The Law Bite

  LINKING & UPDATION/MODIFICATION OF IEC CODE APPLICABILITY :- All individu als and every other entity who is a holder of IEC Code is required to update IEC Code every year between 1st April and 30th June, irrespective of whether there is any change in the particulars of IEC Code or not.                    For FY 2021-22 the last date to update/ modify IEC Code has been extended to 31st july 2021.                         If the holder fails to update IEC Code before the due date his/ its IEC Code shall be deactivated and can be re-activated after complying with the above requirements and upon payment of penalty. HOW TO LINK AND UPDATE/MODIFY THE IEC CODE:-   follow the following steps: ·         Visit www.dgft.gov.in ·         Click on the log-in tab ·      ...

  MSME Form-1 ·        Applicability :- Companies which accept supplies or services from MSME and If payment for such supplies received or services availed is due for payment to MSME for more than 45 days from the date of acceptance. ·          Due Date of filing - on half yearly basis within thirty days of completion of each half year (till 31 st October & 30 th April). ·          Date of commencement:- 1 st May 2019. ·          Not applicable on Medium Enterprises. ·          Definition of Micro, Small & Medium Enterprises - (Old) Classification Ceiling on Investment in Plant and Machinery (in INR) for enterprises engaged in or production, processing or preservation of goods Ceiling on Investment in equipment (in INR) for enterprises engaged in service sector ...

  Checklist of P rocedure  and Documents for conversion of Company to LLP: Meaning:-   LLP stands for Limited Liability  Partnership . It is an alternative corporate business form that offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal body, liable for the full extent of its  assets . The liability of the partners, however, is limited. Hence, LLP is a hybrid between a  company  and a partnership. It is not the same as limited liability company LLC. Process & Documents:- 1.   Obtain DPIN of all the prospective partners (Partners having DIN are not required to obtain DPIN) 2.  Number of designated partners should be atleast 2.  The shareholders should be designated partner of  LLP 3.  Meeting of Board of Directors of Company      ...