Sarvaiya & Co.

22/12/2022

Exemption from filing Form GSTR-9 for FY 2021-22 is applicable to taxpayers having PAN Based Aggregate Annual Turnover up to Rs.2 crores
So if you have multiple GSTN and PAN based turnover is above 2 Crore then you have to file GSTR 9 for all GSTN

08/12/2022

The Sarvaiya & co have planned a fitness walk/ run this Saturday , 10th December 2022 from 8:00 AM onwards
Trail will be from National Park gate to Kanheri Caves and Return
All present and ex employees and trainees are invited.
Lets explore beauty of nature in this awesome atmosphere.

Thanks.

27/07/2022

500 ITR. Done.. !

05/11/2021

Happy Diwali & Prosperous New Year 🪔

03/08/2021

https://youtu.be/6QWj7ghLnok

Chartered Accountants are not Authorised to Certify Income Tax Returns As True Copy.

26/02/2021

Team Sarvaiya & Co.

28/04/2019

*Important*

*Dear all, Mumbai voting is on Mon 29/04. please note that, mobile phones are not allowed inside the polling booth as per Election Commission notification and also there is no facility to keep your mobile phones near the polling booth. Hence, remember not to carry your mobile phones while going for voting. Kindly circulate this message to all fellow citizens. Let us not miss the voting for any reasons*

22/04/2019

*Mandatory compliances of Private Limited Company:*

1. *Company Name Board-* Every Company shall paint or affix the name and address of registered office and keep the same painted/affixed, outside every office or place in which its business is carried on, in legible letters.

2. *Letter Head of Company-* Every Company shall get its name, address of registered office, CIN, telephone and email printed on all business letters, billheads, letter papers, notices and other official publications.

3. *First Board Meeting-* First Meeting of Board of Directors is required to be held within 30 days of Incorporation of Company. Notice of BM must be send to every director at least 7 days before the meeting.

4. *Subsequent Board Meetings-* Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings. In case of small company, it is sufficient to conduct only two Board Meetings.

5. *Issuing of Share Certificate -* Company is required to issue Share Certificates to the subscribers of memorandum within 60 days of Incorporation of Company.

6. *Filing of Disclosure of interest by Directors-* Every director at:
‐ First meeting in which he participates as director; or
‐ First meeting of Board in every FY; or
‐ Whenever there is change in disclosures

shall disclose in *Form MBP‐1* (along with list of relatives and concern of relatives in the Company as per RPT definition), his concern or interest in any company, body corporate, firm or other association of individuals (including shareholding interest).
Form *MBP‐1* shall be kept in the records of the company.

7. *Resident Director-* Every Company is required to appoint at least one Director who has stayed in India for a total period of not less than 182 days in the previous calendar year.

8. *Alteration in MOA and AOA-* Every alteration of Articles and Memorandum shall be filed with Registrar together with copy of altered Articles, notice of meeting and SR within 30 days of passing Special Resolution. Every alteration made in MOA and AOA shall be noted in every copy thereof.

9. *Registers-* Every Company shall keep and maintain following Registers in the specified format:

‐ Register of Members *MGT-1*
‐ Register of other Security Holders residing outside India *MGT-3*
– Register of Transfer and Transmission of Shares *SH-6*
– Register of Charge *CHG-7*
‐ Index of the Registers

10. *Other Registers-* Every Company shall keep at its Registered Office, a Register of Directors and KMP in the prescribed format containing prescribed particulars.

11. *Resolution-* Copy of every resolution (with explanatory statement, if any) or Agreement for the specified matters to be filed with ROC in *Form MGT‐14* within 30 days. Articles of Company shall have copy of resolution effecting amendment in AOA and Agreements referred in Section 117(3) of the Act.

12. *Minutes of Meeting-* Minutes of every general meeting, Creditors, Board and Committee shall be prepared and kept within 30 days of conclusion of every meeting concerned. All appointments in the meeting shall be included in the minutes. Minutes of each meeting shall be entered into Minutes Book along with date of such entry.

13. *Appointment of Director-* Every person to be appointed as Director shall provide his consent in *Form DIR‐2* and such consent shall be filed by the Company with ROC in *Form DIR‐12,* within 30 Days of appointment.

14. *Provisions related to DIN-* Every individual intending to be appointed as director shall make an electronic application in *Form DIR-3* to Central Government for allotment of DIN.

15. *Qualification of Director-* Declaration from Director at the time of appointment or reappointment in *Form DIR‐8* .Annual disclosure from Director to be taken.

16. *Number of Directorship-* No person shall be a director in more than 20 companies. Maximum number of public companies can be 10 (Director in Section-8 Co. and Dormant Director not to be included)

17. *Resignation by Director-* Director shall intimate his resignation to the Company, which the Company shall file with ROC in *Form DIR‐12* in 30 days. Company shall put resignation details on its website and in its Directors’ Report.

18. *Return of Director and KMP-* Return of Directors and KMP to be filed with ROC in *Form DIR 12,* within 30 days of appointment or change.

19. *Meeting at shorter notice-* Meeting can be convened on a shorter notice for urgent matters. Consent from not less than 95% of members entitled to vote thereat.

20. *Quorum‐* Quorum shall be one‐third or two directors, whichever is higher. Directors participating through Video Conferencing shall be counted for the purpose of quorum.

21. *First Auditor-* First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM. In case of First Auditor, filing of ADT-1 is not mandatory.

22. *Subsequent Auditor-* The BOD shall appoint the auditor in first AGM of company who shall hold the office till the conclusion of 6th AGM and shall inform the same to ROC by filing *ADT-1.* The responsibility to file Form ADT 1 is that of the company and not of the auditor within 15 days from the date of appointment.

23. *Ratification of Auditor-* Shareholders will ratify the appointment of Auditor in every AGM but there is no need to file ADT-1 for ratification.

24. *Casual Vacancy of Auditor-* If Casual Vacancy is arising due to the resignation of auditor, it shall be filled within 30 days of BOD meeting, subject to approval in General Meeting (AGM or EGM). Any auditor appointed in a Casual Vacancy shall hold office until the conclusion of the next Annual General Meeting.

25. *ADT-3-* The auditor shall file with the company a resignation letter stating the reason for resigning and file Form ADT-3 with the registrar within 30 days from the date of resignation. Filing form ADT-3 is the responsibility of the auditor and can only be filed if ADT-1 of the relevant auditor was filed.

26. *Annual General Meeting-* Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6pm), on a day that is not a public holiday and either at the registered office of the Company or within the city, town or village where the registered office is situated. A 21 clear days’ notice is required to be given for the same.

27. *Filing of Financial Statements-* Every Company is required to file its Financial Statements within 30 days of its Annual General Meeting with Registrar of Company in *E-Form AOC-4.* The same shall be digitally signed by one director and certified by CA/CS/Cost Accountant in Practice.

28. *Filing of Annual Return-* Every company is required to file its Annual Return with Registrar of Companies within 60 days of Annual General Meeting in E-Form *MGT-7.* A company having turnover of INR 50 Crore or more shall be certified by a Practicing CS in Form *MGT-8.*

29. *Regularisation of Additional Director-* If company wants to appoint additional director as director, then it shall regularize the person as director in General Meeting by passing Shareholder Resolution. File form *DIR-12* for Change in Designation of Director along with ordinary resolution within 30 days of AGM.

30. *Directors’ Report-* Directors’ Report is to be filed within 30 days of AGM along with Form AOC-4. It should be signed by the “Chairperson” authorized by the Board, where he is not so authorized by at least 2 Directors.

31. *Filing of Financial Statements of a Foreign Co.* -Every Foreign Company is required to file Annual accounts (consolidated financial statements/ global accounts) along with the list of all principal places of business in India within 6 months of close of the Financial Year.

32. *Filing of Annual Return of a Foreign Co.-* Every foreign company shall prepare and file annual return of the company in e-Form FC-4 within 60 days from the close of financial year.

15/03/2019

Some social rules may help you to look professional:

1. Don’t call someone more than twice continuously. If they don’t pick up your call that means they have something more important to attend to.

2. Return money that you have borrowed even before the other person remembers lending it to you. It shows your integrity and character. Same goes with umbrellas, pens and lunch boxes.

3. Never order the expensive dish on the menu when someone is treating you for lunch/dinner. If possible ask them to order their choice of food for you.

4. Don’t ask awkward questions like ‘Oh so you aren’t married yet?’ Or Why didn’t you buy a house?’ For god’s sake it isn’t your problem.

5. Always open the door for the person coming behind you. Doesn’t matter if it is a guy or a girl. You don’t grow small by treating someone well in public.

6. If you take a taxi with a friend, and he/she pays now, you pay next time.

7. Respect different political opinions.

8. Never interrupt people talking.

9. If you tease someone, and they don’t seem to enjoy it, stop it and never do it again.

10. Say “thank you” when someone is helping you.

11. Praise publicly. Criticize privately.

12. There’s almost never a reason to comment on someone’s weight. Just say, “You look fantastic.” If they want to talk about losing weight, they will.

13. When someone shows you a photo on their phone, don’t swipe left or right. You never know what’s next.

14. If a colleague tells you they have a doctors appointment, don’t ask what it’s for, just say hope you’re ok. If they want to talk about it they will and you don’t put them in the uncomfortable position of having to tell you their personal illness.

15. Treat the cleaner with the same respect as the CEO. Nobody is impressed at how rudely you can treat someone below you but people will notice if you treat them with respect.

16. If a person is speaking directly to you, staring at your phone is rude.

17. Never give advice until you’re asked

18. When meeting someone after a long time, unless they want to talk about it, don’t ask them their age and salary.

19. Mind your own business unless anything involves you directly — just stay out of it.

20. Tak e off your sunglasses if you are talking to anyone in the street. It is a sign of respect and more eye contact is as important as your speech.

I think this message is useful hence shared.. hope thats fine.. 🙏

05/02/2019

The Ministry of Micro, Small and Medium Enterprises issued a notification on November 2, 2018, which prescribe half-yearly reporting to Ministry of Corporate Affairs (MCA) for the Companies which receives services or goods from micro or small enterprises and whose payments to micro and small enterprises suppliers exceed 45 days.

Classification of Micro and Small Enterprises:

Investment in plant and machinery/ equipment (excluding land and building)

Manufacturing Enterprises

Micro
Up to 25 Lakh

Small
From 25 Lakh to 5 Crore


Service Enterprises

Micro
Upto 10 lakh

Small
From 10 Lakh to 2 Crore

The legal text of the notification is stated below for your reference:

In exercise of the powers conferred by Section 9 of the Micro, Small and Medium Enterprises Development Act, 2006, (the “Act”) the Central Government hereby directs that all Companies who get supplies of goods or services from the micro and small enterprises and whose payments to micro and small enterprises suppliers exceed forty five (45) days from the date of acceptance or date of deemed acceptance of the goods or services as per the provisions of the Act, shall submit a half yearly return to the Ministry of Corporate Affairs (“MCA”) stating the following:

(a) The amount of payments, and

(b) The reason of delay.



Consequences of delaying payment of Micro/ Small Enterprise for more than 45 days:

As per Section 16 of the Act, if a buyer fails to make the payment within the stipulated date to MSME, it will be liable to pay compound interest with monthly rests on the outstanding amount additionally. The interest shall be calculated from the appointed date at three times of the bank rate notified by the RBI.

Our team has taken an initiative to help clients understanding & complying with the requirements. It’ll help them to run & grow their business smoothly & more importantly to avoid huge cost of non-compliance.

In case you need our help, kindly get in touch.

Sarvaiya & Co.
Dharmesh Sarvaiya

09/05/2018