November 6, 2024

The company is regulated by two bodies the shareholders and the directors. The shareholders provide funds to the director of the company and in return the directors of the company perform business from the funds that are received from the shareholders. Therefore the Board of directors is under an obligation to present the books of accounts to the shareholders in the General meeting; so that the shareholders can have to a close look on where there funds are being invested by the company, for the purpose the same the board of directors appoint an Independent person who is practicing Chartered accountant to conduct Statutory Audit. Purpose for Appointment of Auditor The purpose of the auditors in the company is to protect the interests of the shareholders. The auditor is obligated by law to examine the accounts maintained by the directors and inform them of the true financial position of the company. Auditor gives his independent opinion to the owners or shareholders of the company to protect and keep the company in a safe financial condition. Appointment of the first Auditor in the Company According to Section 139(6) of the Companies Act, the first auditor of a company that is non-governmental should be appointed by the board of directors within 30 days from the date of incorporation or registration of the company.And if the board of directors does not appoint an auditor, it informs the members of the company, who then appoint the auditor at an extraordinary general meeting within 90 days of this notification. Such an auditor, who has been appointed, holds the position of auditor until the end of the first general meeting. Appointment of an Auditor for Different Kinds of Companies Particulars Non-Government Company Listed/Specified Company Government Company Application for 1st Auditor post  Incorporation Appointed by the Board Of Directors.   This has to be done within 30 days from the date of Registration. Appointment can also be done by Members at Extraordinary General Meeting within 90 days of information. Appointed by Board Of Directors. This has to be done within 30 days from the date of Registration. Appointment can also be done by Members at Extraordinary General Meeting within 90 days of the information. Appointed by the  Comptroller and Auditor General of India. This has to be done within 60 days from the date of Registration. Appointment can also be done by Board Of Directors  within 30 days of incorporation. Members can also appoint  at an Extraordinary General Meeting within 60 days of Information. Auditor at First AGM with the written consent and a certificate of Auditor.  The appointment is done by the members He will hold office till the end of the 6th Annual General Meeting (AGM). The appointment shall be in accordance with the conditions laid down by the auditor. The appointment is done by the members for a maximum term of 5/10 consecutive years. Cooling off period of 5 years before next appointment will be there. The appointment is done by the Comptroller and Auditor General of India. He should be appointed within 180 days from the 1st of April. Appointment of Subsequent Auditor The appointment is done by the members and he will hold office till the conclusion of the  6th meeting. The appointment is done by the members for a Maximum term of 5/10 consecutive years. The appointment is done by the Comptroller and Auditor General of India within 180 days from the 1st of April. Casual Vacancy due to resignation and other reasons The appointment is by the members within 3 months of the recommendations of Board and he will hold office till the next AGM. The appointment is by the members within 3 months of the recommendations of Board and he will hold office till the next AGM.  The appointment is done by the Comptroller and Auditor General within 30 days.  Procedure for appointment of Auditors First Auditor: The auditor so appointed will hold office until the end of the first annual general meeting. The company is required to file the ADT-1 form with the Commercial Register along with the prescribed fees.In the case of government companies, the first auditor shall be appointed by the Comptroller and Auditor General of India within sixty days from the date of registration of the company and in case the Comptroller General of India does not appoint a such an auditor within the said period, then the board of directors of the company shall appoint such auditor within thirty days and in case, that the board of directors does not appoint a such an auditor within thirty days, a member’s approval is required within sixty days in an extraordinary Ordinary General Meeting. The first auditor serves until the end of the first annual general meeting. Subsequent appointment of auditor: The appointment is made by the members and he will hold office until the conclusion of the sixth annual general meeting. A resigning auditor may be reappointed at the annual general meeting if: Is not disqualified for reappointment; Did not show reluctance to the company for re-appointment; and No special resolution has been passed to appoint another auditor at the meeting or expressly provides that he will not be re-appointed. The following class of companies appoints or re-appoints: A natural person as an auditor for more than one five consecutive years  Audit firm as auditor for more than two terms of office of five consecutive years FAQs Who can be appointed as an auditor of a company? An auditor must be a qualified Chartered Accountant (CA) or a firm of Chartered Accountants that is registered with the Institute of Chartered Accountants of India (ICAI). In case of a company, the auditor must be an individual or a firm holding a valid certificate of practice issued by ICAI. When should an auditor be appointed for a company? An auditor should be appointed at the first Annual General Meeting (AGM) of the company. For subsequent years, the auditor is typically appointed at the AGM for a term of one year.

As per the Act of Registration of Births & Deaths Rule of year 1969, it is mandatory to register the birth of every child born in state of Madhya Pradesh. A citizen (applicant) can also fill the Birth Registration Form online available at the ULB portal. The applicant fills the form, attaches scanned copy of supporting documents while submitting the application form on-line and submits it on the portal. After online form submission, the required fees will displayed, the applicant has to make online payment. Once the payment has been successfully made, the system will generate a number on the payment receipt. However citizens who cannot make the online payment can take print out of filled up online form & submit at local ULB office. In case of birth at private hospital, the hospital provides Hospital Discharge card. The applicant submits the hospital discharge card and other supporting documents to the ward office while collecting the Birth Registration Certificate. In case of a birth at Govt. hospital, the birth registration can be done directly at the Govt. Hospital and the applicant need not visit the ULB ward office. Only Govt. Hospital has the authority to register and provide Birth Registration Certificate to the applicant whose child is born in that Govt. Hospital Registration fee is non-refundable in case of cancellation of registration due to false information or documents provided. Municipality cannot be forced to refund the money in such cases and legal course can be initiated against the applicant. Registering Birth If a birth occurs in a hospital, the person authorized by the medical officer is required to record the birth. If a birth occurs in a house, the household head or adult person in the house is eligible to record the birth with the concerned authority. Finally, if birth occurs in a public place, the head of the corresponding village in the case of a town or the officer in charge of the local police station is required to register the birth. Documents Required Proof regarding the place of birth (where the child was born) from the hospital. Parent’s identity proof. Marriage certificate of the parent, optional. Government Fee Period Charges Registration within 21 days of birth. No Fee. Registration is after 21 days but within 30 days of birth. Rs.2/- Registration after 30 days but within one year of birth. Rs.5/- Registration after one year of birth. Rs.10/- Application Procedure Step 1: Please visit the official website of Madhya Pradesh Government. Step 2: Click on “Birth Registration” option which is visible on the homepage of the portal. Step 3: Select your city from the drop-down list and click on the “Continue” button. Step 4: Fill up the application with the required details and upload the scanned documents. Step 5: Finally click on the “Continue” button for successful registration. FAQs What is a birth certificate? A birth certificate is an official document issued by the government that records the birth of a person. It includes essential details such as the name, date of birth, place of birth, and the names of the parents. How can I apply for a birth certificate in Madhya Pradesh? Visiting the local municipal corporation or nagar panchayat office where the birth was registered. Alternatively, you can apply online through the MP Online Portal.

The Reserve Bank of India (RBI) has stated that the facility to exchange or deposit Rs 2,000 banknotes will not be available on April 1 i.e. Monday. It is pertinent to mention that the Central Bank announced the withdrawal of Rs 2,000 denomination bank notes from circulation on May 19 last year. According to the RBI, around 97.62 per cent of the Rs 2,000 banknotes have already returned to the banking system at the close of business on February 29. Only around Rs 8,470 crore worth of the withdrawn notes are still with the public. The RBI announced that the the exchange and deposit of Rs.2000 banknotes is not available on 1 April 2024 at 19 of its issuing offices. This facility will resume on 2 April 2024. The government introduced Rs.2000 in 2016 after the demonetisation drive. On 19 May 2023, the Reserve Bank of India (RBI) announced that Rs.2000 note, India’s highest denomination currency, will be withdrawn from 30 September 2023. The RBI extended the last date to exchange or deposit Rs.2000 notes to 7 October 2023 from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’ However, Rs.2000 will still remain legal tender after 7 October 2023. The RBI stated that people could visit their nearest bank branches and deposit or exchange their Rs.2000 banknotes by 7 October 2023. From 8 October, people can exchange or deposit Rs.2000 at 19 RBI Issue Offices up to a limit of Rs.20,000 at a time. Total Rs.2000 notes printed by RBI Around 89% of the Rs.2000 denomination notes were issued before March 2017. The total value of Rs.2000 banknotes in circulation has declined from Rs.3.56 lakh crore as on 19 May 2023, to Rs.8,470 crore as on 29 February 2024. It has been observed that Rs.2000 denomination currency is not commonly used for transactions. Further, the banknotes in other denominations continue to be adequate for meeting the currency requirements of the public. Deposit limit of Rs.2000 notes People can deposit Rs.2000 banknotes at the bank where they have an account. The RBI has stated that there is no deposit limit for Rs.2000 notes. But, the general KYC and other cash deposit statutory norms will apply. When a person deposits Rs.2000 notes in a Basic Savings Bank Deposit (BSBD) or Jan Dhan account, the usual limits will apply. In this regard, Canara Bank has informed that they are giving a 100% waiver on cash remittance charges on Rs.2,000 denomination notes deposits. This applies to savings and current accounts. As per Bule 114B of the Income Tax Rules, it is mandatory for an individual to quote the PAN number when the cash deposit in a single day with a  post office or bank exceeds Rs.50,000. Thus, if a person wants to deposit Rs.2000 banknotes amounting to more than Rs.50,000 in a single day, he/she must quote the PAN number. Quoting the PAN is not mandatory when the amount deposited is below Rs.50,000 in a day.  Last date The RBI has stated that people can approach the any bank or post office to deposit or exchange their Rs.2000 notes from 23 May 2023. The last date for the deposit or exchange of Rs.2000 notes was 30 September 2023, which is extended to 7 October 2023.  How to exchange Rs.2000 note in the bank? People can also exchange Rs.2000 banknotes at any nearest bank branch from 23 May 2023 within 7 October 2023. For exchange of Rs.2000 notes before 7 October 2023, the RBI provided clear instruction that exchange of Rs.2000 notes can be done across the counter without insisting on a request slip or ID proof since these notes continue to be legal tender. However, certain public sector banks have adopted a different strategy.  Certain public sector banks have issued guidelines for the exchange Rs.2000 banknotes from non-account holders to submit identity proof mandatorily. Below is a list of a few banks that have issued instructions regarding ID proof for exchanging Rs.2000 notes by 7 October 2023. FAQs Why is the Rs 2000 note being exchanged? The Reserve Bank of India (RBI) has announced the withdrawal of the Rs 2000 note from circulation. While the note remains legal tender, the RBI has advised people to exchange or deposit them in banks before the deadline. This measure is part of the ongoing efforts to streamline currency management. How can I exchange Rs 2000 notes in the bank? You can exchange Rs 2000 notes at any bank branch by visiting the counter and filling out a simple exchange form. You must present a valid government-issued ID proof (such as Aadhaar, PAN card, or voter ID) to complete the exchange process.

The taxpayers’ income tax returns are first collected electronically at the Centralised Processing Centre (CPC). Following the processing of the refund, the IRS sends an intimation to the taxpayers under section 143 (1) of income tax informing them of the findings. Individuals with a certain amount of taxable income in India are required by law to file an Income Tax Return within a certain time frame, according to government regulations. An income tax return is a form or a set of forms that assists a taxpayer in disclosing his gross taxable income, deductions, and net tax liability from different sources. Salaried people, self-employed individuals, businesses, banks, Hindu Undivided Families, and others have to file income tax returns. By visiting the Income Tax Department’s website, you can file your income tax returns online.  E-filing is the term used to describe the method of filing an income tax return electronically. Following e-filing, the Income Tax Department is responsible for handling the Income Tax Return applications. During the processing of the request, the Income Tax Department may discover inconsistencies in data, errors in calculations, incorrect entry of such data, and so on. The Department will issue a note, also known as an Intimation Order, in such situations. What is Intimation u/s 143(1)? The details submitted to the tax department and the details considered by the department to process the tax return are summarised in the Intimation u/s 143(1). The following are the details present in the Intimation u/s 143(1): Sequence number of refund Details of assesses, such as name, address, etc. As per Tax Department, the tax computed under section 143 (1) Other details related to Income Tax filing, such as filing date, acknowledgement number, etc. The tax calculation as provided in the Income Tax return Why is the Intimation u/s 143(1) Issued? Basically, when a return is submitted to the Income Tax Department, the department applies the following computerized checks as a part of its review procedure: An incorrect claim, which is apparent from any information in return. For example, if the deduction u/s 80C is claimed more than the maximum permissible deduction u/s section 80C i.e., Rs 1,50,000, the excess shall be disallowed and reflected in your intimation u/s 143(1). Another example may be that rent income is deducted from business income, which is not shown under Income from House Property. Disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return Comparison of Advance Tax, Self-assessment tax and TDS, etc., from 26AS. Addition of income appearing in Form 26AS or Form 16A or Form 16 which is not included in ITR Claiming the losses for carry forward to next year when the return is submitted after the due date / set off of losses of the previous year where the return was filed after the due date. Whether deduction under section 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, 80-IE has been taken after the due date of the Income Tax Return Calculation of Tax, Late filing fees, Interest, etc. When does one Receive Intimation on ITR?   Discrepancies in the return filed When there is a difference between the sums you report and the records kept by the Income Tax Department, this condition will arise.  You may have failed to report any of your earnings or given incorrect details. You will be notified by the Income Tax Department in certain situations. TDS error The most popular form of error with Income Tax Returns is the TDS number error. Your boss may have deducted money from your paycheck for TDS purposes in the past.  You will get a notification from the IRS as a result of this. Document review The Income Tax Department may request a review of the documents on which a taxpayer has filed his Income Tax Returns in a variety of circumstances.  The Department should submit an intimation to the taxpayer for this reason, and the taxpayer should reply promptly with the appropriate documentation. Declaration of investments made in name of spouse Many citizens want to purchase valuable assets such as property, fixed deposits, buildings, and other items under the names of their spouses or other immediate relatives in order to avoid paying taxes.  These funds, on the other hand, belong to the owner and must be reported when filing an income tax return. Citizens will be notified by intimation from the Income Tax Department. Random Scrutiny The Income Tax Department may simply submit an intimation to the taxpayer to conduct a random audit of the records and data used to file Income Tax Returns.  Under this situation, the taxpayer must work with the Department to supply them with all relevant information. Intimation u/s 143(1) Both income tax returns are processed to correct arithmetical errors, internal irregularities, tax estimation, and tax payment verification at the Intimation u/s 143(1) level.  At this time, no income verification is carried out. It is done entirely by data engineering, with no human intervention. Types of Income Tax Intimations Intimation under 143(1) Income Tax Act- If an assessee has spent more or less than the sum he is currently entitled to pay, he will obtain intimation under Section 143(1). The assessee must make the payment and settle the problem if the payment is less than the real sum.In the event that he makes a reimbursement that is greater than the real sum, he will be notified of the refund amount by intimation. Notice under Section 142(1)- The Income Tax Department sends this notification with the purpose of collecting papers, books of accounts, or other written evidence in order to examine the assessee’s records and return. Notice under Section 143(2)- The Income Tax Department sends this notice to the assessee to remind him that his request for an income tax return will now be submitted for a thorough examination.This notice is normally submitted after the Notice under Section 142 has been sent (1). It indicates that the Assessing Officer has not acquired any valid documentation or that the collected documents are not

In India, a Trademark is an essential tool for protecting the identity of a business. A Trademark is a sign or symbol used to distinguish the goods or services of a particular business from those of its competitors. The validity of a Trademark in India is determined by the Trademark Act, 1999, which sets out the requirements for registering a Trademark. The Act also outlines the duration of the Trademark’s validity, ranging from a minimum of seven years to an indefinite period. Additionally, the Act establishes the grounds for opposition and cancellation of a Trademark and the process for renewal of a Trademark. Trademarks are symbols or logos used by companies to represent their services and brand. It assists people to recognise the firm, service, or business. These logos can be registered under the Trademark Act, 1999 with the trademark registry department. It prevents the copying of trademarks. However, one cannot permanently register a trademark, it has to be renewed from time to time. What is Trademark? A trademark is an important legal tool that provides protection for the unique branding of a business, product or service. It is a symbol, logo, phrase, or word that distinguishes a business from its competitors. In India, the Trademarks Act, 1999, governs the registration and protection of trademarks. The validity of a trademark in India is based on two main factors: registration and use. Removal of an Inactive Registered Trademark According to Section 47 of the Trademarks Act of 1999, the Registrar may remove trademarks from the Register for the following reasons: No valid (bona fide) intention to use the trademark A third party can file an application with the Registrar to remove a trademark from the Registry on the ground that the holder obtained the registration without intending to use it. However, the third party must ensure the trademark proprietor has not used the trademark for three months before filing an application to remove it from the Register. No usage of the trademark for five years following registration The Registrar may remove a trademark from the Registry if the owner hasn’t used it to identify the products or services for a continuous period of five years or more. Five years will be deducted by the Registrar from the date the trademark was first entered into the Register. As a result, after five years from the date of registration, a person or company loses ownership of a registered trademark if they do not use the mark. Validity of a Trademark The trademark is registered for ten years by the Registrar. Hence, following the date of registration indicated in the registration certificate, a trademark registration will be valid for ten years. The trademark registration must be entered into the Register of Trademarks by the Registrar when it is issued. By submitting a trademark renewal application to the Registrar prior to the initial registration expiry, the trademark owner can extend the trademark registration for an additional 10 years. Under the Trademark Act 1999, the duration of trademark registration in India is ten (10) years. The renewal for a further 10-years period will require prescribed renewal fees. You’ll have to decide if you want to renew or not before the expiration date. Anyone can claim your trademark after 10 years if not renewed. Trademark Renewal Trademark duration and validity is limited up to 10 years. After that, it must be renewed if you want to continue with the legal protection for your asset. Trademark renewal request must be filed within 6 months prior to the expiration of the registration. You will receive a notice of a reminder about the expiry of your trademark registration from the registrar of trademarks. The letter will include the conditions of the expiration and the payment of the fees required for the trademark renewal. If the registration or renewal is not obtained as mentioned in the conditions, the Registrar will remove your trademark for the official Trademark Register, known as the Trademark Journal. You’ll have 2 ways to renew your trademark registration. Application for renewal without any changes Application for renewal with changes and alteration to any sign or words in the existing trademark  You need to file a TM-R form which can be filed by an authorised representative or agent. There’s no need of the registered owner of the trademark to be involved whatsoever. Once the application is approved, the trademark will be republished in the official Trademark Journal. It will give the owner further legal protection on his/her asset while extending the trademark registration duration for another 10 years. FAQs What is the validity period of a trademark in India? In India, a trademark is valid for 10 years from the date of registration. After this period, the trademark can be renewed for another 10 years, and this process can continue indefinitely as long as the renewal fees are paid on time. How can a trademark be renewed in India? To renew a trademark in India: File a renewal application using Form TM-R with the Registrar of Trademarks. Pay the required renewal fee. The renewal should be done before the expiry date to avoid penalties. The renewal application can be filed within 1 year before the expiry date of the trademark.