XBRL in India - Applicability, Documents, Timeline, Process, Penalty etc.

XBRL in India – Applicability, Documents, Timeline, Process, Penalty etc.

XBRL Conversion & Filing India – Applicability, Documents, Timeline, Process, Penalty etc. XBRL (eXtensible Business Reporting Language) is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only […]

National Industrial Classification Code

National Industrial Classification Code

National Industrial Classification Code is a five digit code and also known as known as NIC Code. The Company uses NIC Code based on the main business activities at the time of incorporation. What is NIC Code? National Industrial Classification Code (NIC) is a statistical standard for developing and maintaining a comparable data base analyzing each business entity data in the asset development of the Government of India (GOI) and for various economic activities. This […]

Corporate Identification Number

What is Corporate Identification Number (CIN)?

CIN stands for Corporate Identification Number. At the time of the incorporation, the Registrar of Companies (ROC) allots unique number to every company, known as Corporate identification number (CIN) of that company. The Power to allot Corporate identification number (CIN) lies with the Registrar of the Companies (ROC) functioning in various states under the Ministry of Corporate Affairs (MCA), Government of India. Corporate identification number (CIN) is unique for all companies irrespective of whether the Company […]

Compliance chart for the Companies regarding ROC filing

Every year, Company has to file multiple forms with Ministry to comply with the mandatory statutory requirements as specified under the Act. The Compliance chart for the companies regarding ROC filing below provides a brief view of the Forms along with their purpose, applicability and relevant due dates required to file with MCA Name of E-Form/ Return Purpose of E-Form/ Return Due Date of Filing DIR-3 KYC/ KYCWEB Any Person having DIN as on 31 […]

Extension for expiration of reservation of name and change in name by MCA

In view of the extended lockdown due to COVID-19, The Ministry of corporate affairs (MCA) has granted extension for expiration of reservation of name for company incorporation by 20 days from May 31 for those reserved names that were expiring between May 15-31. Similarly, in case of existing companies, the Extension for expiration of reservation of name for change in name was extended for another 60 days from May 31, said the notification released on […]

Clarification on holding of Annual General Meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)

On account of COVID-19 outbreak, several representations have been received by the Ministry of Corporate Affairs (MCA) for providing some relief measures in the provisions of the Companies Act, 2013 (the Act) and rules made thereunder for holding Annual General Meeting (AGM) in a manner provided in the General Circular dated April 8, 2020 (EGM Circular –I) and General Circular dated April 13, 2020 (EGM Circular –II) Earlier MCA vide General Circular dated April 21, […]

COVID-19: Relaxations introduced by the Ministry of Corporate Affairs (MCA)

The Government of India (GOI), in order to control the spread of COVID-19, has announced complete lockdown in entire nation since March 24, 2020. Keeping in mind the consequences of COVID-19, the Ministry of Corporate Affairs (MCA) has also introduced certain relaxations and extension of timelines for filing to the companies. Mostly Companies has provided ‘Work from Home’ facility. But due to difficulties faced in co-ordination and lack of office facilities, timely statutory compliance by […]

MCA allows relaxation of holding AGM against Covid-19

MCA allows relaxation for holding AGM against Covid-19

In a massive relief to the Companies, the Ministry of Corporate Affairs (MCA) via general circular No. 18/2020 allows relaxation for holding Annual General Meeting (AGM) to fight against COVID-19 to the Companies whose financial year ended on December 2019. Under Companies Act, every Company requires to hold AGM within a period of six months (Nine months in case of first AGM) from the closure of the financial year and not later than 15 months […]

Companies Fresh Start Scheme, 2020

Relaxation granted by MCA under Companies Fresh Start Scheme, 2020 (CFSS)

On 24th March, 2020, The Government of India has announced lockdown of 21 days in view to protect the people at large from the COVID-19 pandemic. All the government organisations are doing their best in providing relief and constant services to everyone who is in need of help. Among them, Ministry of Corporate Affairs (MCA) has come up with a brand new scheme named Companies Fresh Start Scheme, 2020 (CFSS) in the favor of businesses in […]

LLP Settlement Scheme, 2020

The Government had noticed that large number of LLPs have defaulted in filing various forms and in complying with the statutory requirements. An additional fees of Rs.100 per day till the day default continues is payable along with the regular fee payable by the LLP for filing such defaulted forms and documents. To lower the financial burden and considering various representations received by the stakeholders, the Ministry of Corporate Affairs (MCA), Government of India has […]