Extension of last date for filing of form MGT-7 (Annual Return); AOC-4 for Financial Statements ended on 31.03.2015 under the Companies Act, 2013

Extension of last date for filing of form MGT-7 (Annual Return); AOC-4 for Financial Statements ended on 31.03.2015 under the Companies Act, 2013
MCA vide Circular No.14/2015 on 28.10.2015 has extended the last date of filing of AOC-4 ( XBRL and Non XBRL) and MGT-7 upto 30.11.2015 without any additionsl fee.  This is in furtherance to early extension of date on July 13, 2015, vide General Circular No. 10/2015 upto 31.10.2015 for E- filing of Form MGT-7 and AOC-4 without additional fee.
 Now for CFS, AOC -4 and MGT -7 for both XBRL and Non XBRL  last date without additional fee is same i.e 30.11.2015

Extension of time for filing of Form DPT4 under the Companies Act, 2013

MCA, vide General Circular 27/2014 dated 30th June, 2014, has decided to grant extension of time of 2 months i.e. upto 31-08-2014 (from 30th June, 2014) for filing of Form DPT4 without any additional fee.

The Circular is available at the following link:


Immediate Compliance for Companies as Per Companies Act, 2013


As per companies Act 2013, companies are required to get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, bill heads, letter papers and in all its notices and other official publications from 01/04/2014.


As per companies Act, 2013 a person is allowed to hold directorship in 20 companies only, out of which not more than 10 could be public companies including private ltd companies. if the person is the director in more than the above mentioned limit then he has to resign from the other companies in the excess of above limit within one year from the commencement of the act.

Further director’s of the company has to mention their name & DIN (Director Identification Number) with their signature i.e. all the documents containing the signature of director, director’s name & DIN shall also be mentioned along with their Signature.


Companies are time bound to allot the shares within a period of sixty (60) days from the date of receiving application. If they fail to allot the shares within prescribed duration then the entire amount should be repaid by companies within 15 days to the respective applicants.

Non repayment within prescribed duration would be considered as default & from the 76th day, the whole application money held by company will be treated as deposit.

Further, application money received by the company for allotment of shares cannot be utilized for any other purpose & a separate bank account shall be maintained for receiving the application money from the applicant & all the transaction related to allotment shall be done through that account only.

In the light of above mentioned provisions, our views are that all the companies shall repay the application money held as on 31/03/2014 before 30th May 2014.


All the companies who had taken Deposit shall file the return to ROC with 3 months from the commencement of this Act & repay the loan to its shareholders within one year from the date of commencement of this act.

In respect to the above provision amount taken by the company from its shareholder will also cover in the definition of deposit


From the date of commencement of this Act, Every Company is required to have minimum one resident director. Here resident means “director who stayed in India for 182 days or more in previous calendar year”

For existing companies, company should fulfill the requirement of the resident director within one year from the date of notification.


Explanatory Notes to the Provisions of the Finance Act, 2013

CBDT, vide Circular No. 03/2014 dated 24th January, 2014, has issued Explanatory Notes to the Provisions of the Finance Act, 2013. Read the rest of this entry »

Book Review: Direct Taxes Ready Reckoner (36th Edition)

Direct Taxes Ready Reckoner is a hand book for tax practitioners, taxpayers and as well as commerce students. It is written by Dr. Vinod Kumar Singhania, Ph.D, published by Taxmann Publishing (P) Limited. It was first published in May, 1978. Last available edition is its 36th edition of May 2013. Read the rest of this entry »

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Income Tax Calculation AY 2013-14

With the end of Financial Year 2012-13, you would submit your return for your easy calculation, we have formulated a simple income tax calculator for assessment year 2013-14. You can follow the income tax slab as below:

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Indian Budget 2013-14 (Hindi)