ED raids offices of 34 chartered accountants in New Delhi

Image result for CAThe Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies.

Image result for cs logoThe CAs and CSs are accused of helping shell companies convert black money in to white. They allegedly help shell companies by providing a legal framework for the paper companies. The raids follow notices that were earlier issued.

On Wedesnday, the ED was raiding the offices of 34 CAs in the Jain brothers case who were arrested last month in action against shell by the ED.

According to a report by PTI, the agency had arrested Surendra Kumar Jain and Virendra Jain and were later sent to 10 days custody after being produced in front of a court.

The ED, at the time said in a statement that “the modus operandi of Jain brothers was to launder the unaccounted money through the process of palcement of funds, layering of transactions and teh final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions.

“Funds were brought in by the mediators on behalf of the beneficiaries through the mediators. Jain Brothers were providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company. In this process Jain Brothers earned money as a certain percentage of the unaccounted money converted into share premium,” it added.

The ED also said, “during probe of some other firms ‘controlled’ by these brothers, it has emerged that during a “short period of three months between the opening and closing of the accounts of these companies, there was credit and debit summations to the tune of Rs 8,000 crore.”

Single page Income Tax Return form for income up to Rs 50 lakh

Image result for Income Tax ReturnTo encourage more individuals to file returns and widen the tax net, the government is set to introduce a single-page income tax (I-T) return form from April 1. This will be for those with annual salaried income up to Rs 50 lakh, much higher than Rs 5-lakh limit proposed in the Union Budget, told by Revenue Secretary Hasmukh Adhia.

He added this would only be for those with salaried and one house rent income.There are 290 million PAN card holders (the I-T dept identification) but only 60 minutes return filers. Currently, the I-T form is three pages. It was simplified two years ago, when a controversial provision for mandatory disclosure of foreign trips and dormant bank accounts was removed.

Registration of a Partnership Firm in Delhi

Procedure for the Registration of a Partnership Firm in Delhi:

A partnership deed is a written agreement between two or more partners willing to undertake business jointly. It consist of all the terms & condition agreed by the respective partners i.e., their capital introduced, profit sharing ratio, kind of partners, about the nature of business, working of the firm, dissolution/liquidation of the firm & so on.

The registration of partnership is not compulsory under Indian Partnership Act. In India there are certain privileges which are allowed to those firms which are registered. Unregistered firms are prejudiced in certain matters in comparison to registered firms.

Procedure for Registration:

Image result for partnership firm registrationThe procedure for registration of a partnership firm in India is fairly simple and it is governed by Indian Partnership Act, 1932. An application and the prescribed fees are required to be submitted to the Registrar of Firms of the State in which the firm is situated. The following documents are also required to be submitted along with the application:

  1. Application for Registration of Partnership in Form No. 1
  2. Duly filled specimen of Affidavit
  3. Certified True Copy of the Partnership Deed
  4. Ownership proof of the principal place of business or rental/lease agreement thereof.
  5. Self attested copy of id & address proof of partners.

The application should contain the following information:

  1. The name of the firm.
  2. The principal place of business of the firm.
  3. The names and addresses of partners and the dates on which they joined the firm.
  4. If the firm is started for a particular period then that period should be mentioned.
  5. If the firm is started to achieve a specific object then it should also be given.

Signing of the Application:

The application or statement must be signed by all the partners, or by their agents especially authorised in this behalf. 

Certificate of Registration:

When the Registrar is satisfied with the points stated in the partnership deed, he or she shall record an entry of the statement in a register called the Register of Firms and issue a Certificate of Registration. The Register of Firms maintained at the office of the Registrar contains complete and up-to-date information about each registered firm.

I have also attached specimen of Form -1 and Affidavit with this article.

Entire process takes 21 working days time | Approx Fee Charged in Market – Rs 7500/-

Click here to download – AFFIDAVIT | FORM-1-REGISTRATION OF PERTNERSHIP

Word Format – Secretarial Audit Report (Listed Company)

‘Secretarial Audit’ has been introduced by recently enacted Companies Act, 2013.  It is a process to check compliance made by the Company under Corporate Law & other laws, rules, regulations, procedures etc. It is a mechanism to monitor compliance with the requirements of stated laws and processes. Periodical examination of work is necessary to point out errors & mistakes and to make a robust compliance mechanism system in an organization.

Every company needs to comply hundreds of Laws, rules, regulations. These laws are complex and non-compliances would attract major risk to company. Periodically inspecting the records of company gives exact information whether, and if so, to what extent Company has complied with the laws applicable to the Company.

As per section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, following companies are required to obtain ‘Secretarial Audit Report’ form independent practicing company secretary;

  1. Every listed company
  1. Every public company having a paid-up share capital of Fifty Crore rupees or more; or
  1.  Every public company having a turnover of Two Hundred Fifty Crore rupees or more.
  • “Turnover” means the aggregate value of the realization of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year. [Section 2(91)]
  • Secretarial Audit is also mandatory to a private company which is a subsidiary of a public company and which falls under the prescribed class of companies

Click here to download – WORD FORMAT – SECRETARIAL AUDIT REPORT

Word format of TM-A (Application for registration of a trademark)

FORM TM – A
The Trade Marks Act, 1999
Application for registration of a trademark

[The relevant information must be filled up in coloured box against the respective head]

1 NATURE OF THE APPLICATION:  
[(a) The applicant must choose either of the following categories-
1. Standard trademark, 2. Collective Mark, 3. Certification Mark, 4. Series Marks
Standard trademark here means an application for registration of a trademark not being a Collective or Certification trademark or Series of marks
(b) In case of Collective Mark or Certification Mark the draft regulations with form TM-M must be submitted.]
2 Whether application filed as

(Please choose and specify)

In case of startup/ Small Enterprise, requisite certificate should be provided.

 
  FEE:  
3 APPLICANT  
Name: *  
Trading as:  
Address:*  
  (State)                                         (Country)
[ This address should be the address of the applicant’s principal place of business in India]
Address for service:  
  (State)                                         (Country)
[(a) Unless otherwise specifically stated, the applicant’s address shall be the address for service of the applicant who has principal place of business in India.
(b) The address for service in India must be provided, in case the applicant does not carry business in India]
Mobile No.:  
E-mail address*:  
Nature of the applicant:  
[The applicant must choose either of the following categories-

1. Individual, 2. Partnership Firm, 3. Body-incorporate including Private Limited/limited Company, 4. Limited Liability Partnership,5. Society 6. Trust 7. Government Department 8. Statutory Organization. 9. Association of persons 10. Hindu Undivided Family

4 APPLICANT’S AGENT (if any):  
Name*:  
Address*:  
[In case of authorization of agent, the address of the agent may be

mentioned as the applicant’s address for service]

 
Mobile No.* :  
E-mail address*:  
Nature of the Agent:  
[The applicant must choose either of the following categories-
1. Registered Trade Marks Agent, 2. Advocate 3. Constituted Attorney]
Registration No.:  
5 TRADEMARK: (trademark to be mentioned here)
Category of mark:  
[The applicant must choose either of the following categories-
1. Word mark (it includes one or more words, letters, numerals or anything written in standard character),

2. Device mark (it includes any label, sticker, monogram, logo or any geometrical figure other than word mark),

3. Colour (when the distinctiveness is claimed in the combination of colours with or without device),

4. Three dimensional trademark (it includes shape or packaging of goods),

5. Sound

Description of the mark:  
[(a) Description of mark must be provided in terms of Rule 26.
(b) In case of trademarks submitted in specific combination of colours other than black and white, it shall be presumed that the distinctiveness of the mark is claimed in that combination of colours and application will be considered accordingly.
(c) In case of colour marks the description may be like “The trade mark consists of three vertical stripes in the colours PURPLE, GREEN and YELLOW applied to the fascias of buildings and to doors as shown in the representation of the mark.”
(d) In case of sound marks representation of specific musical notes must be submitted at the place provided for the trademark. The applicant is also required to submit sound clipping in MP3]
6 IF MARK IN A LANGUAGE OTHER THAN HINDI OR ENGLISH:  
Language:  
Transliteration of the mark in roman script:  
[Transliteration of the mark in roman script must be provided in case the mark is in a language other than Hindi or English
Translation of the mark in English:  
[Translation of the mark in English must be provided in case the mark is in a language other than Hindi or English
7 Conditions or Limitations to use the trademark, if any  
8 CLASS OF GOODS OR SERVICE: DESCRIPTION OF GOODS AND SERVICE:
   
9 STATEMENT AS TO USE OF MARK: [ ] Proposed to be used
  [ ] The mark is used by the applicant or its

predecessor in title Since…………………………………. in respect of all the goods and/or service mentioned in the application.

[(a) The applicant must select either of the above
(b) The date of use must be given in the format (DD/MM/YYYY) and shall refer to all items mentioned in the application.
(c) In case the use of the Trade Mark is claimed prior to the date of application, the applicant shall file an affidavit testifying to such use along with supporting documents
(d ) The statement as to use of the mark once made shall be final]
10 PRIORITY CLAIM, IF ANY:  
Priority claimed since  
Priority claim based on application filed in the Convention Country or

organization

Name of the country or organization
Priority Application No.  
[The priority must be claimed in respect of all goods and services mentioned in the application]  
11 ANY OTHER IMPORTANT INFORMATION OR STATEMENT:  
[Applicant may provide here any other information or statement in relation to his application]
12 VERIFICATION: I hereby verify that above mentioned facts are true and correct to best of my knowledge and belief.
13 DETAIL OF THE PERSON SUBMITTING THE APPLICATION:  
Signature:  
Name:  
Authority:

Click Here 2 Download Word Format of FORM-TM-A

 

 

Word Format Indemnity Bond – PAN

Indemnity Bond – PAN

I, _____________________, R/o____________________, do hereby solemnly affirm and declare as under:

  • My PAN is:
  • I am regularly assessed in your ward/jurisdiction with PAN: ___________________.
  • I have only one PAN i.e ________________ which is used for last many years for filing my income tax returns.
  • I do not have any other PAN with me, if any allotted in your records, kindly deactivate the same.
  • I undertake to indemnify the income Tax Department for any loss that may be caused in the future.
  • Kindly activate my PAN: ___________________.

That the above statements are true to the best of my knowledge and belief.

(Deponent)

VERIFICATION

     Verified at New Delhi on this ________________ day of February, 2017, that the contents of the above affidavit are true and correct to the best of my knowledge and belief. No part of it is false and nothing material has been concealed therefrom.

                                                (Deponent)

Click here to download Indemnity Bond Format

RIGHT ISSUE AS PER SECTION 62 (1) A OF THE COMPANIES ACT, 2013

aaeaaqaaaaaaaazpaaaajdy4mjiyode0ltc2mtctndbjoc1imdi1lwq0odk0m2y0mtuwygAs per Section 62(1)(a) of the Companies Act, 2013, if the Company decides to issue Right shares, these should be offered to existing shareholders in proportion to their existing share holding. Companies pursue Rights Issue as an avenue to raise funds for various reasons, ranging from expansion or acquisitions to paying down debts.

Applicability

Provisions of Section 62 of the Companies Act, 2013 are mandatory for all Private companies, Public companies and listed as well as unlisted companies.

PROCEDURE FOR ALLOTMENT OF SHARES ON RIGHT ISSUE BASIS:

  1. Issue notice in writing to every Director at least seven days’ before convening the Board meeting. [Sec 173 (3)]
  2. Convene a board meeting and pass board resolution for approving Letter of offer; it must be keep in mind that letter of offer shall include Right of Renunciation also. Also authorize a Director of a company to issue “Letter of offer”.
  3. Dispatch Letter of offer through registered post or speed post or through electronic mode to all the existing shareholders at least three days before the opening of the issue.
  4. Receive acceptance, renunciation, rejection of rights from shareholders.
  5. Once Company received money from all the allottees, then it is required to allot shares within 60 days of receipt of application money.
  6. Issue notice in writing to every Director at least seven days’ before convening the Board meeting. [Sec 173 (3)]
  7. Convene a Board Meeting and present a list of allottees before the meeting and pass the resolution.
  8. File PAS -3 within 30 days from the allotment of shares.

    Attachment of PAS-3 are- (a) List of Allottees (b) CTC of Board Resolution for Allotment of Shares

  1. File MGT 14 for issue of securities.
  2. Issue share certificates within 2 months from the date of allotment of shares.

 Note. Sample of Board Resolution and List of Allottees are also attached to this articles, blogger can also get help of that.

Click here to download word format of List of Allottees

Click here to download word format of Board Resolution