What is FLA Return or RBI Annual Return? It is a return filed by an eligible entity with the Reserve Bank of India, wherein foreign assets and liabilities held by the company are disclosed. Why are companies required to file FLA Return? The information collected from Indian resident companies/LLPs/Others on their foreign financial liabilities and assets position as at end-March of the previous financial year (FY) and end-March of the latest FY, is used in the compilation of India’s Balance of Payments (BoP) and International Investment Position (IIP)....

Introduction: All the Indian companies which have received FDI (foreign direct investment) and/or made overseas investment in the previous year(s) including the current year, means, who holds foreign Assets or Liabilities in their Balance Sheets are required to file Return on Foreign Liabilities Assets with Reserve Bank of India. The return shall be submitted on or before 15th July, every year. The Return is filled under A.P. (DIR Series) Circular No....

The Ministry of Corporate Affairs on February 25, 2020, introduced a new set of Companies (Auditor’s Report) Order 2020. The CARO 2020, demands more disclosures and information. The said Order is issued in supersession of the Companies (Auditor’s Report) Order 2016 and shall be applicable to the financial years commencing on or after April 01, 2021. Applicability of CARO 2020 It shall apply to every company including a foreign company as defined under Section 2(42) of the Companies Act, 2013, except:...

Section 73 to 76A of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 deal with the provisions applicable in case of deposits. Every company (other than government company and companies identified under Rule 1(3) of Companies (Acceptance of Deposits) Rules, 2014) who have accepted any amount categorised under deposits or exempt category deposits during the year in adherence to the provisions of Section 73 to 76A Companies Act, 2013 and rules made thereunder, and such amounts remaining outstanding as at the end of the financial year, are required to file a return of Deposits in Form DPT-3 on or before 30th June every year with the Registrar of Companies....

Goods and Service Tax (GST) is an indirect tax collected on the supply of goods and services. The tax has replaced many indirect taxes levied by the state and central government at various stages of operations ad supply. The Act came into effect on July 01, 2017, and is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is one indirect tax for the entire country. There are 3 taxes collected under GST  CGST - Collected by Central Government on intra-state sale i....

What is Form MGT-8 under the Companies Act, 2013? It is a Certificate issued by a practising company secretary in a specified format as prescribed under the Companies Act, 2013. Form MGT-8 can be considered as a mini secretarial audit. Under Which Section Form MGT-8 is issued? It is issued under Section 92 (2) of the Companies Act, 2013 read with Rule 11(2) of the Companies (Management and Administration) Rules, 2014....

Accounting Standard 3 specifies the provisions related to the Cash Flow Statements. It is one of the important principles of Accounting. The information about daily inflow and outflow of cash and historic changes in the same is very important for every business. To take any decisions, cash flow statements help to evaluate the capacity of an enterprise to generate cash and cash equivalents, the timing and their certainty of generating cash inflow....

Partnership Firm is the most popular and common form of doing business in India. As a step towards ease of doing business initiative, now the partnership firm can be registered online in Maharashtra. The Government of Maharashtra has launched a website through which partnership firms in Maharashtra can now be registered online. What is a partnership firm? In simple terms, the partnership means a relationship between two or more persons who have agreed to share the profits of the business carried on by them....

What is One Person Company? The concept of One Person Company (OPC) is introduced by the Companies Act, 2013. The notion gave boost and flexibility to start a business in a new way while providing protection of limited liability that sole proprietorship or partnership lack. Definition of One Person Company Section 2 (62) of the Companies Act, 2013 defines One Person Company as “ a company that has only one person as to its member....

Introduction During the Pandemic situation, the Ministry of Corporate Affairs has taken many measures to ease the process of conducting compliances and has introduced many reliefs to the entities. In order to support the companies and to enable them to a fresh start, the MCA vide General Circular No. 12/2020 dated March 30, 2020, introduced a scheme i.e. Companies Fresh Start Scheme 2020 (CFSS 2020).  The MCA vide General Circular dated 28....