DRAFT COMPANIES (REGISTERED VALUERS AND VALUATION) RULES, 2017

Ministry of Corporate Affairs

NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (REGISTERED VALUERS AND VALUATION) RULES, 2017

Dated: 26th May, 2017

The draft Companies (Registered Valuers and Valuation) Rules, 2017 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments.

Image result for RULESSuggestions/ comments on the draft rules along with justifications in brief may be sent latest by 27/06/2017 through email at comments_rv@mca.gov.in It is requested that the name, contact number, email address and postal address of the sender be indicated clearly at the time of sending suggestions/comments in the following format:-

Format for sending suggestions/comments

1. Name, contact number, email address and postal address of stakeholder.

2. Suggestions/comments as under Serial Number | Rule Number | Suggestion/ comments | Justification.

Click here to open draft rules.

Highlights

#DRAFT Companies (Registered #Valuers and #Valuation) Rules, 2017.

Rule 6: Eligibility of an Individual for registration as #Registered valuer:

1. #Post-graduate degree and at least #three years of experience in the discipline thereafter; or

2. A Bachelor’s degree and have at least #five years of experience in the discipline thereafter; or

3. Membership of a #professional institute set up under an Act of Parliament and at least #five years’ experience after such membership.

Rule 7 of chapter 24 of companies act, 2013 – MCA

Related imageManner and Conditions of Filing

Every application, financial statement, prospectus, return, declaration, memorandum, articles, particulars of charges, or any other particulars or document or any notice, or any communication or intimation required to be filed or delivered or served under the Act and rules made there under, shall be filed or delivered or served in computer readable electronic form, in portable document format (pdf) or in such other format as has been specified in any rule or form in respect of such application or form or document or declaration to the Registrar through the portal maintained by the Central Government on its web-site or through any other website notified by the Central Government:

Provided that where the documents are required to be filed on Non-Judicial Stamp Paper, the company shall submit such documents in the physical form, in addition to their submission in electronic form, unless the Central Government, by an order, does not require submission in physical form and proof of delivery of documents submitted in physical form shall be scanned and form part of attachment to the e-form.

Provided further that if stamp duty on such documents is paid electronically through the portal maintained by the Central Government or through any other website notified by the Central Government, then, the company shall not be required to make physical submission of such documents, in addition to their submission in the electronic form:

Provided also that in respect of certain documents filed under the Act which are not covered for payment of stamp duty through the portal of the Central Government, and stamp duty payable on such documents in the respective State is equal to or less than one hundred rupees, the company shall scan such stamped documents complete in all respects and shall file electronically for evidencing by the Registrar and shall not be required to submit such documents, except those which are required to be filed for compounding of offences or adjudication of penalties or applications to Central Government or Regional Director in the physical form separately:

Provided also that unless otherwise stated in any law for the time being in force, the company shall retain such documents duly stamped in original permanently for the documents relating to incorporation and matters incidental thereto, changes in any of the clauses of the Memorandum and Articles of Association and in other cases for a minimum period of eight years from the date of filing of the documents and shall be required to produce the same as and when the same is required for inspection and verification by the competent authority under any law for the time being in force:

Provided also that any correspondences (physically or electronically) and documents to be filed by any person shall contain name, designation, address, membership number or Director Identification Number, as the case may be, of the person signing such document and make sure correctness thereof and in no case, correspondence, merely with signature and writing authorised signatory shall be acceptable.

Provided also that no request for recording any event based information or changes shall be accepted by the Registrar from such defaulting companies, unless they file their updated Balance Sheet and Profit and Loss Account and Annual Return with the Registrar of Companies except,-

(i) filing of order of Court or other authorities,

(ii) Balance Sheet and Profit and Loss Account,

(iii) Compounding application,

(iv) Form for transfer of money to Investor Education and Protection Fund,

(v) Application for removal of the Auditor and

(vi) GNL-1 for making company active.

Income Tax Forms With Purpose – FY 2017-18

ITR

Description

ITR 1

For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh

ITR 2

For Individuals and HUFs not carrying out business or profession under any proprietorship

ITR 3

For individuals and HUFs having income from a proprietary business or profession

ITR 4 (SUGAM)

For presumptive income from Business & Profession

ITR 5

For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

ITR 6

For Companies other than companies claiming exemption under section 11

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

CHECKLIST OF DOCUMENTS AND PRE-REQUISITES

  • A copy of last year’s tax return
  • Bank Statement
  • TDS certificates
  • Savings certificates/Deductions
  • Interest statement showing interest paid to you throughout the year.
  • Balance Sheet, P&L Account Statement and other Audit Reports wherever applicable.

Central Government exempts certain Individuals from Quoting Aadhaar Number or Enrolment ID from 1st July, 2017

MINISTRY OF FINANCE (Department of Revenue)

NOTIFICATION

New Delhi, the 11th May, 2017

S.O. 1513 (E). – In exercise of the powers conferred by sub-section (3) of section 139AA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the provisions of section 139AA shall not apply to an individual who does not possess the Aadhaar number or the Enrolment ID and is:-

(i) residing in the States of Assam, Jammu and Kashmir and Meghalaya;

(ii) a non-resident as per the Income-tax Act, 1961;

(iii) of the age of eighty years or more at any time during the previous year;

(iv) not a citizen of India.

2. This notification shall come into force with effect from the 1st day of July, 2017.

[Notification No. 37/2017, F. No. 370133/6/2017-TPL]

ABHISHEK GAUTAM, Under Secy

RBI Introduce additional settlement batches in National Electronic Funds Transfer (NEFT) System

Image result for RBIThe Reserve Bank of India in its First Bi-monthly Monetary Policy Statement for 2017-18 has announced the introduction of additional settlements in the NEFT system to enhance the efficiency and add to customer convenience. The additional 11 settlements at half-hour intervals will be introduced with effect from July 10, 2017 (Monday) at 8.30 am, 9.30 am, 10.30 am ………….5.30 pm and 6.30 pm, taking the total number of half hourly settlement batches during the day to 23. The starting batch at 8.00 am and closing batch at 7.00 pm shall remain the same as hitherto. The return discipline shall also remain the same i.e., B+2 hours (settlement batch time plus two hours) as per extant practice.

Click here to view press release.

MCA NOTIFICATION : FORM 24 – STRIKING OFF NAME OF THE LLP

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 16th May, 2017

Image result for LLPG.S.R. 470(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules, further to amend the Limited Liability Partnership Rules, 2009, namely:—

1. (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2017.

(2) They shall come into force with effect from 20th May, 2017.

2. In the Limited Liability Partnership Rules, 2009 (herein after referred to as the Principal Rules), in rule 37, after sub-rule (1), the following sub-rule shall be inserted, namely:—

“(1A) The limited liability partnership referred to in clause (b) of sub-rule (1) of rule 37 shall,—

(I) file overdue returns in Form 8 and Form 11 up to the end of the financial year in which the limited liability partnership ceased to carry on its business or commercial operations before filing Form 24;

(II) enclose along with Form 24,—

(a) a statement of account disclosing nil assets and nil liabilities, certified by a Chartered Accountant in practice made up to a date not earlier than thirty days of the date of filing of Form 24;

(b) an affidavit signed by the designated partners, either jointly or severally, to the effect,

(i) that the Limited Liability Partnership has not commenced business or where it
commenced business, it ceased to carry on such business from ………….(dd/mm/yyyy);

(ii) that the limited liability partnership has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register;

(iii) that the Limited Liability Partnership has not opened any Bank Account and where it
had opened, the said bank account has since been closed together with certificate(s) or
statement from the respective bank demonstrating closure of Bank Account;

(iv) that the Limited Liability Partnership has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.

(c) a copy of the acknowledgement of the latest Income-tax return filed under the Income-tax Act,1961 (43 of 1961) and the rules made thereunder for the time being in force, where the limited liability partnership has carried out any business and has filed such return.

(d) copy of the initial limited liability partnership agreement, if entered into and not filed, along with changes thereof in cases where the Limited Liability Partnership has not commenced business or commercial operations since its incorporation.

Explanation.—The date of cessation of commercial operation is the date from which the
Limited Liability Partnership ceased to carry on its revenue generating business and the transactions such as receipt of money from debtors or payment of money to creditors, subsequent to such cessation will not form part of revenue generating business.”
3. In the Principal Rules, for Form 24, the following Form shall be substituted, namely:—

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