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| MCA has introduced SPICE (Simplified Proforma for incorporating Company electronically) w.e.f. 02.10.2016 which includes the following eforms: |
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Form INC-32 – a single application for reservation of name, incorporation of a new company and/or application for allotment of DIN. |
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Form No. INC-33 – this form contains standard format of Memorandum of Association. |
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Form No. INC-34 -this form contains standard format of Article of Association. |
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| Accordingly, the Memorandum and Articles will now be filed as linked e-forms (except for Section 8 companies). |
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| Highlights: |
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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. |
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EGM can be called by requistionists on any day except national holiday. |
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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. |
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| 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. |
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| 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. |
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| Form 64A prescribes the format for the statement of income distributed by a business trust U/s 115UA. The form has been amended. |
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| 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. |
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