Use 16-digit virtual No. for KYC from today-No Need To Disclose Aadhaar; System To Be Fully Operational After August 31

Use 16-digit virtual No. for KYC from today

No Need To Disclose Aadhaar; System To Be Fully Operational After August 31

The Unique Identification Authority of India’s (UIDAI)’s virtual ID system will kick in from Sunday, allowing you to generate a 16-digit number that can be shared with telecom companies and several other service providers in case you do not wish to disclose your Aadhaar number for completing electronic know-your-customer (eKYC) formalities.

Sunday’s launch is only the first stage with the new tool, meant to protect your privacy, to be fully operational after August 31 when banks and other service providers will also have to roll out the VID facility.

Once a consumer shares his or her VID, the service provider will receive a UID token instead of the Aadhaar number. which was the case earlier. In addition, the government agency has also mandated sharing of limited details with all service providers. While the so-called global authentication user agencies (AUA) like banks or the income tax department (for issuing PAN) will receive all the details, telecom companies or e-wallet providers will only get access to a part of the details captured on Aadhaar, like name and address, or even the photograph.

UIDAI had announced VID along with facial recognition, which will be operational from August, to address privacy and authentication concerns related to Aadhaar. While announcing that its system is ready for VID, UIDAI also gave time to service providers which are not fully ready to roll out the system. So, Sunday onwards, there will be a disincentive of 20 paise per transaction. This charge will be waived if the service provider is ready to migrate to the new system by July 31.

Banks have time till August 31 as they have to deal with a bigger network and for them too disincentives will kick in if they do not meet the deadline.

“Virtual ID is a critical security measure for protecting residents’ privacy and their Aadhaar numbers. With the introduction of VID, an Aadhaar holder will have an option of not sharing his/her Aadhaar number and can generate a virtual ID to share with AUAs to perform Aadhaar-based authentication,” said UIDAI chief executive Ajay Bhushan Pandey.

Courtesy : Times of India 

ALL COMPANY DIRECTORS HAVE TO FILE DIR-3 KYC on or before 31st August,2018 WITH MCA.

ALL COMPANY DIRECTORS HAVE TO FILE DIR-3 KYC on or before 31st August,2018 WITH MCA.

DIR-3 KYC

As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly.

ALL DIRECTORS HAVE TO FILE MANDATORILY DIR-3 KYC

Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018.

Mobile Number and E-mail id is to be registered compulsorily.

While filing the form,the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password(OTP).

Active and Disqualified Directors have to file DIR-3 KYC compulsorily.

The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.

DIN WILL BE DEACTIVATED IF DIR-3 KYC IS NOT FILED

After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’.

REACTIVATION OF DIN WITH PENALTY

After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.

MANDATORY APPOINTMENT OF WOMEN INDEPENDENT DIRECTOR AS PER LODR REGULATION OF SEBI – RECENT AMENDMENT BY SEBI

MANDATORY APPOINTMENT OF WOMEN INDEPENDENT DIRECTOR AS PER LODR REGULATION OF SEBI – RECENT AMENDMENT BY SEBI

The Securities and Exchange Board of India (SEBI) in its board meeting on 28 March 2018 decided the following :

There should be at least one woman independent in the top 500 listed entities by market capitalisation	by April 1, 2019.
There should be at least one woman independent director in the top 1,000 listed entities	by April 1, 2020

This was based on a recommendation of the Kotak Committee on Corporate Governance.

What Company Act 2013 states :

CHAPTER 11 Rule 3 says that certain companies shall appoint one Woman director on the Board.-

The following class of companies shall appoint at least one woman director-

(i) every listed company;

(ii) every other public company having -

(a) paid–up share capital of one hundred crore rupees or more; or

(b) turnover of three hundred crore rupees or more:

Section 149 (1) of CA 2013

Provided that a company, which has been incorporated under the Act and is covered under provisions of second proviso to sub-section (1) of section 149 shall comply with such provisions within a period of six months from the date of its incorporation:

Provided further that any intermittent vacancy of a woman director shall be filled-up by the Board at the earliest but not later than immediate next Board meeting or three months from the date of such vacancy whichever is later.

Explanation.- For the purposes of this rule, it is hereby clarified that the paid up share capital or turnover, as the case may be, as on the last date of latest audited financial statements shall be taken into account.

Why SEBI Insists for Women independent Director in Listed Companies?

As per Companies Act 2013, women director need not necessarily be independent. However, SEBI LODR recent amendment provides that independent women director should be appointed in top 500 and 1000 listed companies.

Presently , Women Directors are appointed in listed companies who are  belong to promoter group thereby she cannot act indepentendly. Hence , SEBI LODR amendment makes it mandatory to have women independent directors in their board.

Presently listed companies of all categories used to appoint woman director from the promoter side (usually related to the promoter, (like wife, daughter etc). Now to plug thus loophole, the proviso has been added to make it clear that in case of certain listed companies, to safeguard the interest of investors, the woman director should be an independent one

I-T DEPT WARNING TO SALARIED TAXPAYERS:-Heavy Penalty if you do not file your tax return on or before 31st July 2018

I-T DEPT WARNING TO SALARIED TAXPAYERS:

8 common inaccuracies every taxpayer should take care of NOW....

1.          Non reporting of interest income from savings/ fixed deposits account:

These amounts can be directly mapped form the individual’s bank account statements and Form 26AS. “Non-reporting / under reporting of these amounts are apparent cases of tax evasion and calls for further investigation. Further, at times taxes are also deducted on interest income and hence, the mismatch of income by non-reporting are easily identified.

2.          Fake bills submitted for HRA claims:

One of the common fraudulent practice by employees are to claim fake HRA bills without adequate supportings, like lease agreement, etc. Further there are no adequate outflows from their bank account to the extent of rent payments claimed. Such obvious frauds would now call for punishment under the provisions of the Income-Tax Act based on the recent advice.

3.          Claiming false 80C deductions:

It is very easy for employees to claim false 80C deductions like LIC bills, Mediclaim deductions etc. inflating the value of eligible fixed deposits without actual outflow of such investments.

4.          Not considering income derived from all employers:

People changing the job should ensure that they consider the income derived from all the employers while filing their tax return. The Tax Department already have this information based on TDS return filed by the employer and missing to report any such income can trigger inquiry against them.

5.          Claiming false deduction under chapter VI-A:

 There are a few tax professionals who try to lure the taxpayers by promising high refund and charge them 10-25% of their refund amount. These professionals indulge in inflating or making wrong claims under various sections of Chapter VI-A like,

• ·      Tax Saving Investment u/s 80C,
• ·       Education loan interest - u/s 80E,
• ·      Deduction form Mediclaim policies - u/s 80D,
• ·      Rajiv Gandhi Equity Saving Scheme - u/s 80CCG,
• ·      Donations - u/s 80G, 80GGA, 80GGC or other deductions relating to disability or medical treatment of certain illness - u/s 80DD, 80DDB, 80U.

With linkage of Aadhaar and PAN to all your bank account, loan account, demat account, and insurance policies, the I-T Department may be able to digitally verify many of your claims with the data available with them. In case of any discrepancy it can start investigation against the tax payer.

6.          Making false claims under Section 10: 

Many salaried tax payers while filing their tax return indulge in making false claims under section 10, viz. HRA, LTA, medical reimbursement, etc. Since last year the Tax Department has started comparing the data in the tax return with the income as reported in Form 16, Form 16A, Form 26AS.

 7. Inflating claim of home loan interest.

Making false claims on capital gains:  In the past a few taxpayers in a bid to save tax on their capital gains made false claims u/s 54, 54F, 54EC, etc. New ITR Form requires to submit the details of the investment made under these sections.

 Further with the linkage of Aadhaar and PAN with property transactions and the financial account, it would be easy for the tax department to verify your claims electronically.

Heavy Penalty if you do not file your tax return on or before 31st July 2018

Last Date for Return File 31 st July.Aftet that Rs.5000/-penality.After 31st Dec 10000/-penality.

Source: Financial Express

How to Serve Document on a Company under Companies Act ,2013?

How to Serve Document on a Company under Companies Act ,2013?

Section 20 of Companies Act, 2013.

Service of documents.—

Service of Documents on a Company

(1)  A document may be served on a company or an officer thereof by sending it to the company or the officer at the registered office of the company by registered post or by speed post or by courier service or by leaving it at its registered office or by means of such electronic or other mode as may be prescribed:

Service of Documents on a Depository

Provided that where securities are held with a depository, the records of the beneficial ownership may be served by such depository on the company by means of electronic or other mode.

Filing of Documents with the Registrar

2) Save as provided in this Act or the rules made there under for filing of documents with the Registrar in electronic mode, a document may be served on Registrar or any member by sending it to him  by post or by registered post or by speed post or by courier or by delivering at his office or address, or by  such electronic or other mode as may be prescribed:

Provided that a member may request for delivery of any document through a particular mode, for which he shall pay such fees as may be determined by the company in its annual general meeting.

Explanation.—For the purposes of this section, the term courier‘‘ means a person or agency which  delivers the document and provides proof of its delivery.

Bombay Stock Exchange Circular on SEBI Order as regards to appointment of directors in listed companies.- Compliance underRegulation 30 of the LODR.

 Bombay Stock Exchange Circular on SEBI Order as regards to appointment of directors in listed companies.

Enforcement of SEBI Orders regarding appointment of Directors by listed companies 

SEBI has issued instructions to all the Exchanges on June 14, 2018, wherein SEBI has referred to enforcement of its Orders debarring entities/individuals from accessing the capital markets and / or restraining from holding position of directors in any listed company.     

Vide this communication, SEBI has issued certain directions regarding enforcement and monitoring of the appointment of restrained persons mentioned in the SEBI orders. Accordingly, the directions issued for the Listed Companies are as follows:    

PERSON TO BE APPOINTED AS DIRECTOR SHALL NOT BE DEBARRED TO ACT AS DIRECTIOR BY SEBI ORDER

a.            Listed companies and its Nomination Committee while considering a person for appointment as director, shall verify that the said person is not debarred from holding the office of director pursuant to any SEBI order.  

BSE LISTED COMPANIES SHOULD AFFIRM THAT THE PROPOSED DIRECTOR IS NOT DEBARRED

b.         The Listed Companies shall, while informing the Exchange through corporate announcements for appointment of Director, specifically affirm that the Director being appointed is not debarred from holding the office of director by virtue of any SEBI order or any other such authority. Non-inclusion of such fact will be regarded as inadequate submission and the same would be subject to action as deemed fit under Regulation 30 of the LODR.  

 BSE LISTED COMPANIES SHOULD REMOVE SUCH DEBARRED DIRECTOR BY SEBI FROM DIRECTORSHIP

c.           In case an existing director is restrained from acting as a director by virtue of any SEBI order or any other such authority, the director shall voluntarily resign with immediate effect, failing which the listed entity shall initiate the process of removal of such director in terms of relevant sections of the Companies Act, 2013, and inform the Exchange about the same.  

Source- BSE Circular 

LIST/COMP/14/2018-19                                                                                            June 20, 2018

DEADLINES FOR LODR COMPLIANCES UNDER NSE / BSE LISTING AGREMENT IN JULY 2018

DEADLINES FOR LODR COMPLIANCES UNDER NSE / BSE LISTING AGREMENT IN JULY 2018

COMPLIANCE CALENDAR FOR LISTED COMPANIES

Under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

Regulation Reference	Period Covered	Last date of filing	Mode of filing at NSE	Mode of filing at BSE
Reg. 27(2)(a):Corporate Governance Report– Quarterly Compliance Report on Corporate Governance in prescribed format (applicable on the listed companies having paid up capital of more than 10 cr. And more than 25 cr. Of net worth)(Within 15 days of close of the quarter)	i) April 2018 to June 2018-Q1	i) 15th July 2018	NEAPS	BSE LISTING CENTRE
Reg. 13(3):Statement Grievance Redressal Mechanism– A statement giving number of investor i) Complaints pending at the     beginning of the quarter ii) Complaints received during the quarter iii) Complaints disposed during the quarter iv) Complaints remaining unresolved at the end of quarter (Within 21 days of close of the quarter)	i) April 2018 to June 2018-Q1	i) 21st July 2018	NEAPS	BSE LISTING CENTRE
Reg. 31(1)(b):Shareholding Pattern– Shareholding Pattern (Within 21 days of close of the quarter)	i) April 2018 to June 2018-Q1	i) 21st July 2018	NEAPS	BSE LISTING CENTRE
Reg. 32(1):Statement of deviation and variation– Statement of deviation and variation on quarterly basis for public issue, right issue, preferential issue indicating deviation as per regulation 32(1)	i) April 2018 to June 2018-Q1	i) 31st July 2018	NEAPS	BSE LISTING CENTRE
Reg. 29(1)(a) & Proviso of Sub-Reg. (2):Prior intimation of Board Meeting for financial results-Prior intimation of Board Meeting in which financial results is proposed to be considered and such intimation shall include the date of such meeting of Board of Director	i) April 2018 to June 2018-Q1	At least five days inadvance(excluding the date of intimation to stock exchange and date of Board Meeting. (5 Clear days)	NEAPS	BSE LISTING CENTRE
Reg. 33(3)(a):Financial Results– Quarterly financial results with Limited Review Report. Reg. 33(3)(d):Annual Financial Results– Audited standalone and consolidated financial results for the financial year along with audit report and either form A (unmodified report) or Form B (modified report) (Within 45 days of close of the 1st, 2ndand 3rd quarter and Within 60 days of close of the 4thquarter)	i) April 2018 to June 2018-Q1	i) 14th Aug 2018	NEAPS	BSE LISTING CENTRE
Reg. 34(1):Annual Report– Annual Report to stock exchange within 21 working days of it being approved and adopted in the Annual General Meeting as per provision of Companies Act, 2013	i) April 2017 to March 2018	Within 21 working days from the AGM	NEAPS	BSE LISTING CENTRE
Reg. 44(3):Voting Result– The listed entity shall submit to stock exchange, within 48 hours of conclusion of general meeting, details regarding the voting results in specified format.	Voting at General Meeting	Within 48 hour form the conclusion of general meeting	NEAPS	BSE LISTING CENTRE