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Allied Registrations



Annual Filing – Income Tax Returns (ITR)

As the due dates approaching to file Income Tax Return gets closer, here is an exploring situation wherein one has to be clear & aware whether they are required to file ITR or not. Income Tax Return are to be filed under the following situations:

  • In case of individuals, if gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000/-. This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old).
  • In case of a company or a firm irrespective of whether there is any income or loss or NIL income during the financial year, it is mandatory to file income tax return.
  • It is now mandatory to do E filing of Income Tax Return is compulsory even if you want to claim income tax refund.
  • It is mandatory to file IT Return, In order to carry forward loss under any head of income.
  • Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to RNORs).
  • If you are a Resident and have signing authority in a foreign account. (Not applicable to RNORs).
  • You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  • If tax has been deducted from your income, then you must file income tax return to avoid notice from the income tax department as it has information about your income.
  • If you have entered into any transaction listed under the Annual information Return (AIR) then you must file your IT Return as the income already has notice about you being involved in such transactions and may send you a notice asking about your income tax return. Examples of such transactions are sale/ purchase of immovable property above Rs. 30 lakhs, Payment through credit card of more than a specified limit during the financial year.
  • It is advisable to file your ITR as you have been filing your income tax return during the previous years for the current financial year also even though you may not be liable to just to avoid a notice from the income tax department.
  • If you are planning to borrow loans or apply for a visa, a proof of return filing may be required from you.

Annual Returns under the Company Law

Annual return is an important document, designed to provide information to stakeholders about the company, promoters, members, meetings and remuneration of directors and key managerial persons (KMP).
The intention of legislation under Companies Act, 2013 is to improve corporate governance and empower shareholders. The Act has incorporated a framework which is based on self-regulation but with enhanced disclosures and accountability on the part of companies and their managements.
Section 159,160,161,162 & Schedule V deals with the Annual Return & related provisions under Companies Act,1956. But in Companies Act, 2013 all these sections are combined together in one Section namely – 92.

Preparation of Annual Return: Every company shall prepare a return (hereinafter referred to as the annual return) in Form No.MGT-7 containing the particulars as they stood on the close of the financial year.
Particulars of Company Annual Return:

  • Its registered office, principal business activities, particulars of its holding, subsidiary and associate companies;
  • Shares, debentures and other securities and shareholding pattern;
  • Its indebtedness;
  • The members and debenture-holders of the Company along with changes therein since the close of the previous financial year;
  • The promoters, directors, key managerial personnel along with changes therein since the close of the previous financial year;
  • Meetings of members or a class thereof, Board and its various committees along with attendance details;
  • Remuneration of directors and key managerial personnel;
  • Penalty or punishment imposed on the company, its directors or officers and details of compounding of offences and appeals made against such penalty or punishment;
  • Matters relating to certification of compliances, disclosures as may be prescribed;
  • Details, as may be prescribed, in respect of shares held by or on behalf of the Foreign Institutional Investors indicating their names, addresses, countries of incorporation, registration and percentage of shareholding held by them; and such other matters as may be prescribed.

Contents / Documents needed to prepare Annual Returns
  • Memorandum & Article of Association
  • Statutory Registers
    • Register of Members
    • Register of Directors
    • Register of Director Shareholding
    • Register of Key Managerial Personnel
    • Register of Related Party Contracts
    • Register of Loan and Investment
    • Register of Charge
    • Register of Securities
  • Minutes of the Meetings
      • Board Meeting General Meeting Committee Meeting
  • Attendance Sheet of the all Meetings
  • Forms & receipts filed with the Registrar of Companies
  • Indebtedness Certificate signed by Company Secretary/ CFO of the Company.
  • Latest Audited Financial Statement
  • Copy of Notice of Annual General Meeting
  • List of Shareholders as on 1st April and 31st March
  • List of Share Transfers during the Financial Year.
  • Any orders received by the company from the High court or from any other regulatory body
  • List of Promoters

Business Advisory & Business Consulting

Advisory Services
It is very important for any business to adopt strategic planning to achieve its long term goals and objectives and optimize the present resources. During this process, one faces a lot of challenges and needs to identify the various options and alternatives present before them to solve the problems.
Significance of Business Advisory Services:

  • It self propels each & every organization to develop personal and professional, management and leadership qualities.
  • It creates the business aware of its strengths, weaknesses, threats, and opportunities (SWOT).
  • It helps to recognize and deal with the challenges in Management, Leadership, Accounting, Marketing, Finance, Project Management and Interpersonal Relationships.

    • Today, organizations in all industries are under enormous pressure to do more with less. They require greater efficiency from their business process services (BPS), and seek to maximize revenue, reduce costs and drive growth through innovation. As new technologies enable digital transformation, there is an increasing focus on automation, context-aware capabilities and real-time information insight. Management today is a highly specialized field with multiple responsibilities and aspects under its umbrella. The performance, success and the ultimate achievement of a business venture depends to a large extent on the managerial efficiency and efficacy of the organization. A business cannot afford to let go the reins of progress. They have to be managed and harnessed. Professionals help you to do this and direct your business in the direction you want to take it to.

    Our industry-savvy consultants enable businesses to rethink how to run businesses efficiently. We collaborate with clients to understand their business objectives, performance parameters, and non-performance factors. This continuous collaboration helps us create a roadmap to improve their performance, drive growth initiatives, and enhance their productivity.

    Consultancy on Company Law Matters

    At Companies Form our advisory team aim to ensure compliance with relevant regulation while ensuring that the business needs of the clients are taken care in structuring the compliance functions.
    These are the days of increasing complexity due to Legal Laws Inbound & Outbound & the changing laws that makes it critical for the Company to structure & mitigate its tax & compliance functions. Hence Company Legal Compliance is now viewed as a separate service function in the Organization due to its importance & requirement to comply.
    We help firms interpret and comply with the rules and regulations in order for them to continue to operate in their chosen sectors. The Consultation under Companies Act not only covers guidance and/or assistance with interpretation pertaining to Company Law Consultancy Services offered by us include.

    • Company secretarial matters such as the necessary companies House filings
    • Matters affecting share capital and distributions
    • Maintenance of Statutory Registers & Records
    • Statutory provisions pertaining to Board Meetings, Statutory Meetings.
    • Capital Raising Transactions and Support Services
    • Represent to Ministry of Corporate Affairs & SEBI
    • Petitions to Company Law Board
    • Company Law Compliance and Appeals
    • SEBI Regulations and Compliance
    • Advise on BIFR and Company Law Board
    • Assistance in coordinating with Lawyers

    Tax Regulatory & Advisory Services

    Taxation is a crucial aspect of doing business in today’s globalised world. The high rate of tax and constant changes in India's tax and regulatory environment can make the task of establishing and managing operations in the country a complex one. The services of a tax advisor are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations.
    The benefits to an organization of using effective tax planning to its competitive advantage are far too important to underestimate. In today’s dynamic business world, organizations expect the tax function to contribute, just like any other, to business and financial performance. Effective tax rate, whether domestic or across multiple jurisdictions, has direct impact on market valuation. How tax is treated in a transaction can be critical in determining the success of a new venture. The ability to minimize tax and maximize value depends on the ability to implement a forward-looking tax strategy. Particularly, the speed at which ideas can be effectively put into action is more critical than ever before.
    At Companies Form Tax services are directed to help you attain your business tax compliance and advisory needs. Our advisory team of corporate tax professionals draw on their diverse experiences and knowledge to provide seamless service through the entire spectrum of challenges pertaining to planning, financial accounting and tax compliance.
    We broadly categorize the Tax Advisories under two sub headers :

    • Business Tax Advisory & Compliance
    • Tax Accounting & Risk Advisory Services Tax Accounting & Risk Advisory Services