A private limited company is the most accepted and popular business structure in India and is governed by the provisions of the Companies Act and rules made thereunder, to carry out business operations loan from director to company is the main source of debt funding private limited access.
In every type of business structure there are two main sources of funds that an organisation deals with, one is in the form of capital and other is in the form of loan or debt.
In case of a company accepting funds from the capital it has to issue shares, and if the company is accepting funds from loan there should be an agreement with respect to the terms and conditions assigned to the particular loan and the security provided for a given loan.
In this article we will discuss accepting loans from the directors of the company by a private limited company.
Please note that accepting any type of loans or money from any person in a private limited company falls under the provisions of companies acceptance of deposit rules 2014
“deposit” includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include –
“(viii) any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the Private company:
Provided that the director of the company or relative of the director of the private company, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board’s report;”
Loan from Director to Company
Step by step procedure for accepting loans from directors to Company
hold Board meeting and pass necessary resolution approving the limit up to which company can accept loans
The company is required to hold the board meeting and pass necessary resolution in this regard for approving the limit of loan up to which company can accept the loans.
Pass Resolution for Authorising Director to sign Necessary Terms and Conditions /Loan agreement for the loan
Accept at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others
Credit of Funds to Company Bank Account
Compliance with Respect to Loan : If the Loan Agreement or Terms of Loan Contains clause relating to the conversion of this loan into equity then the company is required to file form mgt 14 within 30 days from the date of such agreement
Annual Compliance with respect to loan from Director to Company :
As this loan is exempted from the deposit, the company is required to file Form DPT -3 with the amount of loan accepted from Directors of the Company under the column, Items Not considered as Deposits
If you are into investing world, Finance or Owns a Company , you must hered about the equity Shares, in most party of world also called as comman stock, In this article we will discuss about what is Equity Share in Detail.
What is Equity Share
Equity Share is type of ownership instrument in body corporate – company, It provide holders ownership right and directly represent capital of company. Companies are owned by shares called Equity and provides voting rights to holders of equity in the process of decision making, while most of decisions are made by Board of Directors of Company , the Holders of equity shares are the one who appoints board of directors of their company at general Meeting.
Equity shares are liablity of the Company and are required to be paid back to the holders in case of winding up of the company , if there exists surplus cash that can be distributed once every other liabliity sets off.
For Publicly listed companies equity shares are listed for trading and anyone can buy and sell anytime of excanges.
For private limited companies , these shares are brought and sold through private agreements.
Companies distrubute profits to equity shareholders by way of dividend and valuation of shares majorly for listed shares depends on stock prices.
In this article, we will discuss the process of hedge fund Registration in India i.e. alternative investment fund in India with securities and exchange Board of India (SEBI)
Securities And Exchange Board Of India (Alternative Investment Funds) Regulations, 2012 mainly regulate the Hedge funds in India.
Meaning of Hedge fund and Alternative Investment Fund :
Hedge fund
“Hedge fund” means an Alternative Investment Fund which employs diverse or complex trading strategies and invests and trades in securities having diverse risks or complex products including listed and unlisted derivatives
“Alternative Investment Fund” means any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which,-
Is a privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors; and
Is not covered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 or any other regulations of the Board to regulate fund management activities:
Provided that the following shall not be considered as Alternative Investment Fund for the purpose of these regulations,-
family trusts set up for the benefit of ‘relatives’ as defined under Companies Act, 2013;
ESOP Trusts set up under the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 or as permitted under Companies Act, 2013;
employee welfare trusts or gratuity trusts set up for the benefit of employees;
’holding companies’ as defined under sub-section 46 of section 2 of Companies Act, 2013;
other special-purpose vehicles not established by fund managers, including securitization trusts, regulated under a specific regulatory framework;
funds managed by securitisation company or reconstruction company which is registered with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; and
Any such pool of funds which is directly regulated by any other regulator in India;
How to Register Hedge Fund or Alternative Investment Fund with SEBI
Choosing Category for Hedge Fund or Alternative Investment Fund with SEBI
SEBI under alternative investment funds regulations has prescribed the three types of the categories for the alternative investment fund for hedge funds registration under which they can seek registration depending upon the activities of the fund
Categories for Hedge Funds or Alternative Investment Funds
“Category I Alternative Investment Fund” which invests in start-up or early stage ventures or social ventures or SMEs or infrastructure or other sectors or areas which the government or regulators consider as socially or economically desirable and shall include venture capital funds, SME Funds, social venture funds, infrastructure funds.
Explanation.─ For the purpose of this clause, Alternative Investment Funds which are generally perceived to have positive spillover effects on economy and for which the Board or Government of India or other regulators in India might consider providing incentives or concessions shall be included and such funds which are formed as trusts or companies shall be construed as “venture capital company” or “venture capital fund” as specified under sub-section (23FB) of Section 10 of the Income Tax Act, 1961
“Category II Alternative Investment Fund” which does not fall in Category I and III and which does not undertake leverage or borrowing other than to meet day-today operational requirements and as permitted
Explanation.─ For the purpose of this clause, Alternative Investment Funds such as private equity funds or debt funds for which no specific incentives or concessions are given by the government or any other Regulator shall be included
“Category III Alternative Investment Fund” which employs diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives. Explanation.─ For the purpose of this clause, Alternative Investment Funds such as hedge funds or funds which trade with a view to make short term returns or such other funds which are open ended and for which no specific incentives or concessions are given by the government or any other Regulator shall be included
Choosing and Setting up Structure of Hedge Fund or AIF:
Which Fund Investment funds can be formed either of the following:
Trust
Partnership
Limited Liability Partnership
Private Limited Company
Eligibility Criteria for Hedge Fund Registration in India
The memorandum of association in case of a company; or the Trust Deed in case of a Trust; or the Partnership deed in case of a limited liability partnership permits it to carry on the activity of an Alternative Investment Fund
The applicant is prohibited by its memorandum and articles of association or trust deed or partnership deed from making an invitation to the public to subscribe to its securities
In case the applicant is a Trust, the instrument of trust is in the form of a deed and has been duly registered under the provisions of the Registration Act, 1908
In case the applicant is a limited liability partnership, the partnership is duly incorporated and the partnership deed has been duly filed with the Registrar under the provisions of the Limited Liability Partnership Act, 2008
In case the applicant is a body corporate, it is set up or established under the laws of the Central or State Legislature and is permitted to carry on the activities of an Alternative Investment Fund
The applicant, Sponsor and Manager are fit and proper persons based on the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008
The key investment team of the Manager of Alternative Investment Fund has adequate experience, with at least one key personnel having not less than five years experience in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets and has a relevant professional qualification
The Manager or Sponsor has the necessary infrastructure and manpower to effectively discharge its activities
The applicant has clearly described at the time of registration the investment objective, the targeted investors, proposed corpus, investment style or strategy, and proposed tenure of the fund or scheme
Whether the applicant or any entity established by the Sponsor or Manger has earlier been refused registration by the Board
Information Required for Making Application for Hedge Fund Registration in India
In case the applicant is a Trust:
1. Write-up on the activities of the applicant
2. Whether the Trust Deed is registered under the provisions of the Registration Act, 1908. (Enclose relevant extract of the Registered Trust Deed)
3. Whether the Trust Deed permits the carrying on of the activity of an Alternative Investment Fund
4. Whether the applicant is prohibited by its trust deed from making an invitation to the public to subscribe to its units;
5. Provide details of Trustees/ Trustee Company as below:
a. Whether Trustee is an individual or a Trustee company.
b. Name, registered office address, telephone number(s) and fax number(s) of the Trustees/ Trustee Company.
c. Name, direct line number, mobile number and e-mail of the contact person(s).
d. Identity and Address proof of Trustees/ Directors of the Trustee Company
e. Whether the Trustee Company is registered with Board, Reserve Bank of India or any other regulatory authority in any capacity along with the details of its registration.
f. Brief write up on the activities of the Trustee Company/ Profile of Trustees.
II. In case applicant is a Company:
1. Write-up on the activities of the applicant
2. Shareholding pattern and profile of the directors (Enclose Identity proof and address proof of the directors)
3. Whether the Memorandum of Association permits carrying on of the activity of an Alternative Investment Fund (Enclose relevant extract of the Memorandum of Association)
4. Whether the applicant is prohibited by its memorandum and articles of association from making an invitation to the public to subscribe to its securities;
III. In case applicant is a limited liability partnership:
1. Write-up on the activities of the applicant
2. Beneficial ownership pattern and profile of the partners (Enclose Identity proof and address proof of the partners)
3. Whether the partnership deed is duly filed under the provisions of the Limited Liability Partnership Act, 2008 and permits carrying on of the activity of an Alternative Investment Fund (Enclose relevant extract of the Partnership Deed)
4. Whether the applicant is prohibited by its partnership deed from making an invitation to the public to subscribe to its securities;
IV. In case applicant is a Body Corporate
1. Write-up on the activities of the applicant
2. Shareholding pattern and profile of the directors (Enclose Identity proof and address proof of the directors)
3. Whether the applicant is set up or established under the laws of the Central or State Legislature
4. Whether the applicant is permitted carrying on of the activity of an Alternative Investment Fund (Enclose relevant extract of the relevant Statute/Act)
5. Whether the applicant is prohibited by its memorandum and articles of association from making an invitation to the public to subscribe to its securities;
Details of Sponsor and Manager of Fund :
Name, address of registered office, address for correspondence and principal place of business, telephone number(s), fax number(s), e-mail address of the sponsor.
Name, direct line number, mobile number and e-mail of the contact person(s)
Legal status of the sponsor (whether sponsor(s) is/are individual/company/limited liability partnership/body corporate) and date and place of incorporation/ establishment, wherever applicable.
In case of Sponsor being individual(s), provide a brief profile of the Sponsor including professional qualification. In case of Sponsor(s) being other than individual, write up on shareholding pattern/ Partnership interests and profile of the directors/partners including their professional qualification.
Identity proof and address proof of the Sponsor (if sponsor is an individual)/ directors of Sponsor(is sponsor is a company)/ partners of the Sponsor (if sponsor is an limited liability partnership).
Whether the Sponsor or its director(s)/ partner(s) is/are registered with the Board.
Details of past experience of the Sponsor(s) in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets.
Copies of the financial statements for the previous financial year (i) Whether the Sponsor has floated any Alternative Investment Funds/ Venture Capital Funds previously, which are registered with the Board. If yes, details of the same.
Meaning of Sponsor :
“sponsor” means any person or persons who set up the Alternative Investment Fund and includes promoter in case of a company and designated partner in case of a limited liability partnership
Meaning of Manager :
“manager” means any person or entity who is appointed by the Alternative Investment Fund to manage its investments by whatever name called and may also be same as the sponsor of the Fund
Details Of Business Plan And Investment Strategy for Hedge Fund Registration in India
Investment objective and investment style/ strategy of the fund.
The target investors
The target industries/ sectors, if any
Proposed corpus
Proposed fees to the Sponsor and Manager
Tenure of the fund or scheme
Details of proposed use of leverage in case of Category III Alternative Investment Fund
Amount To Be Paid As Fees for Hedge Fund Registration in India
Application fee Rs.1,00,000
Registration fee for Category I Alternative Investment Funds other than Angel Funds Rs. 5,00,000
Registration fee for Category II Alternative Investment Funds other than Angel Funds Rs.10,00,000
Registration fee for Category III Alternative Investment Funds other than Angel Funds Rs.15,00,000
Scheme Fee for Alternative Investment Funds other than Angel Funds `1,00,000 Re-registration Fee Rs.1,00,000
Registration Fee for Angel Funds Rs.2,00,000
The fees specified above shall be payable by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI or by bank draft in favour of “The Securities and Exchange Board of India” at Mumbai
Investment Conditions And Restrictions for Hedge Fund in India
Investment in all categories of Alternative Investment Funds shall be subject to the following conditions:-
The alternative investment fund may raise funds from any investor whether Indian, foreign or non-resident Indians by way of issue of units;
Each scheme of the alternative investment fund shall have a corpus of at least twenty crore rupees;
The alternative investment fund shall not accept from an investor, an investment of value less than one crore rupees
In the case of investors who are employees or directors of the alternative investment fund or employees or directors of the manager, the minimum value of investment shall be twenty-five lakh rupees.
the manager or sponsor shall have a continuing interest in the alternative investment fund of not less than two and a half percent of the corpus or five crore rupees, whichever is lower,
In the form of investment in the alternative investment fund and such interest shall not be through the waiver of management fees
For category iii alternative investment fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower.
The manager or sponsor shall disclose their investment in the alternative investment fund to the investors of the alternative investment fund;
No scheme of the alternative investment fund shall have more than one thousand investors
provisions of the companies act, 2013 shall apply to the alternative investment fund, if it is formed as a company
Application to SEBI for Hedge Fund Registration in India
The Application for Registration is required to be made in Form A to SEBI along with the Required application Fee and documents
Consideration of Application by SEBI
Once the proper Application is submitted to SEBI, SEBI will examine the Application and may ask for further information and if deems fit will approve or reject the Application
Certification of Registration for Hedge Fund by SEBI
Once the applicant is approved and applicant has deposited necessary fee , SEBI will grant Certificate to Applicant to carry on Activities of Hedge Fund or Alternative Investment Fund.
Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Indian Income Tax Act of 1961. TDS is managed by the Central Board for Direct Taxes (CBDT) and is a part of the Department of Revenue managed by the Indian Revenue Service (IRS). It is a method of minimizing tax evasion by deducting tax at the point of income payment.
In this guide, we’ll cover the steps you need to follow for monthly TDS payments, filing of TDS returns, and we’ll provide a list of sections along with the rates of TDS.
Step-by-Step Tutorial on Monthly TDS Payments
TDS payments are typically due on the 7th of the next month. For example, TDS for the month of April would be due on or before May 7th.
Steps for Monthly TDS Payment:
Calculate TDS: Determine the amount that needs to be deducted as TDS from the payments made during the month.
Make Payment Online:
Visit the official website of the Tax Information Network of the Income Tax Department.
Go to the e-Payment section and select the relevant challan i.e., ITNS 281.
Fill in the necessary details like PAN/TAN, the applicable section, nature of payment, the period for which payment is made, and the amount of TDS.
Select the bank through which payment will be made and proceed to pay.
Generate Challan 281: After successful payment, a challan counterfoil will be displayed containing CIN (Challan Identification Number), payment details, and bank name through which e-payment has been made. This challan is proof of payment.
Late Payment Interest: If the TDS payment is delayed, interest will have to be calculated and paid for the period of delay.
Filing of TDS Returns
TDS returns must be filed quarterly. There are different forms for different purposes, such as Form 24Q for salaries, Form 26Q for non-salary deductions, and so on.
Steps for Filing TDS Returns:
Prepare Return: Gather all the TDS certificates and challans for the quarter.
Use Return Preparation Utility (RPU) & File Validation Utility (FVU):
Download the latest RPU and FVU from the NSDL website.
Prepare the return using RPU and validate it through FVU.
Correct Errors: If there are any errors, rectify them and validate again.
Submit Return: Once the return is error-free, it can be submitted online through the e-filing portal of the Income Tax Department.
Verification: After submission, the return must be verified. This can be done via digital signature or by generating an EVC (Electronic Verification Code) through net banking.
Acknowledgment: Upon successful submission and verification, an acknowledgment form – Form 16A/16B/16C will be generated. This serves as proof of filing.
List of Sections and Rates of TDS
Here is a simplified list of some common sections of the Income Tax Act and their corresponding TDS rates for the financial year 2023-24:
Section 192: TDS on salary income; the rate as per the individual’s income tax slab.
Section 193: TDS on interest on securities; 10%.
Section 194: TDS on dividend income; 10% if the dividend exceeds INR 5,000.
Section 194A: TDS on interest other than securities (e.g., bank interest); 10% if interest exceeds INR 40,000 (INR 50,000 for senior citizens).
Section 194C: TDS on payment to contractors and sub-contractors; 1% for individuals/HUF, 2% for others if payment exceeds INR 30,000 per contract or INR 1 lakh in aggregate in a year.
Section 194D: TDS on insurance commission; 5% for residents, 20% for non-residents.
Section 194H: TDS on commission or brokerage; 5% if exceeding INR 15,000 per annum.
Section 194I: TDS on rent; 2% for plant & machinery, 10% for land or building or furniture or fitting.
These steps and rates provide a general guideline and could change based on the government’s budgetary updates. It is always advisable to consult the official income tax website or a tax consultant for the latest updates and professional guidance.
As per rule 12A of the Companies (Appointment and Qualification of Directors) Rules 2014, “every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. Provided that every individual who has already been allotted a Director Identification Number (DIN) as at 31st March, 2018, shall submit e-form DIR-3 KYC on or before 5th October,2018.”
However, the DIR-3 KYC e-form presently available on the portal does not cater for the following: (i) Filing on annual basis, and (ii) Filing in respect of DINs allotted post 31 March 2018. It presently caters only to those individuals who were allotted DINs as on 31st March 2018 and whose DINs have been marked as ‘Deactivated due to non-filing of DIR-3 KYC’. Stakeholders may please note that DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in the MCA21 system.
With the objective of making the form more user friendly, the form is presently being modified to enable pre-filling of data & information so that annual filings can be done by DIN holders in a simple and user friendly manner.
The revised form, which will be shortly deployed, can be filed without any fee within a period of 30 days from the date of deployment. Accordingly, DIN holders who had filed DIR-3 KYC form earlier and complied with the said provisions may kindly await the deployment of the modified form for fulfilling their compliance requirements.
The government has extended the deadline for filing income tax returns for assessee whose accounts are required to get audited to 15th of February, 2021 for assessment year 20-21.
While filing the tax audit report have been limited to 15th of January only.
The income tax India Twitter handle announce the extension of the deadline for filing income tax returns, the income tax returns for the individual taxpayers whose accounts are not required to be audited has been extended to 10th of January 2021
Copyright is a right given by the law to creators of literary, dramatic, musical, and artistic works and producers of cinematograph films and sound recordings. Copyright Registration provides a bundle of rights like rights of reproduction, communication to the public, adaptation, and translation of the work.
Copyright ensures certain minimum safeguards of the rights of authors over their creations, thereby protecting and rewarding creativity. The development of a society is dependent on the creativity of creators and their rights over their work should be protected. The rights & protection provided by copyright to the efforts of writers, artists, designers, dramatists, musicians, architects, and producers of sound recordings, cinematograph films, and computer software, create an atmosphere conducive to creativity, which induces them to create more and motivates others to create.
Application for Copyright Registration Application :
The application can be made both online and Offline by the applicant or the Authorized Attorney of the applicant. An applicant filing a copyright application should have the work in soft copies and hard copies in at least two copies, like the author of Literary work should have two copies of the book for copyright.
Information required for Copyright Registration Application :
Name, Address and Nationality of the Applicant
Nature of the Applicant’s interest in the Copyrightof the work
Class and description of the work
Title of the work
Language of the work
Name, Address and Nationality of the Author and if the Author is deceased, the date of decease
Whether the work is Published or Unpublished
Year and Country of first publication, and Name,Address and Nationality of the publisher
Year and Countries of subsequent publications, if any, and Name, Address and Nationality of the publisher
Name, Address and Nationality of the Owners of the various rights comprising the copyright in the work and extent of rights held by each, togetherwith particulars of assignments and licence. If any
Name and address and nationality of otherpersons, if any authorized to assign or licence therights comprising the copyright
If the work is an ‘Artistic work’, the location of theoriginal work, including name, address andnationality of the person in possession of the work,(In the case of an architectural work, the year ofcompletion of the work should also be shown)
Documents Required for Copyright Registration :
2 Copies of work
Authorization from author/publisher
If the work is being used on goods or capable of being used on the goods
If the application is being field through attorney, a specific power of attorney in original duly signed bythe applicant and accepted by the attorney
Search Certificate from Trade Mark Office(TM-60) ( Only in case of Artistic work ).
Time for Processing Copyright Registration Application
Applicaiton Filing – 1 Day
Allotment of Diary Number – 1 Day
Waiting Period – 30 days
Approvals /Objections- 10-15 days
Once an application for Copyright registration is filed, we get allotted Diary Number, have to wait for a mandatory period of 30 days so that no objection is filed in the Copyright office against your claim that particular work is created by you.
Scope of Copyright Registraiton
All kinds of literary and artistic works can be copyrighted, you can also file a copyright application for your website or other computer programs. Computer Software or program can be registered as a ‘literary work’. As per Section 2 (o) of the Copyright Act, 1957 “literary work” includes computer programs, tables, and compilations, including computer databases. ‘Source Code’ has also to be supplied along with the application for registration of copyright for software products. Copyright protection prevents the undue proliferation of private products or works and ensures the individual owner retains significant rights over his creation.
File your Copyright Registration Application
We help you to file your Copyright Registration Application with the Department for the following type of work:
The Central Board of Direct Taxes has extended the due dates of Income Tax Return, Tax Audit, TDS Statement and Other Compliances to provide relief to taxpayers in view of the COVID-19 pandemic. Read the official announcement below:
Circular No. 9 of 2021
F.No.225/49/2021 -ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi,
Dated 20th May, 2021
Subject: Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances:
1) The Statement of Financial Transactions (SFT) for the Financial Year 202021, required to be furnished on or before 315t May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June 2021;
2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31st May 2021 under Rule 114G of the Rules, may be furnished on or before 30th June 2021;
3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 31A of the Rules, may be furnished on or before 30th June 2021;
4) The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by 15th June 2021 under Rule 31 of the Rules, may be furnished on or before 15th July 2021; 5) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before 15th June 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30th June 2021;
6) The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before 31st May 2021 under Rule 33 of the Rules, may be sent on or before 30th June 2021;
7) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D for the Previous Year 2020-21, required to be furnished on or before 15th June 2021 under Rule 12CB of the Rules, may be furnished on or before 30th June 2021;
8) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before 30th June 2021 under Rule 12CB of the Rules, may be furnished on or before 15th July 2021;
9) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021;
10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021; 11) The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October 2021, is extended to 30th November 2021;
12) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 under sub-section (1) of section 139 of the Act, is extended to 30th November 2021;
13) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November 2021 under sub-section (1) of section 139 of the Act, is extended to 318t December 2021;
14) The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31st January 2022.
Clarification 1: It is clarified that the extension of the dates as referred to in clauses (9), (12) and (13) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.
Clarification 2: For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under this Circular) provided in that Act, shall be deemed to be the advance tax.
In this article, we will list out important returns and documents that are required to be filed by Registered Public Charitable Trust in Rajasthan ( Charitable Trust Returns) , It is very important to file mandatory legal returns as prescribed by authorities from time to time.
Following are the List of Returns and documents requried to be filed by Public Chartiable Trust
S.No
Particulars
Department
Due Date
1
Statement of yearly investment
Devsthan
1st April each year
2
Statement of recovery of loans debts and advances etc.
Devsthan
15th Oct. and 15th April each year
3
Statement of income from rent of properties
Devsthan
within 6 months from end of FY
4
Statement of Bhets to trust
Devsthan
within 6 months from end of FY
5
Statement of income and expenditure of the public trust
Devsthan
within 6 months from end of FY
6
Statement of payment of dues and debts
Devsthan
within 6 months from the end of FY
7
Return of Donations for 80G
Income Tax
30th April
8
Income Tax Return
Income Tax
30th Sept
9
Income Tax Audit in Form 10B- 12a and 80g registered entities
Income Tax
30th Sept
10
TDS Payment
Income Tax
07th from the end of the month in which TDS was deducted
11
TDS Return
income Tax
within 30 days from the end of qtr – for March return within 60 days from the end of qtr
In this article we will discuss about Board Meeting as per Companies Act 2013, Board meetings are critical for the governance of a company. They are a platform for discussion and decision-making by the company’s board of directors. To ensure these meetings are conducted and documented effectively, one must adhere to the provisions of the Companies Act, 2013, and the Secretarial Standards set by the Institute of Company Secretaries of India (ICSI). Here’s how to do it step by step.
Step 1: Convene the Meeting
Issuing Notice:
Draft a notice of the meeting according to Secretarial Standard-1 (SS-1).
Include the meeting agenda, date, time, and location.
Send the notice at least 7 days before the meeting to all directors, by hand, post, or electronic means.
Agenda:
The agenda should be clear and comprehensive. Every item for discussion should be stated, including items specifically required by law.
Additional Documentation:
Provide any necessary notes or supporting documents to the directors along with the notice.
Step 2: Ensure Quorum of the Board Meeting as per Companies Act 2013
Quorum Requirements:
Quorum should be present throughout the meeting. As per the Companies Act 2013, the minimum quorum is 1/3rd of the total strength of the board or 2 directors, whichever is higher.
Leave of Absence:
If a director cannot attend, they should notify in advance, and the board may grant a leave of absence if deemed fit.
Step 3: Conducting the Board Meeting as per Companies Act 2013
Chairing the Meeting:
The Chairperson, as per the Articles of Association, presides over the meeting.
In absence of the Chairperson, the directors present may elect one amongst themselves to chair the meeting.
Discussion:
Follow the agenda strictly for discussions.
Encourage open discussion and note any dissenting opinions.
Voting:
Decisions are generally taken by a majority of votes. Each director has one vote. In case of a tie, the Chairperson has a casting vote.
Step 4: Documenting the Meeting (Minutes) as per companies Act 2013
Recording Minutes:
As per Secretarial Standard-1 (SS-1), minutes should contain a fair and correct summary of the proceedings of the meeting.
They should be entered in the minutes book within 30 days of the meeting.
Contents of Minutes:
Include details like the date, time, place of the meeting, list of attendees, issues discussed, decisions taken, and the final resolutions passed.
Signing of Minutes:
The minutes should be signed by the Chairperson of the meeting or the Chairperson of the next meeting.
Once signed, the minutes are conclusive evidence of the proceedings.
Distribution:
Copies of the signed minutes should be circulated to all directors within 15 days after these are signed.
Step 5: Compliance and Filing
Filing Resolutions with Registrar:
Certain resolutions need to be filed with the Registrar of Companies within 30 days of the meeting.
File using the prescribed forms and ensure that all statutory registers are updated accordingly.
Maintain Statutory Records:
Safeguard the minutes and ensure they are accessible for inspections as required by law.
Step 6: Disclosure and Dissemination
Disclosure to Shareholders:
Share relevant excerpts of the minutes with shareholders if required by law or demanded by shareholders’ agreements.
Website Publication:
If applicable, publish the proceedings of the meeting on the company’s website as per the regulatory requirements.
By following these six steps, you can ensure that your company’s board meetings are not only effectively conducted but also meticulously documented in compliance with the Companies Act, 2013, and the Secretarial Standards issued by the ICSI.
