Mercurius Advisory Services Pvt. Ltd. works from its administrative center situated in New Delhi, India and has partners working across India and USA. We work to fabricate a superior world and give quality consultancy administrations to cater the particular necessities of our clients situated in India as well as abroad.

We have a group of qualified experts including Chartered Accountants, Company Secretaries, Certified Public Accountants (CPAs), Lawyers, MBAs and so on, having essential abilities and involvement with offering proficient warning types of assistance on bookkeeping, inspecting and affirmation, inner review, charge review, accounting, business process rethinking, tax assessment, unfamiliar direct venture, organization development, valuation, monetary/bequest arranging, the board counseling and corporate preparation.

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Difference between MGT-7 and AOC-4

Companies in the corporate world must comply with various requirements laid down by the Companies Act, 2013. One of them includes annual Roc filling, which includes filling of MGT-7 & AOC-4, which must be filed annually; these are called annual filling regarding the Companies Act, which the company has to do at the end of every year.

Mercurius Advisory Services Pvt. Ltd. operates from its head office located in New Delhi, India and has associates working across India and USA. We work to build a better world and provide quality consultancy services to cater the specific requirements of our clients located in India as well as abroad.

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Amendment to Schedule III of Companies Act 2013

MCA has revised Schedule III of Companies Act 2013 to increase strictness in compliances and add several additional disclosures in Financial Statement. The main purpose behind these amendments is more clarity.

Financial statement of the company The Ministry of Corporate Affairs (MCA) vides notification dated 24 Mar 2021 has revised Schedule III to the Companies Act, 2013, which shall be effective from the 1st day of April 2021. Earlier companies had to round off the figures developing in the financial statements based on “turnover”; however, based on the latest amendment, circulating off will be based on your company’s “total income”.

Purpose of amendment In recent years, there have been significant changes in the detailed requirement by the auditors, but no such corresponding amendments were made in Schedule-III for the preparation of the financial statements. Thus, to range the company’s financial statements in accordance with the auditor’s reporting requirements, the following amendments have been considered in this write-up. majority of the amendments to Schedule III to the Companies Act, 2013 have been assumed in response to the amendments protected in the newly issued Companies (Auditors and Report Order) 2020 and the Companies (Indian Accounting Standards) Amendment Rules, 2020.

Brief on amendments to Schedule III Division I, to the Act (for Companies whose financial statements are required to observe with the Accounting Standards):

General instruction for preparation of balance sheet

Rounding off It’s choice to do rounding off of figures till fiscal year ended 31.03.2021. To round off the figures appearing within the Financial Statements for the fiscal year ending 31.03.2022, the entire income of the corporate shall be considered because of the basis.

Additional disclosure in notes to balance sheet Shareholding of promoter The note on share capital in the financial statements shall mention details of the shareholding of the advances along with changes, if any, during the financial year.

Additional disclosure in notes to profit & loss account: Undisclosed Income (Reconciliation of Income Tax and Companies Act) The company shall give specific transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, unless there is exclusion for disclosure under any scheme and also shall state whether the previously unrecorded income and related assets have been properly recorded in the books of account during the year.

We assist our clients in dealing with compliances related to company incorporation, business setup, ROC filings, and winding up of the company etc. if you have any questions or wish to know more about Amendment under Schedule III of Companies Act, kindly contact us.

Conversion of LLP into Private Limited Company

A limited liability partnership (LLP) is a corporate business form blending attributes of both company and traditional partnership firms. It offers the benefits of limited liability to the partners. The concept of LLP was emerged and took place in statutes in 2008 while the idea of a private company is much older.

LLPs offer several benefits like separate legal entity, limited liability of partners, perpetual succession, lesser compliance cost than companies etc. However, despite several benefits of LLP, there are some drawbacks, like:

LLPs incline income tax at the rate of 30%, while companies attract income tax at 22%. Therefore, it is the most significant advantage of a company over LLP.

LLPs do not have the idea of shareholding. So, venture capitalists and private equity investors who actively want to participate in business management do not prefer to invest in the LLP.

Bankers prefer to lend companies than to LLPs. So, companies have better borrowing capacity.

In India, private companies are among the foremost common business structures. They provide higher chances of growth and development and are best for raising equity capital, which isn’t possible in LLP. LLP structure isn’t suitable if the owners are necessary for speculators or private equity investors to take a position in their company. They might prefer to infuse in a private limited company and not a partnership or LLP. The second cause for conversion is that the FDI, just in the case of a personal Ltd., doesn’t need any approval; it is often done directly, unlike in an LLP. Usually, if the promoters or owners of the corporate are NRI’s or a foreigner incorporating a personal Ltd. may be a recommended choice over an LLP. Hence conversion is mandatory if the requirements mentioned above need to be fulfilled.

Benefits of converting LLP into a limited company

Easy fundraising

Separate legal existence

Limited liability of owners

ESOPs to employees

Documents required for conversion into a private company

Pan card (PAN card of shareholders and directors, foreign nationals may cater a passport)

Identity proof

Address proof

Photograph

Business address proof

NOC form owners

Rent agreement

Copy of ITR (a copy of the recent ITR filed by the limited liability partnership.)

Note- In the case of NRI or foreign national, documents of director(s) must be notarized or apostilled.

Procedure to convert LLP into a private company After obtaining the approval of the name, the applicant must file the shape alongside the documents required with the ROC (Registrar of Companies) within 20 days of the date of approval of the name.

Below is the list of documents that are essential for filing with the ROC for the LLP conversion to the company:

E-form URC-1 The corporate must file the e-form URC-1 alongside the documents that are mentioned below:

A list that conveys the names, addresses, and occupations of the corporate partners alongside shares details that they hold.

A list shows the names of the persons who are the company’s first directors.

An affidavit should be taken from each and each one that is appointed because the first directors of the corporate during which it must be written that he’s ‘not disqualified from being a director’ as per the sub-section (1) of section 164 and also that the documents that have been certified with the Registrar for registration of the corporate have the right, accomplished and true information as per the understanding and belief.

A list restrains the names and addresses of the LLP (limited liability partnership) partners.

A duplicate of the agreement of the LLP.

The assets and liabilities statement of the LLP (limited liability partnership) appropraitely given by the practice accountant must be made not before the 30 days mentioned after the filing of the shape no. URC-1.

A copy of the current ITC (income tax return) of the LLP (limited liability partnership).

An agreement that the determined directors of the corporation must follow the wants of the Indian Stamp Act, 1899 (2 of 1899).

The agreement or NOC (no objection certificate) must be written from all the applicant’s acquired creditors.

The majority of the partners must specify an agreement in writing.

A statement containing the given below particulars-

The company’s nominal share capital and in what percentage shares it’s dissected;

How many shares are taken, and how much is paid on each of the shares.

Company’s name alongside the ‘Limited’ or ‘Private Limited’ words added after the name as per the administrators’ need.

E-form INC- 33 / INC-33 / INC-34 The company must compulsory file the INC-32/ INC-33/ INC-34 forms with the associated forms such as URC-1 and also across with all the documents which are essential in the normal Incorporation of the company such as:

Applicable fee The fee details for the conversion of the partnership firm into the company are tabulated here. The e-form filing fee rates are provided as per the companies (registration of offices and fees) rules, 2014.

We assist our clients with registration/ incorporation of LLP, annual compliance with LLPs, setting up their business in India, and compliance related to company incorporation, ROC compliance, company winding-up, etc. If you would like to know more about LLP into a private company, kindly contact us.

Bookkeeping

Bookkeeping is a crucial part in the whole process of accounting. It is generally defined as a process of systematic recording of financial transactions like sale, purchase, receipts and payments. Our team of experts provides you quick and easy access to qualified bookkeepers and accounting professionals. Even if you procure an established business and your in-house bookkeeper is unable to keep pace with the quantum of work, we can deliver the most efficient bookkeeping solutions at cost-effective rates. Our online bookkeeping services will help you reduce costs and manage your books efficiently.

Benefits Of Filing Income Tax Return The rules & regulations concerning tax return filing in India are enumerated within the tax act, 1961. These rules are to be followed by every registered taxpayer who possesses a legitimate PAN card and files ITR during a fiscal year . ITR must be filed during a prescribed format and will be submitted with the tax department before the maturity so on avoid a penalty.Gone are the times when it had been a sophisticated process of online ITR filing but now with the arrival of technology, the tax department is continuously modifying the tax return filing interface.Different types of ITR forms which a taxpayer has got to file & benefits related to online ITR filing:1.) Dodge the penalties & scrutiny by tax authorities From FY 2018-19 & 2019-20; Rs 10,000 would be levied for non-filing of ITR. This penalty levy will always be there in your ITR filing record. To strengthen your ITR, one must avoid penalties and check out to file tax return on or before maturity .2.) Improve your credit documentation process Filing ITR will assist you in your loan application; all major banks invite a replica of tax returns prior reviewing your application for a automobile loan , consumer loan or home equity credit . as an example , the depository financial institution of India asks two-wheeler or four-wheeler loan applicants for documents just like the latest salary slip that reflects all deductions, TDS certificate/Form 16, and replica of ITR for the last two financial years. Keeping a replica of your ITR receipt handy may be a good idea if your application is rejected or if you’re getting a loan amount much lesser than what you had applied for. If you’ve got a refund due from the tax department, you’ll need to file returns so as to say the refund.3.) Compensate losses within the next financial years Filing of the ITR is vital as you can’t recompense your expenses & losses within the previous fiscal year to the present fiscal year . As per the income-tax provisions, if tax returns aren’t filed on time, unadjusted losses (with some exceptions) can’t be carried forward to future years.4.) Processing of VISA Foreign embassies, especially those of the US, UK, Canada or Europe, invite your ITR receipts of the last few years at the time of the visa interview. Some may even invite receipts of the last three years, while some others may invite the foremost recent one. ITR receipts help them assess your income and indicate that you simply are going to be ready to lookout of the expenses on the trip. They also indicate that you’re someone who isn’t leaving the country permanently but will return. Before undertaking visit a particular country, ask the respective embassies on documents that you simply should keep it up your foreign visit that country-salary slip, Form 16, and ITR receipts. These requirements may vary from one consulate to a different .5.) Legal document Having an ITR receipt is vital because form 16 is nothing but a politician document, entailing your income & tax charged there upon, along side revenue from other various sources. ITR receipt is shipped to your registered address, which acts as a residential proof for the taxpayer. Therefore there are multiple uses of ITR filing viz. address proof, income proof & proof of tax filing.6.) Tax refund There are various instances during a fiscal year during which there has been tax deducted at source (TDS) on investment. So so as to say TDS refund, one will need to file the ITR to say refund of an equivalent ,”

Company Registration Procedure India Step 1 - Obtaining Direct Identification Number (DIN)Obtain Directors Identification Number (DIN) for proposed Directors of the new Company Registration in India3 -5 Days Can be performed simultaneously with step 2

Accounting and Bookkeeping

We at AJSH believe in providing timely and quality services to our clients thereby shifting compliance load from your shoulders to ours. The procedure for recording financial transactions of a business in an accounting system and creation of reports is termed as bookkeeping. Maintaining books of accounts is a statutory obligation for all forms of businesses except for a sole proprietorship. Accounting and bookkeeping are such services offered by our organization where people can outsource either entire accounting functions or segments of it to us such as payroll, accounts receivables or payables, etc. We cater to businesses located in India as well as abroad.

This service is ideal for the business that is virtual or home-based and wants to maintain a lower overheads cost or for entities seeking professional expertise to manage the accounting / financial functions of its business. Many small businesses are not equipped with complete accounting skill set and require bookkeeping services from external sources. Our experts are seasoned and can handle tasks like drafting of financial statements, budget analysis, management reporting, etc. We use tracking and recording information in advanced accounting softwares accustomed to clients specific needs.

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S C Bhagat & Co. is a leading chartered accountancy firm rendering comprehensive professional services which include Audit, Management Consultancy, Tax Consultancy, Accounting Services, Manpower Management, Secretarial Services etc.

S C Bhagat & Co. is a professionally managed firm. The team consists of distinguished Chartered Accountants, Corporate Financial Advisors and Tax Consultants. The firm represents a combination of specialized skills, which are geared to offer sound financial advice and personalized proactive services.

India Outsource provides a full range of accounting and bookkeeping services to small and mid-size firms. Our main objective is to assist business’s, enabling them to specialize in their core business and outsource the function of accounting and bookkeeping. Our years of experience differentiates us from other firms providing similar services. We provide timely, cost effective and customized accounting solutions to clients who outsource accounts to India.

Brooks Consulting Private Limited, was established by a team of dedicated and trained professionals to be the single stop for Company Formation in India, business and legal services for clients in India and abroad.

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