The Law Bite

  Annual Return on Foreign Liabilities and Assets (FLA Return) Annual Return on Foreign Liabilities and Assets:- Applicability : Annual Return on Foreign Liabilities and Assets is required to be filed by those entities which have received FDI and/or made overseas investments in any of the previous year including the current year. i.e. Entities which have foreign liabilities and assets standing in their balance sheet. Meaning of Entities : Here the word entities means and includes (a) Company registered under the Companies Act, 2013. (b) LLPs incorporated under the LLP Act, 2008. (c) Others [including SEBI registered Alternate Investment Funds, Partnership Firms, Public Private Partnerships (PPP)] Due Date : Due date for filing Return on Foreign Liabilities and Assets for FY 2021-22 is 15 th July, 2022. It is not necessary that FLA Return is to be submitted on the basis of audited Financial Statements only. If the accounts of the entity are not audited then the FLA Re...

  FILING OF FORM DPT-3 (RETURN OF DEPOSITS) FILING OF RETURN OF DEPOSITS (FORM DPT-3):- As per the provisions of Rule 16 of the Companies (acceptance of deposit) Rules, 2014, every company except Government Company, which is accepting deposits under the provisions of Section 72 & Section 76 of the Companies Act, 2013 is required to file Return of Deposits in Form DPT-3 with the ROC on an annual basis on or before 30 th June of the immediate next Financial Year. Further, every company which is engaged in the transactions which are not considered as deposits shall also file this form with ROC on or before 30 th June of the immediate next Financial Year. Few examples of transactions which are not considered as deposits are: (a) any amount received by the company from any other Company. (b) any amount received from a person who at the time of   receipt of the amount was a director of the company or a relative of director of the Private company. (c)   any amount ...

  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 ...