Cases where penalty can be imposed under Companies Act 2013

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Section 4(5)(ii) – Furnishing wrong or incorrect information while applying for reservation of the name.

Who is Liable   – PERSON MAKING APPLICATION

Amt of Penalty – UPTO Rs. 1,00,000/-

 

Section 11(2) – Commencing business without submitting declaration about having minimum share capital

Who is Liable   – COMPANY

Amt of Penalty – UPTO Rs. 5,000/-

 

Section 12(8) – Default in complying with provisions relating to intimation and display of registered office of company and display of name of company

Who is Liable  – COMPANY & EVERY OFFICER WHO IS IN DEFAULT

Amt of Penalty –Rs.1,000/- PER DAY MAXIMUM UPTO Rs.1,00,000/-

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FAQs on Limited liability Partnership

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Q1.    What are the steps to incorporate LLP?

Ans.  Name reservation: The first step to incorporate Limited liability partnership (LLP) is reservation of name of LLP. Applicant has to file e Form 1, for ascertaining availability and reservation of the name of a LLP business.

Incorporate LLP: After reserving a name, user has to file e Form 2 for incorporating a new Limited Liability Partnership (LLP).

E Form 2 contains the details of LLP proposed to be incorporated, partners’/ designated partners’ details and consent of the partners/ designated partners to act as partners/ designated partners.

LLP Agreement: Execution of LLP Agreement is mandatory as per Section 23 of the Act. LLP Agreement is required to be filed with the registrar in eForm 3 within 30 days of incorporation of LLP.

Q2.    Can an existing partnership firm be converted to LLP?

Ans. Yes, an existing partnership firm can be converted into LLP by complying with the Provisions of clause 58 and Schedule II of the LLP Act. Form 17 needs to be filed along with Form 2 for such conversion and incorporation of LLP

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Guidance note on revenue recognition for real estate projects - Brief understanding

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This whitepaper aims at better understanding of the Guidance note issued by the ICAI in February 2012 which applies to all real estate projects commenced after April 1, 2012, and other projects where revenues have not been recognized prior to that.

What are the key changes brought in by the revised guidance note?

The revised guidance note is quite comprehensive, covering all forms of real estate transactions, from sale of land and constructed properties to joint development agreements, barter transaction, acquisition and transfer of development rights, multiple element transactions and redevelopment of existing building or structures.

The note begins with the fundamental concept of a ‘project’, around which the entire accounting and revenue recognition of real estate companies revolve. It defines the project in terms of units or a group of units linked with a common set of amenities in a manner that unless the common amenities are made available and functional, the units cannot be put to their intended effective use. The assessment of a project at the initial stages will be key, as this may have a significant impact on revenue recognition.

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Step by step procedure to download Form 16/16A from TRACES:

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Step by step procedure to download Form 16/16A from TRACES:

 

1. First of all , Login to the TRACES site as Deductor and then submit download request for Form 16 / 16A under ‘Downloads’ tab. The File will then be available under ‘Requested Downloads’ in ‘Downloads’ tab.

2. Text file will be provided having details of all requested PANs. User must convert this text file to PDF file using ‘TRACES PDF Generation Utility’. This utility will convert the text file into individual PDFs for each PAN. Deductor have to digitally sign the PDFs while converting.

3. Only registered Deductor on TRACES can download Form 16 / 16A.

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Detailed analysis of various recent amendments by M.C.A.

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Detailed analysis of various recent amendments by M.C.A.

Auditor Obligations on Internal Financial Controls:

 

A new Rule 10A has been inserted in the Companies (Audit and Auditors) Rules, 2014 in the context of Section 143(3)(i), to make it obligatory for the auditor to make a statement about existence of adequate internal financial controls system and its operating effectiveness for the financial years commencing on or after 01.04.2015. For financial year commencing on or after 01.04.2014 and ending before 31.03.2015, inclusion of such a statement has been made voluntary (Notification G.S.R. 722(E) dated 14.10.2014).

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