Dear Expert,
The definition of Sec 2(85) says ‘turnover as per profit and loss account for the immediately preceding financial year does not exceed two crore rupees or such higher amount as may be prescribed which shall not be more than one hundred crore rupees…”.

So what is the turnover threshold for getting classified as Small Company currently ?
Is it two crore, 100 crore or is there any other amount prescribed by the MCA.
Pls update since the turnover of my client is 5cr as per last year audited FY.

Dear Sir,
please guide us
today I gone for Lakshmi Vilas banks statutory audit, in one of the account, the company has not done charge registration which is a mortgage with the banks
The bank's manager version is the assets are the property of the Directors daughter, hence charge registration not required
Pls, confirm that charge registration is mandatory to be made for assets of the company/assets of the Director or any one's assets?
please confirm how to much with the above situation!!

A Farmer Producer Company is newly incorporated and is continuously receiving share application money from members. How many times in a year, shares can be allotted to members. Is there any restriction with regard to receipt of share application money or issue of shares to its members with whom share application money is received.

Can we utilise share application money before allotment of shares under Rights Issue?

Respected members,

I got a situation where company is required to increase Share Capital to support it's Net Owned Fund, so the company can get RBI Licence to commence it's Business.

Now on MCA Portal is not allowing to file Forms to Increase company's Autohorised Share capital before filing Declaration for commencement of Business in form INC-20A.

If any one know how to resolve this problem please guide.

Hi all,
A freelancer photographer earlier a salaried employee in an MNC wants to register himself as a photographer. Following are queries:
1) will it be a profession or business
2) will it be sole proprietorship or LLP ,benefits into consideration, which would be more beneficial.
3) where to register himself, which website
4)will he be requiring trade license
5) will he be requiring GSTIN.
6)REGISTERATION OF TRADEMARK , is it mandatory.

Thanks all.

the company after incorporate, and the shareholder put the money into company bank account.
is the share certification prepared by company? and company sealed and director signed on it will be enough？
how to prove the share certification is true? is some where could found in gov website?
after paid the stamp duty on issue share, is the gov will delivery share certification?

At the time of Company Incorporation through Spice+ , did we need to file Agile pro even if the company does not require to get registration under GST, EPFO AND ESIC and if yes then how we will proceed as their is no option in the form for EPF and ESIC that whether we want to get registration or not

I have a query related to Share Transfer- Kindly advice me on this.

There's a Pvt ltd co with 3 directors cum shareholders with ratio of 60:35:5. (Let's say A:B:C)

Now, B&C will go out and transfer 35+5 (total 40) percent shareholding towards new Director cum shareholder Mr. D and A will continue at 60percent.

To do this,

1. Should Incoming Director be taken on board first as additional director and ratify in the agm and then should the transfer take place?
2. Can we have transfer of shares to Mr. D even before he is taken on board and then follow additional director procedure
3. Does Issue of Right Shares or Private Placement come into picture here.

Kindly suggest me the best way to tackle the situation.

Considering the current situation of lockdown due to Covid-19, fixed assets purchased by the company will not be in use for a specific period of time (for 21 days as of now starting from 25th March'20.

Can we still claim depreciation in books as well as for tax purposes?

Or Can we defer the depreciation amount for the number of days during which the asset was not put in use.

Will the clause of obsolescence be applicable even during this phase?