apply it. (2) For the purposes of this section the executor or administrator of a deceased trustee of property held in trust for a charitable purpose shall be deemed to be a person acting in the administration of the trust.

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driving licence renewal

Business / /
driving licence renewal

Jaipur, the capital city of Rajasthan, is known all over the world for its palaces, medieval forts, and cultural festivals. With time, the city has beautifully amalgamated its age-old culture with modern infrastructure. Now, you can see modern bikes and cars running on the well-maintained roads of the city. If you are zooming around in your vehicle in Jaipur, you need to follow certain rules. One such regulation is possessing a valid Driving Licence (DL) to drive/ride motor vehicles. Thus, DL holders must renew their licence before its expiry to keep it active. Validity of Driving Licence The validity of the driving licence is given below: S.No Type of Vehicle Validity 1. Transport Vehicle 3 years 2. Non-Transport Vehicle 5 years Note: If driving Licence expired more than 5 years ago, a new driving test would be conducted for renewal of the License. Documents Required opy of applicant’s medical certificate. Proof of age: Any valid government-issued document like Aadhar card, PAN card, passport, voter ID card etc. have to be enclosed. Address proof: passport, driving licence, electricity bill, phone bill, lease agreement etc. Passport size photographs of the applicant have to be furnished. Copy of valid permanent driving licence has to be submitted. In the case of the address change, a permanent licence holder should update the same within one month at the RTO/RTA. Also, the person can visit the RTO office, which issued the original licence or at the nearest regional office or can apply online to modify the address. If the permanent driving licence holder has relocated to another state, then the licence holder from another state also has to submit a copy of NOC issued. Offline Application Procedure A driving license can be renewed using the form no. 9 that the applicant needs to fill with the required details and submit at the Regional Transport Office (RTO) along with the documents required to update or renew the driving license. This application form will be checked by the concerned authority of the RTO to understand the specifics of the applicant current driving license. A renewed driving license can be downloaded from online or can also be obtained from your nearby RTO office. Online Application Procedure Step 1: The applicant needs to access the official portal of Sarathi, Ministry of Road Transport & Highways. Step 2: Select the respective state from the list of the state shown  Step 3: Click on “Apply Online” and select “Renewal of Driving Licence” to apply for driving licence renewal. Step 4: On the next page, read the following instructions carefully and click on the “Continue” button to proceed further. Step 5: Now, enter the details of driving license number, date of birth, category of driving licence holder, state, RTO and Pincode and then click on the “Proceed” button. Step 6: The details of the driving licence page is shown to verify the details displayed and click on “Confirm” button to proceed. Step 7: Select the required service and click on the “Proceed” button, then data accepted successfully message will be shown. Step 8: The acknowledgement form will be generated with the applicant details and the service requested (Renewal of Driving License) and click on the “Proceed” button to proceed further. Step 9: Click on “Upload Documents” button to upload the required documents and click on the “Next” button. Step 10: Press the “Ok” button to continue for uploading the documents. Step 11: Select the address proof from the documents list, upload the same and click on the “Submit” button. Step 12: Select the “Fee Payment” and click on “Next” to make the fee payment. Step 13: In the application fee window, calculate the fee and select the bank from bank or gateway and provide the captcha and click on “Pay Now” for continuing the payment process. Step 14: Upon successful payment, the acknowledgement message for payment successful will be shown. Click on the “Print Receipt” button to generate payment receipt. FAQs Can I use my Aadhaar Card as proof of address for DL renewal in Jaipur? Yes, you can provide a copy of your Aadhaar Card as proof of address while applying for DL renewal in Jaipur. When do I need to present a Medical Certificate for private vehicle DL renewal in Jaipur? For non-transport or private vehicles, a Medical Certificate is required only if you are applying after the age of 40 years.

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Section 5 – Charitable Endowments Act, 1890

Charitable Endowments Act, 1890 / /

Schemes for administration of property vested in the Treasurer (1) On application made as hereinafter mentioned, and with the concurrence of the person or persons making the application, the appropriate Government, if it thinks fit, may settle a scheme for the administration of any property which has been or is to be vested in the Treasurer of Charitable Endowments, and may in such scheme appoint, by name of office, a person or persons, not being or including such Treasurer, to administer the property. (2) On application made as hereinafter mentioned, and with the concurrence of the person or persons making the application, the appropriate Government may, if it thinks fit, modify any scheme settled under this section or substitute another scheme in its stead. (3) A scheme settled, modified or substituted under this section shall, subject to the other provisions of this section, come into operation on a day to be appointed by the appropriate Government in this behalf, and shall remain in force so long as the property to which it relates continues to be vested in the treasurer of Charitable Endowments or until it has been modified or another such scheme has been substituted in its stead. (4) Such a scheme, when it comes into operation, shall supersede any decree or direction relating to the subject-matter thereof in so far as such decree or direction is in any way repugnant thereto, and its validity shall not be questioned in any Court, nor shall any Court give, in contravention of the provisions of the scheme or in any way contrary or in addition thereto, a decree or direction regarding the administration of the property to which the scheme relates: Provided that nothing in this sub-section shall be construed as precluding a Court from inquiring whether the Government by which a scheme was made was the appropriate Government. (5) In the settlement of such a scheme effect shall be given to the wishes of the author for the trust so far as they can be ascertained, and, in the opinion of the  appropriate Government, effect can reasonably be given to them. (6) Where a scheme has been settled under this Section for the administration of the property not already vested in the Treasurer of Charitable Endowments, it shall not come into operation until the property has become so vested.

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Section 4 – Charitable Endowments Act, 1890

Charitable Endowments Act, 1890 / /

Order vesting property in treasurer 1) Where any property is held or is to be applied in trust for charitable purpose, the appropriate Government, if it thinks fit, may, on application made as hereinafter mentioned, and subject to the other provisions of this section, order, by notification in the Official Gazette, that the property be vested in the treasurer of Charitable Endowments on such terms as to the application of the property or the income thereof as may be agreed on between the appropriate Government and the person or persons making the application, and the property shall thereupon so vest accordingly. (2) When any property has vested under this section in a treasurer of Charitable Endowments, he is entitled to all documents of title relating thereto. (3) [Omitted by the A.O. 1937] (4) An order under this section vesting property in a treasurer of Charitable Endowments shall not require or be deemed to require him to administer the property, or impose or be deemed to impose upon him the duty of a trustee with respect to the administration thereof.

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