Hi Folks

Amidst the maze of numbers and texts in sections and legal provisions, we miss out on the beautiful things around us. Hence picked this rangoli – free hand floral design – drawn by my cousin for the just concluded Navarathri festival. A series of rangolis coupled with the colourful chrysanthemums blooming in our office garden was a treat to the senses. Thank God for the festive breaks !

Technology has invaded our lives completely. At times destroying the personal touch and relationships. At yet other times, renewing bonds

and forging relationships. My cousins’ whatsapp group shares recipes, rangolis and even music lessons – both text and recorded songs that are exchanged between the teacher and the student ! Despite this convenience, there is nothing to beat a face to face meeting, a conversation, a dialogue, a holiday getaway with loved ones. Am sure many of you have done that during the Dussehra holidays……exception could be Chartered Accountant and Company Secretary offices who are working overtime to complete the annual filings of financial statements with the IT department (17th Oct) and ROC (30th Oct).
Time is premium in this hectic season. We have just about managed to grab some time to compile a few important notifications in this 157th issue of LexSpeak. Should you wish to refer to any of our older issues of LexSpeak, do visit our Resource Centre at sharadasc.com. We should be back in November after a sparkling Diwali. Enjoy a safe and environment-friendly Festival of Lights
Warm regards

MCA has introduced SPICE (Simplified Proforma for incorporating Company electronically) w.e.f. 02.10.2016 which includes the following eforms:
•    Form INC-32 – a single application for reservation of name, incorporation of a new company and/or application for allotment of DIN.
•    Form No. INC-33 – this form contains standard format of Memorandum of Association.
•    Form No. INC-34 -this form contains standard format of Article of Association.
Accordingly, the Memorandum and Articles will now be filed as linked e-forms (except for Section 8 companies).
Highlights:
•    Companies need to transfer the particulars as contained in the register of members maintained under the old Act into a new register in Form MGT – 1 along with additional information required under the Act.
•    EGM can be called by requistionists on any day except national holiday.
•    Now the form MGT-10 will required to be filed with respect to the changes related to increase and decrease of 2% or more in the Paid-up Capital of the Promoters and Top Ten Shareholders of the Company within 15 days. Earlier, the change of 2% was calculated on the individual shareholding.
Taxable service provided by State Government Industrial Development Corporations/Undertakings to industrial units by way of granting long term (thirty years, or more) lease of industrial plots on the one time upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease are now exempted from Service Tax.
The requirement for enclosing the railway receipts along with the STTG certificate (Service tax certificate for transport of goods by Rail) has been done away with and also the procedure for issue of STTG and availing CENVAT credit thereon has been prescribed.
Form 64A prescribes the format for the statement of income distributed by a business trust U/s 115UA. The form has been amended.
Additional disclosure in Form 3CD under the Income Tax Act, 1961 needs to be made, where any adjustment is required to be made to the profits or loss for complying with the provisions of Income Computation and Disclosure Standards (ICDS) notified under section 145(2). ICDS covers Accounting Policies, Valuation of Inventories, Revenue Recognition, Borrowing Costs, Provisions etc.

Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.

S. C. Sharada & Associates, Company Secretaries. #405, 7th Cross, IV Block, Koramangala, Bangalore – 560 034
sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]
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