APT & Co.,
DEMONITIZATION & DOMESTIC TAXATION
- by Uttam Patel, FCA
GST REGISTRATION
- by Jithendra Patel, FCA
Ind AS
-by Praveen, ACA
INTERNATIONAL TAXATION
-by R L Yethi, ACA
INCORPORATION OF COMPANY
-by Avinash Kumar Dubey, CS
JAN 2017
MONTHLY NEWSLETTER
Happy New Newsletter – and a happy New Year!
A new year often goes hand in hand with a new start so we thought we would start 2017 by bringing you a new look newsletter. We recognise that time is at a premium and everyone is bombarded with information on a daily basis and so to make it easier to keep up with what we are doing, we are now producing our monthly newsletter as an e-newsletter. The e-newsletter features headlines and a short summary of each item so you can have a quick glance through and see which articles are of most interest to you. In time you will be able to sign up for our e-newsletter on our website, but for now if you wish to be added to the distribution list, please email [email protected]. “Leadership is the capacity to translate vision into reality“
(UTTAM PATEL)
Mission & Vision:
Quality of content – We always write for the client, not for the Firm by keeping things simple and topical whilst remaining engaging and useful. It is through quality of content that you get a loyal readership and achieve real engagement with its content. Have subject lines that drive engagement – The subject line is the Firm thing a recipient sees when they receive a newsletter. We peak their interest by having something topical or asking them a question. An email entitled “Monthly Newsletter” will not interest the user, and will most probably not be opened regardless of its content. We send your newsletters at the right time –Our research has shown that first weekday of Every Month to send out your newsletter. The real key is to find a time when you think your target market will be most receptive to reading the newsletter preferably when they are in office, but not snowed under with work. Keeping your Vision targeted – You have to have a big vision and take very small steps to get there. You have to be humble as you execute but visionary and gigantic in terms of your aspiration. In the Internet industry, it's not about grand innovation, it's about a lot of little innovations: every day, every week, every month, making something a little bit better.
“Be the change you want to see in the world”.
-Mahatma Gandhi
“To improve is to change; to be perfect is to change often.”
-Winston Churchill
APT& Co., Chartered
Accountants
DEMONITAZATION
January 2nd2017
In This Article
Present World Economic Scenario
Present Indian Economic Scenario
Advantage of Demonetization
Impact of Demonetization
Conclusion Contact Us http://www.aptllp.com
Present World Economic Scenario:
At Present, the world economy is growing very fast as a result of globalisation- of Innovation, Competition, human abilities and technology. At the same time epidemic social and
economic diseases like corruption, terrorism, fake currency notes etc., are spreading in every economy. In order to cure these diseases, every economy should innovatively develop an antidote by taking crucial and intelligent decisions in the perspective of social, political and economic
stabilization of their country.
Present Indian Economic Scenario
Our country is one of the fastest developing countries in the world .Great leaders like Anna Hazare, Abdul Kalam and Gandhi has given up their entire life to transform our country into developed, innovative, and corruption free state. As per 2013 statistics, India’s GDP was 1.877 trillion US Dollars which is less as compared to USA’s GDP of 16.77 trillion US Dollars ,but, when we see in perspective of
human intelligence, Innovation, natural resources, INDIA stands ahead. In India, most of the transactions are settled with cash, resulting in, informal economy (black money, fake currency ,rise in income inequality and funding of terrorism).More than 68% of our transactions are done in cash and 80% of our currency was in the form of 500 and 1000 rupee notes. The first step towards rationalization of transparent economy is demonetization of high value notes. This has been done to direct/ persuade the people to digitalize their transactions, put a check to corruption and containing terrorism.
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Advantage of Demonetization
Is Demonetisation enough for growth, development and stabilisation?
Our straight answer is no, it is just like blowing a fire alarm in front of black cats to let
them ready for historic change. It is the first and effective step towards our growth but
not, the, only step. Immediately, after
implementation of demonetization, people started
finding new ways of conversion of black money
to white money. As the mother is well aware of
her children, the government understood the
behaviour of its children (people) and kept on
changing the restrictions sensitively.
Steps to be taken in future:
1. Tax reforms
Our Finance Minister said that, there should be more tax compliance rather than higher
tax rates and bases. Recently, reforms in indirect tax regime have also started.
2. Transparency in Government System and Political Parties
The prominent watchdog group (transparency international) issued its annual Corruption
Perceptions Index (CPI), which scores and ranks nations based upon expert perceptions
of public sector corruption. A score of 0 corresponds to a rating of “highly corrupt” while
100 means a country is “very clean.” India garnered a score of 38, making it the
76th most corrupt country in the world out of the 168 nations surveyed.
3. Digitalise the Indian economy
Digitalisation of all transactions leads to prompt and correct record of income received by
people, tax compliance and Identify the funding to terrorists. It enables large number of
people to benefit from various Government schemes, ensuring corruption free economy.
On migration of these fields provisional ID and password will be provided to every
dealer. Using these credentials the dealer has to login GSTN portal www.gst.gov.in .
Final certificate of registration will be issued within the prescribed time.
Impact of Demonetization
1. In short term, GDP of country will fall down and economy will slow down due to
breakdown of many business activities.
2. The agriculture sector and SMSE’s will mainly effect due to currency flow
limitation.
3. As it is a forward dependant, its outcome is purely based on future actions of our
government, which are uncertain.
4. Even though old notes were banned and new notes issued in a restricted manner,
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people are still coming out with ways of converting their black money from old to
new notes.
5. The development of rural areas will go into darkness for some period.
6. Real estate is facing problems and people will be finding it very difficult to plan
their purchase and sale of properties.
7. In our country, all the acts were theoretically well framed but practically they are
lying like holy books of a religion (We praise with devotion and respect but won’t
follow).
Conclusion
This brave step will lead our country to be cashless, digital, corruption and terror free,
developed country soon. There will be sustainability in every
resource and economy to future generations. As a citizen of this
lovable country and part of its growth and development, we have to
give our best in every aspect that leads our country to fulfil its core
dream of reducing poverty, illiteracy and unemployment, building
sophisticated health economy and innovative education system and
developed country in terms of peace, innovation, culture, agriculture, manufacturing and
services, political, social and economic etc.,
“We are in a competitive world, to resist the same; first we
should ready our self by cleansing internal economy”
“Any bold and courageous action of a leader will not give a
fruitful outcome unless it should be welcomed by his followers”
“WE HAVE TO DO TEAMWORK TO BUILD A GREAT AND
PROSPEROUS NATION”
APT& Co., Chartered
Accountants
DOMESTIC TAXATION (Rule8D of IT Rules)
January 2nd2017
In This Article
Background of Rule 8D & Sec.14A
Explanation about the Rule 8D
Impact of new amendment
Conclusion Contact Us http://www.aptllp.com
Background of Rule 8D & Sec.14A: Section 14A of the Income-tax Act, 1961 (Act) provides for disallowance of expenditure incurred in relation to earning of exempt income. Where the Tax Officer is not satisfied with the taxpayer’s claim with respect to determination of amount liable for disallowance under section 14A, Rule 8D of the Income-tax Rules, 1962 (Rules) provides for the mechanism to determine the quantum of such disallowance. The Finance Minister (FM), Mr. Arun Jaitley, in his Budget speech of 2016, proposed to rationalize the formula in Rule 8D governing such quantification of expenditure on exempt income, which has been a matter of dispute. Further to the FM’s proposal, the Central Board of Direct Taxes (CBDT) vide notification no. 43/2016 dated 2 June, 2016, has amended Rule 8D. The new Rule 8D will come into effect from the date of its notification in Official Gazette. To overcome this muddle Central Board of Direct Taxes (‘CBDT’) have inserted Rule 128 to the Income-tax Rules, 1962 (‘Rules’) providing the rules for clarity on the mechanism of obtaining foreign tax credit in India, of foreign taxes paid and for grant of Foreign Tax Credit. This said rule is applicable with effect from 1st April 2017.
Explanation about the Rule 8D:
Old Provision: In terms of the existing provisions of Rule 8D, the amount to be disallowed shall be the aggregate of
(i) expenses directly incurred to earn exempt income; (ii) (ii) interest expense (not directly attributable to any exempt income) worked
out on the basis of a prescribed formula; and (iii) (iii) 0.5% of the average value of investments yielding exempt income. There
has been a spate of disputes on the application of this Rule.
Amendment Provision: In order to rationalise the formula in Rule 8D, and to give effect to the FM’s promise while presenting the Budget speech 2016, a new Rule 8D providing for a revised method for determining the amount of disallowance of expenditure on earning exempt income has been notified by CBDT. The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts, namely:— (i) the amount of expenditure directly relating to income which does not form part
of total income; and
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(ii) an amount equal to one per cent of the annual average of the monthly averages of the opening and closing balances of the value of investment, income from which does not or shall not form part of total income:
Provided that the amount referred to in clause (i) and clause (ii) shall not exceed the total expenditure claimed by the assessee.”;
Impact of new amendment
No OLD METHOD NEW METHOD CHANGE
1. Expenditure directly incurred to earn
exempt income [Rule 8D(2)(i)]
Expenditure directly incurred to
earn exempt income [Rule
8D(2)(i)]
No
change
2. The interest expense worked
out on the basis of a prescribed
formula (in the proportion of
average value of investments
yielding exempt income, to
average value of total asset)
which is not directly
attributable to any exempt
income [Rule 8D(2)(ii)]
No such provision The formula specified in relation
to indirect interest expenditure has
been deleted. Accordingly,
indirect interest expenses will not
be disallowed.
3. On presumptive basis, i.e. 0.5% of
the annual average value of
investments yielding exempt income
[Rule 8D(2)(iii)]
On presumptive basis, i.e. 1%
of the annual average of the
monthly averages of value of
investments yielding exempt
income [Rule 8D(2)(ii)]
Change in rate of presumptive
Expenditure has been increased
to 1% from 0.5%. The existing
rule prescribes
Considering the annual average
value of investment, whereas the
new rule provides for the annual
average of the monthly averages of
value of investments.
4. No such provision The disallowance amount as
computed under Rule 8D shall
not exceed total expenditure
claimed by the taxpayer.
[Proviso to Rule 8D(2)]
The new rule provides for upper
limit cap on disallowance at total
expenditure claimed by taxpayer.
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Conclusion The efforts of the government in recent times have been more focused to bring in an environment of simplified tax regime coupled with minimized litigation to faster growth and clarity amongst taxpayers for doing business in India. The amendment to Rule 8D is yet another effort aimed to bring clarity and curb litigation.
Bringing in a capping on the disallowance is a welcome move. However ,the impact of amended formula containing increased presumptive rate of 1 per cent (as against 0.5 per cent previously) applied to the average value of investments would be required to be seen based on the facts of each case. While the proviso seeks to limit the extent of disallowance to total expenditure claimed by
the tax payer, the interesting question may arise whether such limit is to be applied to each of the constituents of the formula or the aggregate amount derived. Also whether the term total expenditure claimed by assessee should be considered as relatable to only expenditure claimed by assessee in relation to earning exempt income or is to be considered as the total expenditure claimed under the Profit and Loss Account drawn for tax purposes. Though the notification states that the amended Rule 8D comes into force from 2 June 2016, the issue may emerge whether such amended rule will apply retrospectively to pending assessments. It seems these aspects need further clarification.
APT& Co., Chartered
Accountants
GST REGISTRATION PROCESS
January 2nd2017
In This Article
Background of GST
Registration process under GST
Migration from Exciting system to GST
Amendment of Registration
Cancellation of Registration
Conclusion Contact Us http://www.aptllp.com
Background of GST
The Constitution Amendment Bill for Goods and Services Tax (GST) has been approved by The President of India post its passage in the Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) and ratification by more than 50 percent of state legislatures. The
Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and implement GST by April 2017. With GST, it is anticipated that the tax base will be comprehensive, as virtually all goods and services will be taxable, with minimum exemptions. GST will be a game changing reform for the
Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system. GST will have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems. One of the biggest challenges is to awareness the clients, as well as the trade on the concepts, processes and procedures of GST.
Registration Process under GST: (Model GST Law-November)
Liable Persons under GST: Any supplier who carries on any business at any place in India and whose aggregate turnover exceeds threshold limit( 20 lacs ) as prescribed in a year is liable to get himself registered. However, certain categories of persons mentioned in Schedule V of
MGL are liable to be registered irrespective of this threshold. Note:An agriculturist shall not be considered as a taxable person and shall not be liable to take registration. As per paragraph 5 in Schedule III of MGL, the following
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categories of persons shall be required to be registered compulsorily irrespective of the threshold limit: a) persons making any inter-State taxable supply; b) casual taxable persons; c) persons who are required to pay tax under reverse charge; d) non-resident taxable persons; e) persons who are required to deduct tax under section 45; f) persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise; g) input service distributor; h) persons who supply goods and/or services, other than branded services, through electronic commerce operator; i) every electronic commerce operator; j) an aggregator who supplies services under his brand name or his trade name; and k) such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.
Migration from Existing system to GST Mandatory requirement for GST migration as per the press release on 09/11/2016 by the
commercial tax department (TGCT).
(https://www.tgct.gov.in/tgportal/Docs/Press_Note_13122016.pdf)
Fields to be migrated:
PAN of the business
Legal name of the business
State
Status of the business
On migration of these fields provisional ID
and password will be provided to every
dealer. Using these credentials the dealer
has to login GSTN portal www.gst.gov.in .
The following documents should be upload as follows:
Documents Required for Attachment: Once provisional registration is obtained. The following documents needs to be submitted:
Bank A/c Number
Bank IFSC code
Proof of Constitution of Business
Photograph of the partners/promoter/Karta of HUF
Proof of appointment of Authorized signatory
Open page of Bank Passbook/Statement containing address of branch
Digital Signature in case of companies ,LLPs & Foreign Companies.
Final certificate of registration will be issued within six months.
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Amendment of Registration Every registered taxable person and a person to whom a unique identity number has been
assigned shall inform the proper officer of any changes in the information furnished at the time
of registration, or that furnished subsequently, in the manner and within such period as may be
prescribed.
Cancellation of Registration The proper officer may, either on his own motion or on an application filed, in the prescribed
manner, by the registered taxable person or by his legal heirs, in case of death of such person,
cancel the registration, in such manner and within such period as may be prescribed, having
regard to the circumstances where, -
(a) the business has been discontinued, transferred fully for any reason including death of the
proprietor, amalgamated with other legal entity, demerged or otherwise disposed of; or
(b) there is any change in the constitution of the business; or
(c) the taxable person, other than the person registered under sub-section (3) of section 23, is
no longer liable to be registered under Schedule V
Conclusion
The present government is very serious on the implementation of
GST and the Finance Ministers along with state finance ministers
(GST Council) is conducting series of meetings to enact GST law
and get the same passed in parliament and respective sate
assemblies.
The government has started GST help desk (CBEC Mitra) which is operational 24/7. The toll
free number of CBEC Mitra is 1800 1200 232 and email Id is
APT& Co., Chartered
Accountants
IND AS IMPLIMENTATION
January 2nd2017
In This Article
Background of Ind AS
Impact of New Ind AS
Conclusion Contact Us http://www.aptllp.com
Background of Ind AS Ind AS the new set of accounting standards was notified by the Ministry of Corporate Affairs (MCA) on February 16, 2015. As of date, there are 39 Ind AS notified by the MCA. The Ind AS are named and numbered in the same way as the corresponding IFRS. The application of Ind AS is based on the listing status and net worth of a company.
The Companies not covered under the Ind AS notification, would continue to apply with existing accounting standards under Companies (Accounting Standard) Rules, 2006. The volume and breadth of differences between Indian GAAP and Ind AS is enormous. Further, its impact will vary by industry and for each company. Ind AS will cover every area comprising reported revenues, expenses, assets, liabilities and equity. In our view, companies will have to devote substantial amount of their time especially in the following areas while preparing for Ind AS adoption.
1.Revenue recognition; 2. Financial Instruments; 3. Consolidation; 4. Business Combination& 5. Taxes
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Impact of New Ind AS:
How new accounting standards will impact Indian companies:The new standards Every country stipulates a method for companies to report financial data based on rules called accounting standards. India has so far followed Indian Generally Acceptable Accounting Principle (IGAAP). However, from FY17, it will follow Ind-AS whose principles are closely based on international accounting system called IFRS. This will increase comparability of Indian companies with their international counterparts.
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Fundamental difference between existing and new standards The new accounting
standards recognize substance over form and importance of the fair value to compute
financial statements. This means accurate reporting will gain importance over just complying
with legal provisions and it should reflect the most current picture of financials.
Impact on companies It will impact how key financials such as revenue, operating profit,
net profit, book value, goodwill, and return on equity will be computed. For instance, under
the existing rules, sales are calculated after deducting excise duty. Under the new norms,
excise duty will be treated as a tax on manufacturing activity. Hence, it should be a part of
revenue. This will increase the revenue of companies, but depress operating margin.
However, EPS will remain unchanged.
Conclusion
Finally, based on our experience, the impact of Ind AS adoption
has been beyond accounting, cutting across organization and
various functions/areas such as direct and indirect taxes,
contractual arrangements with customers, suppliers, lenders, HR
and incentive policies, IT systems and controls, including
requiring timely communication with various stakeholders. This phased Ind AS transition
process is helpful especially for Phase II companies, including banks, NBFCs and insurance
companies as they can benefit from the transition experience and journey of Phase I
companies.
We hope this publication provides some helpful insights into how Ind AS adoption has
impacted corporate India.
APT& Co., Chartered
Accountants
INTERNATIONAL TAXATION- Foreign Tax Credit (Rule128 of IT Rules)
January 2nd2017
In This Article
Background of Foreign Tax Credit
Eligible Assessee and Tax
Disputed Tax Credit
Mode of Computation of FTC
Required Documents
Ambiguity
Conclusion Contact Us http://www.aptllp.com
Background of FTC Double taxation Avoidance agreements is one of the measures to resolve the conflict of double taxation by granting relief to taxpayers in terms of providing for procedural mechanisms and concessional rate of tax to effectuate foreign tax credit as envisaged under the Income Tax. And where there is no DTAA with the tax received country then section 91 of Income Tax Act 1961 comes to the rescue of the assessee. Still, unintended double taxation can arise due to principles of residence based and source based taxation in different jurisdictions. In such circumstances, the need for obtaining foreign tax credit (‘FTC’) i.e. availing credit for taxes paid on the same income in foreign countries against taxes payable in the country of residence arises.Computation of Foreign Tax Credit (‘FTC’) in case of assessee’s with cross border payments has been a major hassle for tax professionals, as there was no detailed explanation on the FTC diversified practices were followed by different professionals. To overcome this muddle Central Board of Direct Taxes (‘CBDT’) have inserted Rule 128 to the Income-tax Rules, 1962 (‘Rules’) providing the rules for clarity on the mechanism of obtaining foreign tax credit in India, of foreign taxes paid and for grant of Foreign Tax Credit. This said rule is applicable with effect from 1st April 2017.
Eligible Assessee and Tax Covered An assessee will be eligible to claim FTC if any tax has been paid by him in a country or specified territory outside India. Such FTC shall be allowed only in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India. The rule further provides that where income on which foreign tax has been paid or deducted, is offered to tax in more than one year, credit of foreign tax shall be allowed across those years in the same proportion in which the income is offered to tax or assessed to tax in India.
Eligible Foreign Tax: The rule provides that where a DTAA has been entered between India and the foreign country, eligible foreign tax shall be the taxes covered under the respective DTAA and when there is no DTAA has been entered between India and the foreign country, eligible foreign tax shall mean the tax payable under the law in force in that country in the nature of income-tax referred to in clause (iv) of the Explanation to section 91 of the Act. The rule furtherprovides that FTC will not be allowed against the interest, fee or penalty.
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Disputed Tax Credit
The sub-rule 4 provides credit shall not be available in respect of any amount of foreign tax or part thereof which is disputed in any manner by the assessee. Credit for such disputed tax shall be allowed in the year in which such income is offered to tax or assessed to tax in India if the assessee within six months from the end of the month in which the dispute is finally settled, furnishes the evidences of the settlement of dispute, discharge of such disputed foreign tax. The amount of FTC available against the tax payable under the provisions of section 115JB or 115JC exceeds the amount of tax credit available against the normal provisions, and then while computing the amount of credit under section 115JAA or section 115JD in respect of the taxes paid under section 115JB or section 115JC, such excess shall be ignored.
Mode of computation of FTC
Sub-rule 5 provides that the computation of FTC shall be the aggregate of the amounts of credit computed separately for each source of income arising from each country. Further, the credit allowable shall be the lower of the tax payable under the Act on such income and the foreign tax paid on such income.
Proviso to clause (i) of sub-rule 5 clarifies that where foreign tax paid exceeds tax payable in accordance with DTAA, such excess shall be ignored. Further, the credit shall be determined by conversion of the currency of payment of foreign tax at the telegraphic transfer buying rate on the last day of the month immediately preceding the month in which such tax has been paid or deducted.
Documentation Required
For claiming FTC, assessee shall be required to furnish following documents :- A. a statement in Form No.67 B. certificate or statement specifying the nature of income and the amount of tax
deducted there from or paid by the assessee, from the tax authority of foreign country; or from the person responsible for deduction of such tax; or
C. a statement signed by the assessee if it is accompanied by I. an acknowledgment of online payment or bank counter foil or challan for
payment of tax where the payment has been made by the assessee; II. Proof of deduction where the tax has been deducted.
Such documents shall be furnished on or before the due date return of income under section 139(1) of the Act.
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Issues not addressed in the Rule
This rulefails to address the following contradictory situations 1. Rule doesn’t give clarity when there is mismatch in timing of a particular stream of
income in India and foreign country, like in a situation where return has been filed in India before the payment of tax in foreign country due to different accounting periods
2. As per rule, credit of disputed tax shall be allowed for the year in which such income is offered to tax or assessed to tax in India on settlement of such dispute. But it doesn’t specify how credit can be taken when it is resolved in later years i.e. year other than in which it was offered for tax.
3. This rule is silent on taking credit of FTC when additional foreign tax is paid by assessee on assessment in foreign country, where assessment is done after the due date of filing the revised return.
4. This rule doesn’t clarify whether employer can allow FTC to employee while calculating monthly TDS.
5. There was nothing mentioned in the rule about availing the tax credit against the dividend distribution tax and buyback taxes.
Conclusion This rule is a great opportunity for Indian residents to do global business. Importantly this rule has removed the obscurity and provides simplicity for availing foreign tax credit Despite few shortcomings in the newly inserted FTC provisions as noted above, it may be viewed that these provisions have addressed some of the very important aspects of FTC and have brought clarity which can help reduce litigation.
APT& Co., Chartered
Accountants
INCORPORATION OF THE COMPANY (SPICE ROUTE)
January 2nd2017 Volume 1, Number 1
In This Article
Background of Spice Route & Requirement of Forms
The attachment of Forms
Advantages of SPICE route for Professionals
Advantages for Clients
Conclusion Contact Us http://www.aptllp.com
Background of Spice Route & Requirement of Forms The Government of India has recently established Central Registration Centre (CRC) in New Delhi to provide speedy incorporation services in Line with Global Practices wherein incorporation process can be completed within 48 hours provided all thedocuments are in line with the requirementsmentioned in the Section 7 and rules and regulations made under the Companies
Act, 2013. The new form for Incorporation is E-Form SPICE (INC- 32). SPICE stands for Simplified procedure for incorporating company electronically in India. It consists of three linked forms. INC 32: Online Application form. INC 33: E-Memorandum of Association. INC 34: E-Articles of Association.
E-Form SPICE will be the only route available for Incorporation in future. It integrates the following forms.
INC 1: Reservation of name.
DIR 3: Application for DIN. Maximum 3 DINs can be applied.
DIR 12: Details relating to Directors.
INC 22: Place of Registered Office.
The Attachment of the form are as follows: INC 9: Affidavit of all subscribers of the Memorandum. DIR 2: Consent to act as Director. PAN of all the subscribers. ID Proofs: Passport/Aadhar/Driving License/
Voter ID of all subscribers. Address Proof: Bank Statement/ Telephone
Bill/Mobile Bill/Electricity Bill of all subscribers.
Rental Agreement in case of Company is tenant along with utility Bill and NOC from Landlord of the premises.
Proof of ownership of the premises in case the Registered Office is owned by Director or Subscriber.
The following utility Bills are accepted: Electricity Bill/ Gas Bill/Telephone Bill which are not older than 2 months.
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Advantages of SPICE route for Professionals
1. INC 8: Professional declaration stating that all the requirements under companies act,2013 have been complied is made part of the E-form. No need for physical Certificate.
2. No lobbying with ROC as the Central Registration Centre is located in New Delhi and is not accessible to Professionals.
Advantages for Clients:
Incorporation Process is time bound and the
deadline for the same is 48 Hours. No out of pocket
expenses to be paid to Government.
Conclusion Hence, Incorporation of the company is not a complex
process anymore. Thus through Spice, MCA has made a
considerable effort to reduce the hassles and time frame for
Incorporation as well as the paperwork involved
Note: DSC of all the subscribers is mandatory
*JAI HIND*
APT and Co.,
DISCLAIMER: The Newsletter is provided for general information purposes only. Your use
of any of information in the newsletter is at your own risk, and you should not use any of
information in this newsletter without first seeking legal and other professional advice.
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