Rs. 50 stamp duty is required to be paid on affidavit.
Rs. 200 is a registration fee for document registration of Affidavit with the Sub-registrar office in Rajasthan, However, registration of affidavit is not compulsory and is optional at the option of party to the affidavit.
Source: IGRS
Partnership Firm registration in Rajasthan is required where two or more persons are carrying on business in partnership, a Partnership firm is a traditional and most used form of business structure.
In India, a Partnership firm is governed by the Indian Partnership Act, 1932. A partnership is defined as per section 4 of the Indian Partnership Act 1932 is as the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all.
A partnership deed is a written agreement among partners of the firm , partnership deed mentions all the terms and conditions regarding the business of partnership firm, all the business activities are carried on basis of written terms mentioned in partnership deed
Important points in partnership deed :
Last date for submission of FLA return to RBI extended to 14th August 2020 this was due to technical errors stakeholders are facing for filing and browsing the website flair.rbi.org.in
The original date for filing the FLA return to RBI is 15th July of every year this was further extended to 31st of July 2020
With the object of unleashing the entrepreneurial spirits of our youth and to remove the fear of criminal prosecutions for non- substantive minor and procedural omissions and commissions in the normal course of their business transactions, the Government of India in the Ministry of Corporate Affairs (MCA) decided to initiate the process of decriminalization of compoundable offences under the limited liability partnership (LLP) Act, 2008, for greater ease of doing business for law abiding LLPs.
The Government treats Honest and Ethical Corporate entrepreneurs as wealth creators and nation builders. The objective of the De-criminalization exercise is to remove criminality of offences from business laws where no malafide intentions are involved. In furtherance of the said objective, an exercise was undertaken to identify those provisions of the Limited Liability Partnership Act, violations of which do not result in injury to public interest but are presently criminal in nature with fine as well as punishment after conviction being provided for in the Act.
Principles adopted for Decriminalization of Compoundable Offences:
In all, twelve (12) offences are proposed to be decriminalized and one (1) provision (Section 73) entailing criminal liability is proposed to be omitted. The 12 de-criminalized offences would then get shifted to IAM thereby de-clogging the criminal courts from routine cases.
In addition to the De-criminalization of the Act the Government also proposes Introduction of certain new concepts into the Act for greater Ease of Doing Business:
Reduction of Additional Fee: It is also proposed to amend Section 69 of the Act with a view to reduce the additional fee of Rs. 100 per day which is presently applicable for the delayed filing of forms, documents. A reduced additional fee is expected to incentivize smooth filing of records and returns of LLPs and consequently result in an updated registry for proper regulation and policy making.
Source: PIB
Board of Directors of the Company plays a main important role in functioning operation of the company, Section 179 of Companies Act 2013 provides powers of Board of Directors of Company
(1) The Board of Directors of a company shall be entitled to exercise all such powers, and to do all such acts and things, as the company is authorised to exercise and do:
Provided that in exercising such power or doing such act or thing, the Board shall be subject to the provisions contained in that behalf in this Act, or in the memorandum or articles, or in any regulations not inconsistent therewith and duly made thereunder, including regulations made by the company in general meeting:
Provided further that the Board shall not exercise any power or do any act or thing which is directed or required, whether under this Act or by the memorandum or articles of the company or otherwise, to be exercised or done by the company in general meeting.
(2) No regulation made by the company in general meeting shall invalidate any prior act of the Board which would have been valid if that regulation had not been made.
(3) The Board of Directors of a company shall exercise the following powers on behalf of the company by means of resolutions passed at meetings of the Board, namely:-
(a) to make calls on shareholders in respect of money unpaid on their shares;
(b) to authorise buy-back of securities under section 68;
(c) to issue securities, including debentures, whether in or outside India;
(d) to borrow monies;
(e) to invest the funds of the company;
(f) to grant loans or give guarantee or provide security in respect of loans;
(g) to approve financial statement and the Board’s report;
(h) to diversify the business of the company;
(i) to approve amalgamation, merger or reconstruction;
(j) to take over a company or acquire a controlling or substantial stake in another company;
(k) any other matter which may be prescribed:
Provided that the Board may, by a resolution passed at a meeting, delegate to any committee of directors, the managing director, the manager or any other principal officer of the company or in the case of a branch office of the company, the principal officer of the branch office, the powers specified in clauses (d) to (f) on such conditions as it may specify:
Provided further that the acceptance by a banking company in the ordinary course of its business of deposits of money from the public repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise, or the placing of monies on deposit by a banking company with another banking company on such conditions as the Board may prescribe , shall not be deemed to be a borrowing of monies or, as the case may be, a making of loans by a banking company within the meaning of this section.
Explanation I.-Nothing in clause (d) shall apply to borrowings by a banking company from other banking companies or from the Reserve Bank of India, the State Bank of India or any other banks established by or under any Act.
Explanation II.-In respect of dealings between a company and its bankers, the exercise by the company of the power specified in clause (d) shall mean the arrangement made by the company with its bankers for the borrowing of money by way of overdraft or cash credit or otherwise and not the actual day-to-day operation on overdraft, cash credit or other accounts by means of which the arrangement so made is actually availed of.
(4) Nothing in this section shall be deemed to affect the right of the company in general meeting to impose restrictions and conditions on the exercise by the Board of any of the powers specified in this section.
Registration of Private Limited Company in India with foreign Directors and Members is more or less similar to that of normal private limited company with Indian Directors and shareholders except that if foreign nationals are incorporating a company in India there is compliance requirement of Companies Act, FEMA applicable in case of foreign nationals are required to be complied with, here we have listed some frequently asked questions on private limited company registration with Foreign nationals in India
Yes, representatives of these companies may be appointed as Directors in Indian Company, one of them should be Indian Resident.
No, as per Indian laws a Company must have a lawful object at the time of Incorporation.
No, Company registration is 100% online process, they just need to send scanned copy of documents required.
Yes, Company is required to hold 4 Board Meetings during the financial year BUT foreign directors are not required to visit India for attending the meeting. A meeting may be held through video conferessing.
No, it must be situated in India Only.
Yes, a foreign company may do so but the new company must have a resident Indian Director.
Every Company shall have at least one Director who has stayed in India for a total period of not less than 182 days in the previous calendar year.
In Sectors where 100% FDI is allowed under Automatic Route, there is no requirement for RBI Approval but Company is required to make reporting of these transaction to RBI to Authorized Dealer Bank.
Notarized or apostilled Copy (if a Commonwealth country) of Passport in support of address and identity proof along with duly.
If you are providing Investment Advisory Services in India, you must be registered as an Investment Advisor with the Securities and Exchange Board of India (SEBI ) as per SEBI ( Investment Advisors) Regulations, 2013, Investment Advisors regulations provides that no person shall act as an investment adviser or hold itself out as an investment adviser unless he has obtained a certificate of registration from the SEBI in accordance with SEBI Investment Advisors Regulations “SEBI Registered Investment Advisor”.
Also, no person, while dealing in the distribution of securities, shall use the nomenclature “Independent Financial Advisor, IFA or Wealth Adviser or any other similar name” unless registered with the SEBI as Investment Adviser
Means advice relating to investing in, purchasing, selling, or otherwise dealing in securities or investment products, and advice on investment portfolio containing securities or investment products, whether written, oral, or through any other means of communication for the benefit of the client and shall include financial planning
Provided that investment advice given through newspaper, magazines, any electronic or broadcasting or telecommunications medium, which is widely available to the public shall not be considered as investment advice for the purpose of these regulations
Any person, who for consideration, is engaged in the business of providing investment advice to clients or other persons or group of persons and includes any person who holds out himself as an investment adviser, by whatever name called
| Category | Networth |
| Individual | 5 Lakh |
| Non-Individual | 50 Lakh |
This means the aggregate value of paid-up share capital plus free reserves (excluding reserves created out of revaluation) is reduced by the aggregate value of accumulated losses, deferred expenditure not written off, including miscellaneous expenses not written off ( Applicable in Case of Company)
| Individuals and firms | Rs. 2000 |
For Body Corporate including Limited Liability Partnerships | Rs. 10000 |
| For individuals and firms | Rs. 3000 |
| For body Corporate including Limited Liability Partnerships | Rs. 15000 |
As per the provisions contained in section 139 of Income Tax Act, 1961 every person whose income during the financial year exceeds two lakh fifty thousand rupees (Financial Year 2018-19) is required to file Income Tax Return on or before due date . Due Dates for filing Income Tax Return for the FY 2018-19 is as follows:
| Type of Assesses | Due Date |
| Individual or HUF whose accounts are not liable for tax audit | 31st July,2019 |
| Partnership Firm/LLP whose accounts are not liable for tax audit | 31st July,2019 |
| Company | 30th September,2019 |
| Individual or HUF whose accounts are liable for tax audit | 30th September,2019 |
| Partnership Firm/LLP whose accounts are not liable for tax audit | 30th September,2019 |
| Working partner of a firm whose accounts are liable for tax audit | 30th September,2019 |
| Assesses involved in foreign transaction u/s 92E | 30th November,2019 |
As per the provisions of Section 234F of Income Tax Act, late filing of ITR would attract penalty as follows:
If the total income of the person does not exceed five lakh rupees, the amount of penalty shall not exceed one thousand rupees.
(PIO) means a citizen of any country other than Bangladesh or Pakistan, if
(i) he at any time held Indian Passport; or
(ii) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
(iii) the person is a spouse of an Indian citizen or a person referred to in subclause (i) or (ii).
Reference: https://dipp.gov.in/sites/default/files/CFPC_2017_FINAL_RELEASED_28.8.17.pdf
Ministry of Corporate Affairs (MCA) will launch new version of MCA21 today.
