When a Public Limited or a Private Limited Company is to be incorporated, the promoters of the company must decide on the amount of authorized capital for the company. The Authorised Capital of a company means the maximum value of shares a company can allot to its shareholders. The promoters of the proposed company shall…
The Memorandum of Association pronounces the main object and the business activities of the company. The Articles of Association spells the rules and regulations for operations of the company. Process of approval of draft MOA & AOA by MCA: The MOA and AOA shall bear page numbers on all their pages. The photographs of the…
The e-form INC-7 deals with incorporation of the new company (other than OPC) under prevailing customary process. Filing of form INC-7 is not required where the promoters opted for integrated application form INC-29 for registering a company. A prospective director of the proposed company shall possess Digital Signature Certificate, Director Index Number to apply for…
The Ministry of Corporate Affairs (MCA) established a Central Registration Centre (CRC) to process Applications for Reservation of Companies Names across India [25 Jan 2016]. The CRC process the application for reservation of name received by it in e-form INC-1 with the prescribed fee as provided in the companies (registration of offices and fees) Rules,2014.…
(This article elucidates on what is digital signature, different types of digital signature, digital signature certificate, who issues digital signature certificate and what is USB token) What is the digital signature? Digital signature is a digital code generated (electronic signature) to validate the authenticity and sender’s identity of an electronically transmitted document. Like physical documents are…
The Director Identity Number (DIN) is the number through which the Registrar of Companies (ROC), Ministry of Corporate Affairs (MCA), Government of India, identifies directors of companies. A director of a company is thus required to register his/her DIN to deal with the MCA. Process of obtaining DIN: The e-form DIR 3 for the purpose…
The word PAN stands for Permanent Account Number (PAN) for tax payment purposes. It is compulsory that a person who makes tax payment on his income must quote PAN under the Income Tax Act, 1961. The applicant for PAN may be Individual, HUF, Company, Firm, Association, Trust, Local authority etc. The Central Board of Direct…
The word TAN stands for Tax Deduction Account Number (TAN) for depositing tax deducted at source(TDS). It is also known as Tax collection Account Number. Section 272 BB (1) IT Act imposes the penalty of Rs.10000/-, for not having obtained TAN, to a person who is responsible for deduction tax at source. Further, as per section…
The Government of India has vide its Notification F.No. 4(16)-W&M/2016 dated October 20, 2016, announced that the Sovereign Gold Bonds 2016 – Series III (“the Bonds”) will be open for subscription from October 24, 2016, to November 2, 2016. The Government of India may, with prior notice, close the Scheme before the specified period. The date…
The first two decades after independence, India had almost a constant peg against the US dollar at Rs.4.75/$, how the value of Indian Rupee drifted down to present level? In replying to the above question, I would like to add-on how our economy has been time and again battered due to various factors which led…
