Annual filing by companies incorporated in India

All companies registered in India like private limited company, one person company, limited company, and section 8 company must do Annual filing and income tax return each year. Companies must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain …

DIR-3 KYC Form to Update DIN / KYC of Directors

The Ministry of Corporate Affairs has implemented KYC Forms for all existing Directors. Every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would now be mandatorily required to file Form DIR-3 KYC on or before 15th September 2018. The eForm should be certified by a practicing …

Difference Between Statutory Audit and Tax Audit

Audit means an examination of books of accounts, statutory records, documents and vouchers conducted with the purpose of establishing the fact that the accounting records presents a true and fair view of the Organization.  It is conducted by a party which is independent of that organization. There are various kinds of audit being conducted under …

Difference Between Trust, Society and Section 8 Company

The most of common structures for Non-Profit Organization in India are Trust, Society and Section 8 Companies. Trust: Trust is considered to be the oldest form of Charitable Organization. Trust can be either private or public. It is primarily created for the benefit of a section of people. Trust is governed by the Indian Trust …

Mandatory Compliances for an LLP (Limited Liability Partnership)

All LLPs registered with the Ministry of Corporate Affairs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for a LLP to file a return irrespective of whether it has done any business. There are three mandatory compliance requirements to be followed by LLPs. Filing of Annual Return …

Phantom Stock – A smart way of Employee Benefits

Phantom stock is a very interesting concept and is emerging strongly as a powerful tool of Employee Benefits, especially for Startups. It can be described as a type of employee benefit plan whereby employees or advisors of an Organization get various benefits of stock ownership without actually having real ownership of Stock, in exchange for …