s
Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to determination of residency of a person. The status of an individual, as to whether he is resident in India or a nonresident or not ordinarily resident, is dependent, inter-alia, on the period for which the person is in India during a previous year or years preceding the previous year.

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The Direct Tax Vivad SC Vishwas Act, 2020 was enacted on 17th March, 2020 with the objective of infer alia reducing pending income tax disputes, generating timely revenue for the Government and benefitting taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process to resolve the disputes.

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The Ministry of Corporate Affairs (MCA) on March 05, 2021 has issued the Companies (Incorporation) Third Amendment Rules, 2021 to further amend the Companies (Incorporation) Rules, 2014.

The following amendment has been made:

• Form INC 35 AGILE-PRO, which specifies the application for Registration of the Goods and Services Tax Identification Number, has been amended.

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Every company shall file its annual return in Form No.MGT-7 except One Person Company (OPC) and Small Company. One Person Company and Small Company shall file annual return from the financial year 2020-2021 onwards in Form No.MGT-7A”;

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Please refer to our circular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014 inter alia setting out a Uniform Credit Reporting Format for the purpose of reporting credit information to the Credit Information Companies (CICs).

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Companies (Incorporation) Third Amendment Rules, 2021
Amendments in-
Companies (Incorporation) Rules. 2014

Amended Rules-
Companies (Incorporation) Third Amendment Rules, 2021

Amended Provisions
Following shall be inserted in Form INC-35 AGILE PRO (Part of SPICE+) Serial No. 12 – End of Table(A)-

Do you wish to perform Aadhaar Authentication for GSTIN Registration-
YES or NO

Effective date
Date of Publication in the Official Gazette

Companies (Management and Administration) Amendment Rules, 2021

Amendments in-
Companies (Management and Administration) Rules. 2014

Amended Rules-
Companies (Management and Administration) Amendment Rules, 2021

Amendment 1: Rule 11- Annual Return
Existing Provisions
  1. Every company shall prepare its annual return in Form No. MGT.7.
Amended Provisions
  1. Every company shall file its annual return in Form No. MGT 7 except One person company and Small company shall file annual return from the Financial Year 2020-21 onwards in Form No. MGT 7A
Voting through Electronic Means- Clause 2 (Explanations)

Existing Provisions

(1) Every company which has listed its equity shares on a recognized stock exchange and every company having not less than one thousand members shall provide to its members facility to exercise their right to vote on resolutions proposed to be considered at a general meeting by electronic means:

Provided that a Nidhi or an enterprise or institutional investor referred to in Chapter XB or Chapter XC of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 is not required to provide the facility to vote by electronic means:

Explanation. - For the purpose of this sub-rule, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such class of companies.

Amended Explanations after Proviso

Explanation-I.- For the purpose of this sub-rule, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from and lending to, its members only, for their mutual benefit, and which complies with such rules as are made by the Central Government for regulation of such class of companies.

Explanation-II.- For the purposes of this rule, expression-

(i) Agency means the National Securities Depository Limited, the Central Depository Services (India) Limited or any other entity approved by the Ministry of Corporate Affairs subject to condition that the National Securities Depository Limited, the Central Depository Services (India) Limited or such other entity has obtained a certificate from the Standardization Testing and Quality Certification Directorate, Department of Information Technology, Ministry of Communications and Information Technology, Government of India including with regard to compliance with parameters under Explanation (vi);

(ii) Cut-off date means a date not earlier than seven days before the date of general meeting for determining the eligibility to vote by electronic means or in the general meeting;



(iii) Cyber security means protecting information, equipment, devices, computer, computer resource, communication device and information stored therein from unauthorized access, use, disclosures, disruption, modification or destruction;

(iv) Electronic voting system means a secured system based process of display of electronic ballots, recording of votes of the members and the number of votes polled in favor or against, in such a manner that the entire voting exercised by way of electronic means gets registered and counted in an electronic registry in a centralized server with adequate cybersecurity;
(v) Remote e-voting means the facility of casting votes by a member using an electronic voting system from a place other than venue of general meeting’
(vi) Secured system means computer hardware, software and procedure that-
(a) are reasonably secure from unauthorized access and misuse;
(b) provide a reasonable level of reliability and correct operation;
(c) are reasonably suited to performing the intended functions; and
(d) adhere to generally accepted security procedures;
(vii) Voting by electronic means includes “remote e-voting” and voting at the general meeting through an electronic voting system which may be the same as used for remote e-voting.

Quality Policy
“We are committed to provide world-class service to our customers. We shall continuously improve the processes and apply quality practices to meet or exceed client requirements resulting in customer satisfaction.”