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MCA updates - April 2016



Notification

(1)       Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2016

 

 

MCA Notification – April 4, 2016

 

Amendment to the existing Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015


Applicability:

Companies in

         -      Banking
         -      Insurance
         -      Power sector
         -      Non Banking Financial Companies
         -      Housing Finance Companies

Crux of the Notification:

 

-   This notification exempts housing finance companies in addition to the exemption provided to certain companies (Banking, Insurance, Power sector, Non Banking Financial Companies) under Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rule 2015 from filing their financials in XBRL.

 

Source:



(2) Amendment in Schedule III of the Companies Act 2013

 

MCA Notification – April 6, 2016

 

Amendment to Schedule III of the Companies Act 2013


Applicability:

To all companies

Crux of the Notification:

 

This notification makes the following amendments to Schedule III of the Companies Act 2013:

a.    The following statement shall appear above the current heading in the Schedule III of the Companies Act 2013

Financial statements for a company whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standard) Rules, 2015

b.    Division II under Schedule III has been inserted to lay down general instructions for preparation of financial statements of the company required to comply with Ind AS.

Few general instructions are as follows:

-  Every company to which Ind AS is applicable shall prepare the financials in accordance with schedule III

-  Where the company is required to make such disclosures, additions, amendments, substitutions or deletions or any other changes in the financial statements or statement forming part thereof, the same shall be made and the requirements under this Schedule shall stand modified accordingly.

-  Depending on the turnover the figures in the financial statements shall be rounded off as below:

Turn over
Less than 100 Crore
100 Crore or more
Rounding off
To the nearest hundreds, thousand, lakhs or millions, or decimals thereof.
to the nearest,  lakhs, million or crores or decimals thereof .
                                     
 Source:
MCA Circular

(3) Clarification with regard to Companies (Accounting Standards) Amendment Rules 2016

MCA Circular

 

General circular no: 4/2016 dated April 27, 2016

 

Applicability:

To all the companies

Crux of the Circular:

The Ministry has clarified that the amended accounting standards shall be used for preparation of accounts for the accounting periods commencing on or after the date of this notification. Ie. April 27, 2016.


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(4) Relaxation of additional fees and extension of last date of filing of various e-forms under the Companies Act – reg.

MCA Circular

 

Circular No 03/2016 dated April 12, 2016


Applicability:

To all Companies

Crux of the Circular:

 

-      As the shareholders faced many issues at during the launch of the system V2R2, the Ministry has decided to relax the additional fee payable on e-forms that were due for filing by companies between March 25, 2016 to April 30, 2016.

-      Further no relaxation shall be given if such due e-forms are filed after May 10, 2016.

Source



(5) Others MCA information:

-       MCA has recently updated:

o   forms namely INC-1, INC-7, DIR-3, MGT-6, FC-4
o   LLP forms namely Form 3, Form 4, Form 8 and Form 15

-      MCA has addressed few common queries faced by the stakeholder. The same is available here .

-      If for any reason the uploaded eform was unsuccessful and where no option is available for making such payment again, then ensure to cancel the SRN before refiling the same.

Source:

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