New Online filing eForm DIR-3 eKYC Directors for FY 2019-20

New Online filing eForm DIR-3 eKYC Directors for FY 2019-20

DIR-3 KYC | Must check these points before you file | Legal Raasta |

Warning for registration of eKYC Directors for FY 2019-20

The last filing deadline for eKYC Directors for FY 2019-20 is 30 September 2020.

Last modification as of 31 March 2020 The holders of the DIN labeled ‘Deactivated’ shall have an extended period of time until 30 September 2020 for the submission of DIR-3KYC / DIR-3 KYC-Web without payment of Rs 5,000. Companies classified as “ACTIVE non-compliant” were granted an extension of time until 30 September 2020 to file eForm ACTIVE without a fee of Rs 10,000.

Who wants to sign the DIR-3 KYC eForm?

As per the recent announcement by MCA, any director who has been assigned a DIN by or on 31 March 2020 and whose DIN is in approved status will have to send his KYC data to the MCA. In fact, this process is also compulsory for disqualified directors.

What are the requirements for filing the DIR-3 KYC eForm?

  • Before filing an eForm, each Manager will have a separate personal mobile number and e-mail address. This number and e-mail address will be verified by an OTP (One-Time Password).
  • The second check here is that the director has to use his own digital signature before filing this eForm.
  • In addition, the third test to ensure that correct and relevant information is given would be that the eForm is accepted by a professional Chartered Accountant or Business Manager or Cost and Management Accountant.

eForm DIR-3 KYC – Deployment by KYC Administrators

Which are the thresholds involved in filing the DIR-3 KYC eForm?

  • Each Manager would need to have a separate personal mobile number and e-mail address before filing the eForm. This number and email address will be checked by an OTP (One-Time Password).
  • The second test here will be that the director needs to use his own digital signature before filing this eForm.
  • In fact, the third check to ensure that accurate and appropriate information is given should be that the eForm will be approved by a qualified Chartered Accountant or Company Secretary or Cost and Management Accountant.

DIR-3 KYC – Application for KYC of Directors

DIR-3 KYC Filing Guidance While filing your DIR 3-KYC form, you would need the following documents: • Nationality and Citizenship records, such as gender and date of birth.

Permanent Account Number (PAN) • Voters I d Card • Passport (mandatory if a foreign national holds a DIN) • Driving License • Aadhaar Card • Personal Phone • Personal Email Address • Home address.

DIR-3 KYC Filing Guide When filing your DIR 3-KYC form, you will require the following documents: • Ethnicity and Citizenship information such as gender and date of birth.

  • Copy of PAN
  • Copy of Voters card
  • Copy of Passport (Compulsory for a foreign national owns a DIN)
  • Copy of Driving License
  • Copy of Aadhaar Card
  • Copy of Mobile No
  • Copy of Email Address
  • Copy of Residential address.

In addition to the above, please keep the following items ready:

  1. Digital signature of the person filing of the application (applicant).
  2. Apostolic tradition of the documents described above by Practising Professionals such as CA, CS or Cost Accountants. In the case of foreign citizens, the documents must be approved by the specified authority.
  3. A declaration must be made by the applicant properly approved by the practicing professionals.

Attachments to be made The individual must submit the following documents. Until downloading, making sure to get these forms certified.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

We can help in the matter of below with reference to IBC 2016

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·        Team Legal Team

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Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

 

Comprehensive Understanding Regarding the current Further Issue Of Share Capital On Under Right Issue Basis Section 62 of the companies act 2013

Comprehensive Understanding Regarding the current Further Issue Of Share Capital On Under Right Issue Basis Section 62 of the companies act 2013

Shareholders who, at any time, plan to increase their subscribed share capital the increase their share capital by selling shares to their current shareholders who, at the date of the bid, are the holders of the share capital of the company. In basic words, the right issue is an offer to the existing shareholders to buy the equity of the company in proportion to the current stock. It is the best way to encourage capital in a business. It is up to the owners whether or not they support it.

Unless the terms of the Article of the Company do not provide otherwise, the current owner still has the right to revoke this privilege for the benefit of some other individual. The firm sends the Letter of Offer to the owners of the company stating the number of shares offered and the time period during which the bid is to be approved. The time period recommended will not be less than 15 days, but not more than 30 days. In the case that no notice has been obtained from the shareholder side within the specified time period, the bid is considered to have been rejected.

The existing shareholder of the company to purchase additional shares at discounted prices in proportion to their existing holdings. A shareholder entitled to receive the share on the basis of the offer rate prescribed in the letter of offer. For eg, the bid ratio is 1:2 which means that the shareholder owning two shares is able to receive one share if he only has 3 shares and is entitled to receive 1 share. If he has 4 shares, he is entitled to 2 shares. Through this offer, corporations give shareholders the right, but not the duty, to buy new securities at a discount on the existing stock price.

In the case of non-acceptance of such a bid, the Board of Directors shall have the right to dispose of it in a manner that is not adverse to the owners and the company.

If, at any point, a company with a share capital intends to raise its registered capital through the issuing of additional shares; those shares shall be offered—

ON RIGHT BASIS: to existing shareholders in proportion to the company’s paid-up equity capital owned by them by means of a letter of offer.

PROCEDURE FOR ALLOTMENT OF SHARES On RIGHT ISSUE BASIS:

  • Note in writing to each Director at least seven days prior to the meeting of the Board of Directors. [Sec 173(3)] Pass the vote of the Board to accept the “Statement of Bid” The letter of bid also contains the right of renunciation.
  • Dispatch of the Letter of Offer to all current shareholders by registered post or speed post or by online means at least three days before the opening of the issue.
  • Convene a decision of the Board of Directors of the Pass Board to approve allocation and issue of shares.
  • Receive approval, renunciation, denial of rights of shareholders
  • Meeting of the Directors and Notification of Meeting of the Board of Directors given at least seven days prior to the meeting of the Board of Directors (Section 179(3)).
  • The meeting of the Board of Directors will be held in compliance with SS-1 to accept the Board of Directors’ Decision on the adoption of the “Letter of Bid.”
  • Letter of offer will be submitted to existing shareholders by registered post or by fast post or by online means, with proof of delivery to all current shareholders at least three days before the opening of the issue.
  • For the case of the “Public Business” file MGT-1 within 30 days from the date of the vote of the Council.
  • Register the return of allotment with Registrar in E-Form PAS-3 within 30 days of allotment of shares.
  • Register the return of allotment with Registrar in E-Form PAS-3 within 30 days of allotment of shares.
  • File E-form MGT 14 within 30 days of issuance of securities.
  • Addition to the E-Form PAS-3 I Board resolution on distribution and question of interest. (ii) Letter of Offer (iii) List of Allottes
  • List of Allottes attached to E-Form PAS-3 shall state the names, address, profession, if any, of the owner and the number of shares assigned to each of the allottes, and the list shall be certified as complete and accurate by the signatory of Form PAS-3 in accordance with the company’s records.
  • Issue of the share certificate over a span of two months from the date of issuance in the form-SH-1. Stamp duty paid within 30 days of the date of issue. Reasonable
  • In the case of a listed firm – Unless otherwise mentioned, SEBI (ICDR) Regulation 2009 shall apply where the aggregate value of the stated offer is fifty lakh roupies or more. Provided that provision of this Regulation does not apply to securities issued pursuant to Regulation 9(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

FEMA provisions allow Indian companies to issue, if any, the right shares to existing non-resident shareholders, subject to the sectoral cap. Furthermore, this concern will also be concerned with in accordance with the other statute. (a) In the case of shares of a company listed on a recognized stock exchange in India, at a price as decided by the company; (b) In the case of shares of a company not listed on a recognized stock exchange in India, at a price not less than the price at which the right-based bid is made to a resident shareholder.

It is appropriate to receive prior permission from RBI for Right Issue to former OCBs. An investor may allocate an additional right share out of the unsubscribed portion, subject to the condition that the total issue of the shares to non-residents in the company’s total paid-up capital does not exceed the sectoral cap.

RECENT RIGHT ISSUE Reliance Industries (RIL) which is India’s most popular corporation propose to collect Rs 53,125 crore by giving Rs.1,257 a share discount of 14 per cent. Existing RIL shareholders may buy One share for every 15 shares owned The target to raise this issue is to decrease the net debt to zero by 31 March 2021.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

How to Submit NIL GST-Return i.e Through the SMS and Company may file returns of GST without DSC

GST returns may be filed by SMS and Company may file GST returns without DSC

File GST Return Online in India | Types of GST Returns Filing ...

In a circular flow by CBIC, many obstacles to ease of compliance have been removed during the Covid-19 Annual Return Filing Date 2018-2019 extended to 30 September 2018.

Companies may also file GST returns without digital signatures (via EVM): the notification issued by the Board today stated that a registered person registered pursuant to the provisions of the Companies Act, 2013 (18 of 2013), during the period from the 21st day of April 2020 to the 30th day of June 2020, may also submit a return pursuant to section 39 of the FORM GST-3B verified by means of the EVM.

The Nil gst returns can be filed via SMS. : In addition, CGST Rule 67 was also amended and a new clause 67A was inserted, provided that the Board provided a means of providing the return of the short message service facility. According to that provision, a registered person who is required to provide the Nil return for a tax period under section 39 of the FORM GSTR-3B, any reference to electronic furnishings shall include the provision of the said return through a short message service using an officially registered mobile number and the said return shall be verified independently by a registered mobile number based solely on the One Time Password facility.

Procedure Filing Nil GSTR-1 Return –

Different categories of taxpayers are required to file different types of GST returns. As an illustration, we provide the procedure for filing the NIL GSTR-1 return in the following steps.

In order to file the NIL GST-1 return under the GST, one must follow the steps –

  1. Visit https:/www.gst.gov.in/;
  2. Provides the appropriate username and password;
  3. Navigate the Services path > Returns the Dashboard;
  4. Month and year to file a return must be selected from the drop-down list; 5. Select ‘Prepare online;’
  5. mention the fact the details of the Aggregate Turnover for the financial year and the Aggregate Turnover for the period;
  6. Select ‘B2C (Other)’ under ‘GSTR-1 Other details’ and provide details;
  7. Select the POS i.e. under the next screen. Place of Supply in the drop-down list;
  8. Click the back button;
  9. Click Generate GSTR – 1 Summary;
  10. Choose the checkbox and select ‘Preview;’
  11. Click the Submit button;
  12. Return can be filed using either DSC or EVC.

Penalty for non-filing of the Nil return –

penalty / late fee provisions are laid down in section 47 of the Central Goods and Service Tax Act, 2017. Penalty / late fee for failure to file a GST return as set out in section 47 is as set out in – The default taxpayer is required to pay a late INR 100 fee for each day that such failure continues. However, the maximum penalty / late fee may not exceed INR 5,000.

On the same line, as stated in Notice No. 6/2018 – Central Tax dated 23 January 2018, the penalty / late fee payable in case of return in FORM GSTR – 5A to INR 50 per day (INR 25 CGST and INR 25 SGST) has been reduced. In addition, it was clarified in that notice that, in the event that the total amount of integrated tax payable in return is NIL, i.e. in the particular case of NIL, the late fee payable would be INR 20 per day (INR 10 CGST and INR 10 SGST).

The Goods and Service Tax Council has approved an SMS system that will allow the registered taxpayer to file a NIL return via SMS. Businesses who are NIL filers, where there is no supply or purchase within a quarter, may file their quarterly return via SMS.

It should be noted that the above system for filing NIL returns through SMS is actually currently not in force and is likely to be implemented as of 1 January 2019.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)