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Annual Filings for Limited Liability Partnership (LLP)

Posted on by Fastlegal Team

Limited Liability Partnership (LLP) is a separate legal entity and Separate from Its partners, LLP is governed by LLP Act, 2008, LLP Rules, and in accordance with LLP agreement, LLP act and rules provides for the Annual Returns that are required to be filed by LLP (LLP Annual Filing) to Registrar of Companies by every LLP. beside compliances of LLP Act and rules LLP is required to file its Income tax return and Tax Audit report if required, and designated partners of LLP is required to complete there annual DIN KYC every year, all this comes under LLP Annual Filing, below we have discussed main LLP annual filing that is required to be done by every LLP:

LLP Annual Filing

LLP Annual Filings Calendar

LLP Filing

  • LLP Form 11
  • LLP Form 8
  • DIR-3 KYC
  • Income Tax Return
  • GST Return
  • TDS Return

Due Date

  • 30th May
  • 30th October
  • 30th June
  • 30th July (Non-Audit)
  • Every month /Qtr ( For GST Registered)
  • Every Qtr ( if TDS deducted)

LLP Form 11 ROC LLP Filing

LLP Form 11 is required to be filed by every LLP, Even if LLP has not carried out any business activity LLP Form 11 is mandatorily required to be filed. LLP Form 11 is also known as LLP Annual Return and it contains information about the ownership structure of LLP like Capital Contributed by each designated partner or partner, who are the partners of LLP as on the financial year ending date for which Form 11 is required to be filed.

Mandatory Attachment of Form 11 – In Form 11 a document in respect of Designated partners and partners is required to be attached which contains details in which the designated partner of LLP is the Director or Partner.

LLP Form 8 ROC LLP Filing

LLP Form 8 is required to be filed by every LLP, LLP Form 8 is filed with respect to Statement of Accounts and solvency, In general, this form is required to be filed for filing LLP Annual Accounts to ROC. So before Filing this form LLP is required to be prepare and finalize its books of accounts, otherwise, it is not possible to file this form. LLP Audit is also done under this where Auditor is required to Digitally signed this form, in case LLP is required to get its accounts audited, Presently Limit for LLP Audit is Rs. 40 Lakh for turnover and Rs. 25 Lakh for Capital Contribution, if either exceeds this limit LLP is required to get its accounts audited.

DIR-3 KYC for Designated Partners of LLP (LLP Annual Filing)

DIR-3 KYC is mandatory for every designated partner of LLP, non-filing will lead to a fee of Rs. 5000 for activation of DIN of designated partner. The due date for filing DIR-3 KYC is 30th September.

Income Tax Return of LLP (LLP Annual Filing)

Every LLP whose accounts are not required to be audited is required to file its Income Tax return on or before 31st July. For Audited LLP the due date is 30th September.

GST Return of LLP (LLP Annual Filing)

If LLP has GST Registration, then LLP is required to file Applicable GST returns like GSTR3B, GSTR1, GSTR9, and other applicable returns on a monthly, quarterly or yearly basis as and when applicable.

TDS Return of LLP

If LLP has made payments that are required to pay after deduction of Tax at source, The TDS amount is required to be deposited before the 7th of next month and is required to file a Quarterly TDS return.

Small LLP Incorporation

Enrich your business.

  • Name Approval
  • DIN
  • DSC
  • LLP Agreement *
  • PAN /TAN of LLP
  • Capital Contribution Up to Rs. 1 Lakh *

*Stamp duty up to Rs. 2000 included in this package

Rs. 9999 /-

LLP Annual Filing

Small LLP without Audit Applicability

  • LLP Form 11
  • LLP Form 8
  • DIN KYC
  • Income Tax Return
  • Book-keeping & Final Accounts up to 100 Entries

Rs. 8000/- Per year

LLP Annual Filings

Other than Small LLP

  • LLP Form 11
  • LLP Form 8
  • DIN KYC
  • Income Tax Return
  • Book-keeping
  • Audit

Request

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How to Become SEBI Registered Research Analyst

Posted on by Fastlegal Team

No person shall act as a research analyst or research entity or hold itself out as a research analyst unless he has obtained a certificate of registration from the SEBI under (RESEARCH ANALYSTS) Regulations, 2014

Who is Research Analyst

Research analyst” means a person who is primarily responsible for

  • preparation or publication of the content of the research report; or
  • providing research report; or
  • making ‘buy/sell/hold’ recommendation; or iv.giving price target; or
  • offering an opinion concerning public offer,with respect to securities that are listed or to be listed in a stock exchange, whether or not any such person has the job title of ‘research analyst’ and includes any other entities engaged in issuance of research report or research analysis.
  • Explanation.-The term also includes any associated person who reports directly or indirectly to such a research analyst in connection with activities provided above
Research Analyst

What is Research Report

“research report” means any written or electronic communication that includes research analysis or research recommendation or an opinion concerning securities or public offer, providing a basis for investment decision and does not include the following communications:

  • comments on general trends in the securities market;
  • discussions on the broad-based indices;
  • commentaries on economic, political or market conditions;
  • periodic reports or other communications prepared for unit holders of mutual fund or alternative investment fund or clients of portfolio managers and investment advisers;
  • internal communications that are not given to current or prospective clients;
  • communications that constitute offer documents or prospectus that are circulated as per regulations made by the Board;
  • statistical summaries of financial data of the companies;
  • technical analysis relating to the demand and supply in a sector or the index;
  • any other communication which the Board may specify from time to time

Qualification and certification requirement for Research analyst

  • A professional qualification or post-graduate degree or post graduate diploma in finance, accountancy, business management, commerce, economics, capital market, financial services or markets provided by:
    • a university which is recognized by University Grants Commission or by any other commission/council/board/body established under an Act of Parliament in India for the purpose; or
    • an institute/association affiliated with such university; or
    • an institute/ association/university established by the central government or state government; or
    • autonomous institute falling under administrative control of Government of India; or
  • professional qualification or post-graduate degree or post graduate diploma which is accredited by All Indian Council for Technical Education, National Assessment and Accreditation Council or National Board of Accreditation or any other council/board/body set up under an Act of Parliament in India for the purpose; or
  • a professional qualification by completing a Post Graduate Program in the Securities Market (Research Analysis) from NISM of a duration not less than one year; or
  • a graduate in any discipline with an experience of at least five years in activities relating to financial products or markets or securities or fund or asset or portfolio management and
  • An individual registered as research analyst , individuals employed as research analyst and partners of a research analyst, if any, shall have, at all times, a NISM certification for research analysts as specified by the SEBI or other certification recognized by the SEBI from time to time

Capital Adequacy Requirement for Research Analyst

  • A research analyst who is individual or partnership firm shall have net tangible assets of value not less than one lakh rupees
  • A research analyst who is body corporate or limited liability partnership firm shall have a networth of not less than twenty five lakh rupees

“net worth” means the aggregate value of paid-up share capital plus free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses.

Step By Step Procedure for Registration as Research Analyst With SEBI

  • Fullfill Experiance and Education Qualfication reequirements as mentioned above
  • Pass required NISM Examination
  • Ensure to have Net Tengible assets of Rs. 1 Lakh for Individual /partnership Firm or Networth of Rs. 25 Lakh for Companies /LLP
  • Application to SEBI for Research Analyst Registration inForm A
  • Payment of Application fee
  • Reply to Clearification raised by SEBI
  • Approval by SEBI
  • Payment of Registration Fee
  • Issue of Certificate of Registration by SEBI

Fee for SEBI Research Analyst Registration

Application Fee

  1. For individuals or partnership firms: Rupees 5000;
  2. For Body Corporate including Limited Liability Partnerships: Rupees 50000

Registration Fee

  1. For individuals or partnership firms: Rupees 10000;
  2. For Body Corporate including Limited Liability Partnerships: Rupees 500000

Research Services Details in Application

  • Details of the proposed research services
  • Details about internal policies and procedures to effectively address conflict of interest
  • Details about the standard disclosures to be provided
  • Any other relevant information pertaining to research services provided

Office Requirements for SEBI Research Analyst Registration

  • Details of office space, office equipment, furniture and fixtures, communication facilities, research capacity, research software for undertaking research analysis.
  • Declaration that the applicant has the necessary infrastructure to effectively discharge the activities of research analyst.

Documents required for Research Analyst Application (Individual Applicant)

  • Copy of PAN and Aadhar
  • Last 3 Years Income Tax Return
  • Education qualifcation documents
  • NISM Certificates
  • Experiance Certificate
  • Networth Certificate
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Draft Format SIMPLE WILL GIVING ALL PROPERTY TO WIFE

Posted on by Fastlegal Team

SIMPLE WILL GIVING ALL PROPERTY TO WIFE

I, AB hereby revoke all former WILLS AND CODICILS made by me and declare this to be my last will whereby I bequeath and devise all my movable and immovable property whatsoever to my wife CD and appoint her sole executrix of my this WILL.

IN WITNESS WHEREOF. I have signed this will hereunder on the …day of …………, 2000.
Sd/………………..
(A B)

Signed by the above-named testator in our presence at the same time and each of us has in the presence of the testator signed his name hereunder as an attesting witness.

WITNESSES;

1…………………….

2…………………….

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Company Fresh Start Scheme – 2020 , File Company Returns without Additional Fee

Posted on by Fastlegal Team

What is this Company Fresh Start Scheme – 2020 (CFSS-2020)  for

Company Fresh Start Scheme -2020 is for Waiver for Payment of Additional Fee for Filing of E forms with ROC/MCA and Immunity from launch of prosecution or proceedings for imposing penalty

Applicable for

  • Companies which has not filed Annual Return and Financial Statements to ROC /MCA i.e. Form AOC-4, AOC-4 XBRL, AOC-4 CFS,  Form MGT-7
  • Companies which has not filed any E Forms that are required to be filed to ROC /MCA and not filed i.e. Form MGT-14, ADT-1, Form DPT-3 , Form DIR-12, Form 20A, INC 22

Period for Which Returns Can be filed under CFSS-2020

  • From 01-04-2020 to 30-09-2020

Fee Payable for Filing of Documents

  • Normal Filing Fee

What is Form CFSS-2020

  • E Form
  • Required to be Filed with MCA
  • Within 6 Months after the End of the Scheme
  • No Filing Fee for E Form CFSS-2020

Non Applicability of CFSS-2020

  • Company under Strike off
  • Amalgamated Companies
  • Applications filed for obtaining Status of Dormant Companies
  • Vanishing Companies
  • Form SH-7 for Increase in Authorized Share Capital
  • Form CHG-1 , CHG-4, CHG-8, CHG-9 related to Charge

Inactive Companies

Shall File

  • Application for Obtaining Status of Dormant Company
  • STK-2 for Strike of Name of Company

Action by ROc/MCA

  • If Pending Returns/ Documents are not filed
  • MCA/ROC will take action as per provisions of Companies Act, 2013 which provides for very high penalties
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How to Register Private Security Agency Business in Rajasthan

Posted on by Fastlegal Team

Every Person or entity wants to carry on Business of Private Security Agencies (Security Guard Business) in Rajasthan is required to get a license to run a business from Home Guard Office by making an Application to the Director-General of Home Guard. Security Agency Licence is also known as PASARA Licence

Security Agency

Who can make an application for a Private Security Agency License in Rajasthan:

  • Individual under Proprietorship Firm
  • Partnership Firm
  • Limited Liability Partnership
  • Private Limited Company
  • Public Limited Company

Information and Documents Required for making an application for a Private Security Agency License in Rajasthan :

  • PAN Card of Individual/Partners/Directors
  • Aadhar Card of Individual/Partners/Directors
  • Voter ID/DL of Individual/Partners/Directors
  • Last Education Qualification Document for Individual/Partner/Director
  • Electricity Bill and  Rent Agreement, if rented of Office Address (There will be police verification of Office during the Process)
  • Five Passport Size photograph of Authorised Signatory
  • Board Resolution duly passed – applicable for Company
  • Shop Act License of Firm/Company (If you need any help to obtain Shop Act Licence, Please contact at 9782280098
  • Profile of Firm on letterhead
  • Logo of Firm
  • Full Photo of Guard along with Dress
  • Past Experience
  • Nil Criminal record
  • Training License ( We will help you in getting that )
  • MOU with Training Institute
  • Mobile Number
  • Email Id
  • Mother Name
  • Identification Mark on the body of applicants
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Government Fees For Psara License in Rajasthan :

All Rajasthan State

Rupees Twenty Five Thousand ( Rs. 25,000/- ) For Entire Rajasthan State. 

Five District of Rajasthan

Rupees Ten Thousand ( Rs. 10,000/- ) For Five District of Rajasthan State. 

One District Of Rajasthan

Rupees Five Thousand ( Rs. 5,000/- ) For  One District of Rajasthan State.  

Time Limit for Process :

Normally It takes around 3-6 months during the process.

How to Apply Psara Licence with Fastlegal

  • Call on 9782280098 or Place your request in below form
  • Email us all the documents at mail@fastlegal.in or whatsapp us at 9782280098
  • We will prepare necessary required documents
  • Our Team will guide you to sign all the required documents
  • Submission of application to Security Agency Office
  • Follow Up with Security Agency Office
  • Police Verification at your Office and Home Address
  • PSARA Licence
  • Start your Security Agency Business
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What is Psara Licence

To do Security Agency business , Pasra Licence is mandatory required to be taken from Home guard Office in Rajasthan , if you are doing security Agency business without Psara Licence , you may face heavy penalty and may not be able to operate security agency business in future

Validity of PSARA Licence

Psara Licence once obtained is Valid for 5 Years and can be renewed before 45 days of expiry

Is Training Mandatory for PSARA Licence

Yes, Training is mandatory for every applicant for applying PSARA Licence

Is Shop Act Registration is Mandatory for Psara Licence

Yes, Shop Act Registration is Mandatory for Pasra Licence in Rajasthan

Logo of Security Agency

Logo of Security Agency is Mandatory and should be on cloth and should be as per dress of guards of Firms

Can i Apply for Government Tender for Security after getting Security Licence

Yes, you can apply for government tender after getting the Security Licence, You will also need other documents as per tender requirements, like GST Registration, PF and ESIC registration and Contract Labour

Fastlegal provides registration services for Private Security Agency Business in Rajasthan, if you want any help Please mail us at mail@fastlegal or Call at 9782280098

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How to file Form INC 22A (Active Company Tagging Identities and Verification)

Posted on by Fastlegal Team

Active Company Tagging Identities and Verification (ACTIVE) form INC 22A is required to filed by every Company incorporated on or before 31st December, 2017 to MCA.

Mandatory Requirements for Filing Form INC 22A: 

  1. Address of Registered Office of the company, Photo of Office Address is required to be uploading along with Director of the company who is signing the Form INC22A
  2. Company should file all its overdue returns before filing form INC22A
  3. Every Director of the company must be KYC complied ( Must have filed form DIR3KYC) 
  4. Email Id of the company ( to be verified through OTP) 
  5. List of Directors as on date of filing of Form INC 22A
  6. Details of Auditor of the company including Name of Firm, PAN, Membership Number , Period from which Appointed  
  7. Details of cost Auditors, if applicable  
  8. Details of Managing Director , CEO, Manager of the company 
  9. Details of company Secretary of the company , if applicable 
  10. Details of CFO of the company , if applicable 
  11. SRN of E form Filed for Financial Year 2017-18

Due Date for Filing Form INC 22A (ACTIVE) 

The E form INC22A is required to Filed on or Before 25th April, 2019 

Late Fee

Late Fee for Filing E form INC 22A after 25th April 2019 will be Rs. 10000/- 

Effect of Non filing 

Company Status will be Changed to “ACTlVE-non-compliant” and Company will not required to file other forms 

(i) SH-07 (Changc in Authorizr:d Capital);

(ii) PAS-03 (Changc in Paid-up Capital);

(iii)DIR- 12 (Changes in Director except cessation);

(iv) INC-22 (Changc in Registered Ofhce);

(v) INC-28 (Amalgamation, de-merger)

File ACTIVE (INC22A ) with Fastlegal – Call – 9782280098 or Email : mail@fastlegal.in 

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How to Respond to Income Tax Demand on Income Tax Portal

Posted on by Fastlegal Team

The Income Tax Department might notify you of an outstanding tax liability through a demand notice on the e-filing portal. This can arise for various reasons, such as a mismatch between your declared income and the department’s records, miscalculations in your Income Tax Return (ITR), or late filing of the ITR. In such cases we are required to respond to Income Tax Demand on Income Tax Portal within time period , here is How we can respond :

Responding to the Demand Notice

Here’s a breakdown of the steps to take upon receiving a demand notice:

  1. Access and Analyze the Demand: Log in to the e-filing portal using your PAN and credentials. Navigate to the “Pending Actions” section on your dashboard and select “Response to Outstanding Demand“. This will display a list of any outstanding demands against your PAN.

Carefully examine the details of the demand notice to comprehend the nature of the tax liability and the specific amount demanded. The notice typically includes information like:

Income Tax Demand
* Assessment year: The financial year for which the tax is due.
* Tax type: This could be income tax, interest on unpaid tax, or penalty for late filing.
* Calculation basis: How the department arrived at the demanded amount.
  1. Taking Action: Once you understand the demand, you can proceed with a response:
    • Agreeing with the Demand: If you acknowledge the tax liability as accurate, you can make an online payment immediately. Locate the specific demand and click “Pay Now” to settle the dues using the available payment options.
    • Disputing the Demand: If you believe the demand is incorrect, you have the right to contest it. Here’s what to do:
      • Locate the specific demand and click “Submit Response“.
      • Choose the option “Disagree with demand“.
      • Clearly explain your disagreement, providing a well-structured explanation with relevant calculations and supporting documentation (like bank statements or investment proofs) if applicable.
      • Explicitly state the amount you believe is not payable.

Additional Considerations:

  • Maintain Records: It’s crucial to keep copies of the demand notice, your response, and any supporting documents submitted for your reference.
  • Seeking Clarification: If you require further clarification on the demand or have difficulty navigating the e-filing portal, consider contacting the Income Tax Department’s helpline or regional office for assistance. Their contact details are available on the Income Tax Department website.
  • Professional Help: For intricate tax matters, especially those involving substantial amounts or complex calculations, consulting a qualified tax professional is highly recommended. They can guide you through the process, ensure your response is accurate, and represent you if necessary.

Timely Response is Key

It’s important to respond to an Income Tax Demand promptly to avoid accruing additional interest and penalties. By following these steps and addressing the demand efficiently, you can ensure a smooth resolution and minimize any potential complications.

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Mandatory Filings for Private Limited Companies in Current Financial Year 2019-20- ROC and Income Tax

Posted on by Fastlegal Team

IMPORTANT FORMS TO BE FILED

E-form Purpose of the Form When to File
DIR-3 KYC  Any person who has been allotted “Director Identification Number(DIN/DPIN) needs to file DIR-3-KYC to update KYC details On or before 30th June of every financial Year
Form DPT-3

 

 Return of Deposits

One time return of outstanding receipt of money or loan by a company which is not considered as deposits as per rule 2 (1) (c)

 

Filling is required to be done for both secured & unsecured outstanding money/loan not considered as deposits.

 

Period of outstanding loan/money shall be from April 01, 2014 till March 31st, 2019.

 On or before 29th June, 2019
MSME 1 Details of all outstanding dues to Micro or small enterprises suppliers –          within 30 days from the deployment of form on MCA i.e. 30th May, 2019 after that half yearly

–          For the period of April to September-by 31st October

–          For the period of October to March-by 30th April.
ADT-1 For appointment of Auditor Within 15 days of the AGM
Form INC 22A Active Active Form – for Verification of Office and Compliance 15th June

https://fastlegal.in/blog/company-law/active-form-inc-22a-date-extended-15th-june/
AOC-4 Financial Statement Within 30 days of the AGM
MGT-7 Annual Return Within 60 days of the AGM
DIR-12 Addition, cessation, or change in designation of directors Within 30 days of the Event
Income Tax Return Income Tax Return for Private Limited Company On or before 30th September, 2019
TDS Return Tax Deduction To be filed quarterly within 30 days of end of quarter, except in case of Quarter ending on March, in which return to be filed within 90days from the end of quarter?

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MCA Alert : Make Investment into Complaint Nidhi Companies Only

Posted on by Fastlegal Team

MCA has issued an advisory to Investors and depositors of Nidhi Companies, that they should invest only to Companies making regular Compliances of Nidhi Rules, 2014 and Companies Act, 2013

Following are the text from MCA Advisory to Investors and Depositors

In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the
objectives of transparency & investor friendliness in corporate environment of the country, the Central
Government has recently amended the provisions related to NIDHI under the Companies Act and the
Rules (effective from 15.08.2019).
Under Nidhi Rules, 2014, Nidhi is a company which has been incorporated as a Nidhi with the object
of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending
to, its members only, for their mutual benefit.
The amended provisions of the Companies Act (Section 406) and Nidhi rules (as amended
w.e.f. 15.08.2019) require that the Nidhi companies have to apply to the Central government for
updation of their status/ declaration as Nidhi Company in Form NDH-4.
2. The time-frame for applying to Central Government in form NDH-4 is as under:-
(I) Companies incorporated as Nidhi before Nidhi Amendment Rules, 2019 i.e. 15.08.2019 have
to apply within a period of one year from the date of its incorporation or within 9 months of the
Nidhi Amendment Rules i.e. 15.08.2019 whichever is later.
(II) Companies incorporated as Nidhi on or after Nidhi Amendment Rules, 2019 i.e. 15.08.2019
have to apply within 60 days of expiry of one year from the date of incorporation or extended
period (as granted by concerned Regional Director).
3. In case a company does not comply with the above requirements, it shall not be allowed to file
Form No. SH–7 (Notice to Registrar for any alteration of share capital) and Form PAS–3
(Return of Allotment).
4. Such companies are required to ensure strict adherence to provision of Companies Act,
1956/2013 and Nidhi Rules, 2014 as amended. In case of contravention of the provisions of
these Rules, the company and every officer of the company who is in default shall initially be
punishable with fine which may extend to five thousand rupees and further fine in case of
continuous violations.
5. Investors are advised to verify the status of Nidhi company from the notification issued by
Central Government in official gazette before making any investment or deposit.

 

Reference : http://www.mca.gov.in/Ministry/pdf/Nidhi_19032020.pdf