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Importance of Audit Trail in Accounting Software

The MCA vide its notification dated 24th March, 2021 had introduced the concept of audit trails by inserting proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 wherein it was provided that “for the F.Y. commencing on or after 1st April, 2021, every company which uses accounting software for maintaining its books of account, [&...

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Posted Under: Company Law |

Buyback of Shares of Private/Unlisted Company

Meaning of Buyback for Private Company or Unlisted Company Buyback is governed by section 68 of the companies act, 2013, Buy back of shares means purchase of its own shares by a company: When shares are bought back by a company, they have to be cancelled by the company. Thus, share buyback results in decrease in […]...

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Posted Under: Company Law |

A GIST About Secretarial Standrads

Secretarial Standards are policies that define a typical structure and process for carrying out particular tasks within an organisation. Secretarial Standards covering a variety of subjects, such as Board of Directors and General Meeting meetings, the upkeep of registers and records, and the selection and compensation of directors, have b...

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Posted Under: Company Law |

Conversion of ECB into Equity Shares

For Conversion of ECB into Equity it is mandatory that company had entered into agreement at time of raising loan and it is mentioned in any clause that company can convert loan into Equity/Preference shares in future....

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Posted Under: Company Law |

Procedure for Conversion of OPC Into Private Company

One person Company is totally a revolutionized concept brought by Companies Act, 2013 where a single person can easily form a company of his own enjoying both the benefits of sole ownership as well as corporate identity....

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Posted Under: Company Law |

Understanding Section 62(4) of Companies Act with Practical Example

The sub section (4) of section 62 of companies act 2013, also talks about conversion of loans, debentures raised from government into equity of the company  when it may be necessary in public interest however it doesn’t specifically mention conversion only when the company is in distress...

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Posted Under: Company Law |

Appeal Procedure Under Companies Act, 2013

Companies Act, 2013 has provided a comprehensive framework for adjudication of disputes that arise between the companies and the Registrar of Companies (ROC) appointed by the Minister. This Law aims at regularizing the functioning of corporate law and reducing the complexity associated with arbitrary decisions and lengthy processes. All c...

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Posted Under: Company Law |

Exemptions from Income Tax (Non-Taxable Income)

Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be exempt from tax for a variety of reasons, such as being below a certain threshold or being earned through certain sources. In this article, we will delve deeper into the concept of […]...

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Posted Under: Service Tax |

One Person Company (OPC) – Features, Advantage, Disadvantage, Formation Process

One Person Company (OPC) is a relatively new form of business entity introduced in India in 2013 under the Companies Act, 2013. It is an excellent option for small business owners and entrepreneurs who want to start a company with a single member, where the member can act as both the director and shareholder. The […]...

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Posted Under: Company Law |

Audit Trail feature in accounting software from 1st April, 2023

MCA made it mandatory for every company to fulfill requirement of an audit trail feature in their accounting software from 1st April, 2023....

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Posted Under: Company Law |