Ministry of Corporate Affairs to launch 56 forms in V3 portal from Jan, 2023

Source: MCA Circular

The Ministry of Corporate Affairs (MCA) is all set to launch the Second Set of Company Forms on the MCA21 V3 portal, in January 2023, comprising of total 56 forms.

The first lot will consist of 10 forms to be released on January 9, 2023, and the second lot will consist of 46 forms to be released on January 23, 2023.

In order to simplify the process of integrating these forms into ( web based filing)  the  MCA21 V3 portal, the Ministry of Corporate Affairs has requested stakeholders to take note of the following points:

(1) For 10 forms scheduled for rollout from January 7, 2023, at 12:00 a.m. to January 8, 2023, at 11:59 p.m., company e-Filings on the V2 portal will be disabled for the specified forms that are scheduled to be released on January 9, 2023.

(2) For 46 forms scheduled for rollout on January 23, 2023, company e-Filings on the V2 portal will be disabled from January 7, 2023, at 12:00 a.m. to January 22, 2023, at 11:59 p.m.

(3) All stakeholders are advised to ensure that there are no SRNs in “pending payment” or “resubmission” status.

(4) Offline payments in V2 for the above 56 forms using the “Pay Later” option would be discontinued on December 28, 2022, at 12:00 AM. The stakeholders are required to pay for these forms in V2 online (via credit/debit card or net banking).

(5) Due to the upcoming release of 56 company forms, the V3 portal will be unavailable from January 7 at 12:00 AM to January 8 at 11:59 PM for the roll-out of 10 company forms, and from January 21 to 22, 2023, for the roll-out of 46 company forms.

(6) The V2 Portal for company filing will continue to be available for all forms except the 56 mentioned above.

Source: MCA Circular

LIST OF 10 COMPANY FORMS TO BE ROLLED OUT ON 09 Jan 2023

Sl. No. Form Number Form Name
1 SPICe+ PART A Application for reservation of name for new company incorporation
2 RUN Application for change of name of existing company
3 SPIce+ PART B Integrated Company Incorporation Application
4 AGILE PRO S Application for Goods and services tax Identification number , employees state Insurance corporation registration pLus Employees provident fund organisation registration, Profession tax Registration, Opening of bank account and Shops and Establishment Registration
5 e-AOA[INC-34] Articles of Association
6 e-MOA[INC-13] Memorandum of Association
7 e-MOA[INC-31] Articles of Association
8 e-MOA[INC-33] Memorandum of Association
9 INC-9 Declaration by Subscribers and First Directors
10 URC-1 Application by a company for registration under section 366

LIST OF 46 COMPANY FORMS TO BE ROLLED OUT ON 23rd Jan 2023

Sl. No. Form Number Form Name
1 DIR-12 Particulars of appointment of directors and the key managerial personnel and the changes among them
2 DIR-11 Notice of resignation of a director to the Registrar
3 DIR-3 Application for allotment of Director Identification Number
4 DIR-3C Intimation of Director Identification Number by the company to the Registrar DIN services
5 DIR-5 Application for surrender of Director Identification Number
6 DIR-6 Intimation of change in particulars of Director to be given to the Central Government
7 INC-12 Application for grant of License to an existing company under section 8
8 INC-18 Application to Regional Director for conversion of section 8 company into any other kind of company
Sl. No. Form Number Form Name
9 INC-20 Intimation to Registrar of revocation of license issued under section 8
10 INC-20A Declaration for commencement of business
11 INC-22 Notice of situation or change of situation of registered office
12 INC-23 Application to the Regional Director for approval to shift the Registered Office from one State to another state or from jurisdiction of one Registrar to another Registrar within the State
13 INC-24 Application for approval of Central Government for change of name
14 INC-27 Conversion of public company into private company or private company into public company or Conversion of Unlimited Liability Company into Limited Liability Company
15 INC-28 Notice of Order of the Court or any other competent authority
16 INC-4 One Person Company – Change in Member/ Nominee
17 INC-6 One Person Company – Conversion form
18 MGT-14 Filing of Resolutions and agreements to the Registrar under section 117
19 MR-1 Return of appointment of managing director or whole time director or manager
20 MR-2 Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or over payment to managing director or whole time director or manager and commission or remuneration to directors
21 NDH-4 Form for filing application for declaration as Nidhi Company or updation of status by Nidhis.
22 PAS-3 Return of Allotment
Sl. No. Form Number Form Name
23 SH-7 Notice to Registrar of any alteration of share capital
24 SH-11 Return in respect of buy-back of securities
25 SH-8 Letter of Offer
26 SH-9 Declaration of Solvency
27 NDH-1 Return of Statutory Compliances
28 NDH-2 Application for extension of time
29 NDH-3 Return of Nidhi Company for the half year ended
30 GNL-3 Particulars of person(s) charged for the purpose of sub-clause (iii) or (iv) of clause 60 of section 2
31 PAS-6 Reconciliation of Share Capital Audit Report (Half-yearly)
32 MGT-3 Notice of situation or change of situation or discontinuation of situation, of place where foreign register shall be kept
33 PAS-2 Information Memorandum
34 DIR-9 Report by the company to Registrar for disqualification of Directors
35 DIR-10 Application for removal of Disqualification of Directors
36 AOC-5 Notice of address at which books of account are maintained
37 FC-1 Information to be filed by foreign company
38 FC-2 Return of alteration in the documents filed for registration by foreign company
39 FC-3 Annual accounts along with the list of all principal places of business in India established by foreign company
40 FC-4 Annual Return of a Foreign company
41 GNL-2 Form for submission of documents with the Registrar
42 GNL-4 Addendum to form
43 MSC-1 Application to ROC for obtaining the status of dormant company
44 MSC-3 Return of dormant companies
45 MSC-4 Application for seeking status of active company
46 RD-1 Form for filing application to Regional Director

Stakeholders are advised by MCA to plan accordingly.

CBDT extends due date for filing Income Tax Return for AY 2022-23 to Nov 7

Providing a relaxation to the tax payer, the Central Board of Direct Taxes has extended the deadline for filing income tax return for the assessment year of 2022-23 till November 7, 2022. The decision was taken on Wednesday. It is to be noted that the last date to file ITR for FY23 was October 31.

The Central Board of Direct Taxes (CBDT) said in a notification that the ITR filing due date has been extended as it had last month extended the deadline for filing audit reports.

Providing a relaxation to the tax payer, the Central Board of Direct Taxes has extended the deadline for filing income tax return for the assessment year of 2022-23 till November 7, 2022. The decision was taken on Wednesday. It is to be noted that the last date to file ITR for FY23 was October 31.

CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued.

CBDT’s extension of due date for filing of Income Tax Return (ITR) for Assessment Year 2022-23 from 31/10/2022 to 07/11/2022 applies to the following assesses:

a) Companies
b) Persons subject to Tax Audit or Audit under any other law
c) Partner of Firm which is subject to Tax Audit
d) Other specified persons whose due date of filing the return of income is 31/10/2022.

Source: CBDT Circular

MCA extends time for filing e-form DIR-3-KYC & DIR-3-KYC-WEB

The MCA vide General Circular No. 09/2022 dated September 28, 2022 extends the timeline for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without fee upto October 15, 2022.

Director’s KYC Filing is an annual compliance and applies to every person who was allotted a DIN (Director Identification Number) on or before 31st March 2022. The purpose of filing the DIR-3 KYC form to the ROC is to keep the records of the ROC updated with the correct address, mobile and email address of the directors/designated partners.

It is a mandatory filing, and if filed within the due date of 30th September 2022, there is no government fee. The DIN Numbers for which the KYC is not filed within its due date get deactivated, and the same can be activated after the filing of DIR-3 KYC with late filing fees of Rs. 5000 for each defaulting director or the designated partner.

Representation has been received in the Ministry requesting for an extension of time beyond September 30, 2022 for filing e-form DIR-3-KYC and web form DIR-3-KYC-WEB without payment of fee.

The matter has been examined in the Ministry and it has been decided to allow filing of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without filing fee upto October 15, 2022.

Source: MCA General Circular 09/2022

 

Small Companies thresholds further increased by MCA (Paid-up Capital/ Turnover)

MCA has further revised/ increased the ‘paid-up capital’ and ‘turnover’ thresholds applicable in the case of ‘small companies’ under the Companies Act, 2013, to reduce compliance burden for more number of companies to be treated as ‘small companies’, as part of ‘ease of doing business’ initiative.

Earlier, the definition of “small companies” under the Companies Act, 2013 was revised by increasing these thresholds, i.e. paid up capital threshold was increased from not exceeding Rs 50 lakh to Rs 2 crore and turnover threshold was increased from not exceeding Rs 2 crore to Rs 20 crore.

These thresholds, now have been further revised/ increased to amend the definition of small companies, so that more number of companies can be treated as ‘small companies’, eventually to reduce their compliance burden. Now the paid up capital threshold has been increased from not exceeding Rs 2 crore to Rs 4 core and turnover threshold has been increased from not exceeding Rs 20 crore to Rs 40 crore, which effectively means that number of small companies will increase substantially.

In the recent past, MCA has taken several initiatives/ measures in the direction of ease of doing business for corporates, like decriminalization of various provisions of the Companies Act, 2013/ LLP Act, 2008, extending fast track mergers to start ups, incentivizing incorporation of One Person Companies (OPCs) etc.

Lakhs of small companies significantly contribute to the growth of Indian economy and generation of employment. Therefore, Government is making continuous efforts by such initiatives/ measures which create a more conducive business environment for law-abiding small companies, by reducing their compliance burden so that they can focus more on their core business.

It may be noted that small companies are eligible for certain benefits/ relaxations, in the form of reduced compliance burden, some of which are listed hereunder:

i) No need to prepare cash flow statement by small companies, forming part of financial statement,

ii) Advantage of preparing and filing an Abridged Annual Return,

iii) Mandatory rotation of auditor not required,

iv) An Auditor of a small company is not required to report on the adequacy of the internal financial controls and its operating effectiveness in the auditor’s report,

v) Holding of only two board meetings in a year,

vi) Annual Return of the company can be signed by the company secretary, or where there is no company secretary, by a director of the company,

vii) Lesser penalties for small companies, etc.

In view of the fact that ‘paid up capital’ and turnover’ thresholds applicable for ‘small companies’ under the Companies Act, 2013 have been further revised/ increased, this will allow more number of companies to enjoy relaxation from certain compliance burdens.

The definition of ‘small companies’, the MCA has issued Notification dt. 15/09/2022 on Companies (Specification of definition details) Amendment Rules, 2022..